$600K+ markets are more overpriced than anything else in the county. 4S Ranch and Scripps Ranch and the such are 25% up since 2003. Jumbo fixed mortgages are up 1% even though treasury rates are falling through the floor. In 4S and Scripps, subprime meltdown was a non-event. Option ARM time bomb is still ticking.
We MIGHT see some stabilization this spring in middle-class markets ($350K-$500K).
