“I don’t think that wealthy people can buy off enough houses in Encinitas to keep them unaffordable to poorer people indefinitely.”
Yeah you are right there. They will not take all of them.
“Yes, houses are less affordable today than they were in 2003 (duh!)”
I blew this one. What I was trying to imply here was that the number of people who could afford the 2003 home in Encinitas in 2003, will be less for a correlating situation in say 2010. Mostly due to tighter lending standards and possibly due to higher interest rates that I assume will produce a vastly different lending environment.
So that last point was not to compare affordability of now verses then but percentage of the population that could afford a corresponding pricing in the future… (hard to illustrate the point but I think you know what I mean)
I can be selfish and say for people who may not be wealthy but who have been stockpiling cash, (like myself and others on this board) we should be okay as long as we exercise patience as you are preaching.
