I’ve said before and I will say it again. Until the credit crunch and monetary policy issues work themselves out in the long run, there is not going to be a real bottom to housing prices in SoCal.
In the next two years many banks are going to go out of business due to insolvency, more people are going to lose their jobs as the recession deepens, foreclosures will continue as second wave of resets hit, lending standards will get tighter and the deflationary cycle ramps up.
If you think that housing is at the bottom you are FOOLING YOURSELF!!!
