I think national median price will drop significantly to around $180k or so (17% decline), I think OC median price will drop down to around $280-300k (51% decline) or so (170% of median). Irvine median may be slightly higher than that, about $320k or so.
The reason I say this is because inflation adjusted income growth has been MARGINAL or NONEXISTANT since 2000. Current income levels do not support anything more than the above price points. I don’t care about anything else, I firmly believe if people don’t EARN more then higher home prices are not warranted.
