I’m with you, Vertigo. I wouldn’t call it greed necessarily, but I’ve seen an awful lot of unseemly crowing over other people’s misfortunes on this forum. The fact is there are a lot of people who bought homes near the top of the last cycle who weren’t just out to make a quick buck, who didn’t refinance multiple times to go on nice vacations and drive a fancy car — they just wanted to own a home and were afraid they’d be priced out of the market forever.
I’ve also seen a lot of really stupid comments regarding prices returning to 1999, 1992 or even 1982 levels and comparing current price reductions in Temecula to what’s supposedly in store for coastal San Diego.
It’s TEMECULA for God’s sake. It’s a good hour and a half from anywhere worth living in. And why stop at forecasting 30%, 40%, or even 70% price drops, as most of you seem so intent on doing? Why not go all the way and predict 100% price reductions… after all, as one of you nitwits actually said, Detroit proves that real estate can actually attain zero value.
