I like to simply point out that prices are now entering into the $400's in this neighborhood. Which is firmly in 2003 pricing. As for the folks that bought or are pending at prices "well over 500k," just more knife catchers IMHO.
Its seems to me that OC renter identified a trend. Just like realtors who identified a trend on the way up, asked for the moon and got it. It works the same on the way down.
Thanks, ocrenter, for a super informative, and fun blog. You're make a great contribution to the real estate bloggosphere.
