I am bullish on places like Oceanside, Vista, Mira Mesa, Escondido where prices have rapidly recalibrated and purchases today should look like they were sound decisions in 3 to 5 years. At the opposite end of the scale I am very bearish downtown where sellers and buyers are so far apart it is laughable.
In my area, I am neutral if you can find a good deal on a fabulous property that meets your needs and you can well afford I say go for it. It is getting harder and harder to find a good one. Neighborhoods that had 100 sales per year between 2001 and 2007 have had 40 last year and will likely fall below 20 next year. In general, I think it will take 5 to 7 years for purchases in my market to look sound.
