[quote=Huckleberry]It doesn’t matter how much, nor how many tactics the gov’t and banks try to keep home prices high. Income levels still do not support the high prices in the mid to upper tier!
No exotic loan products, and full doc requirements, in addition to unemployment will completely nullify all of their efforts…[/quote]
Just curious…
So I here the statement “income levels don’t support the high prices” a lot?
Is there data on some of these area that current homeowners’ income in current higher priced areas like RSF/LJ/CV/Encintas cannot support these high prices in the majority?
Just curious. For instance, I know my income can’t support a 2 million dollar home, but that doesn’t mean someone else’s can’t. Sorry, not trying to be an ass here. Just where is the data specifically for residence in some of these higher cost areas?
Please don’t point me to the average income numbers in san diego county. I doubt someone with a houshold income in $60k would be seriously looking for a home in some of these higher cost areas.
I’m not suggesting it can nor that higher cost areas aren’t going to come down (it will), just where is the data from current higher cost area residents in majority cannot support these higher prices?
