I think with the current inventory in San Diego at 20,000, you have an appraisal system that gone into confusion. If they were priced to sell (correctly) there wouldn’t be that many houses for sale. Its kind of an understatement, isn’t it?
Its reminds me of the joke about the guy that bought a two million dollar dog. His friend asks him where he got the money and he says, I traded 2 one million dollar cats for the dog.
