I have been watching both Riverside and San Diego markets and I have to ditto Tem.Guy’s comments! I am shocked at how sellers are holding out in San Diego, even with days on market going up and up. Some that do decrease the list price do so only by 5-10k increments. What are they thinking?? For a buyer needing to finance a loan the 5-10k decrease doesn’t do much, so this will not get their home sold.
I’m anxious to see Rich’s analysis of the Shiller Price index for Sept/Oct. as I think the credit crunch and after summer sales months will show a sharper decrease in prices even for prime parts of SD.
Temecula/Murr. declines have surprised me a bit on how fast things have gone down there. We were looking at buying in that area and held off, now I’m very glad we did. The values are coming down, and because we really like Temecula, it’s getting tempting again…but I still believe this area will continue to deflate for awhile…too much inventory and more funky loans to reset!
