The year 2001 was just 5 years ago. There is no need to equate home prices returning to where they were just 5 years ago with “Armageddon”.
There will perhaps be financial “Armageddon” for many folks dependent on residential real estate for their livelihood. Everyone from bankers, real estate agents, and appraisers to Best Buy salesmen, roofers, and granite cutters could see dramatic loss of income.
People are experiencing financial “Armageddon” today, right here in San Diego county, losing houses to foreclosure in 4S Ranch and other expensive communities. Telling us that predictions of continued dramatic drops in prices are silly, won’t stop prices from falling, if they are meant to continue falling:)
sdrealtor…what is your opinion of the NAR campaign: “It’s a great time to buy or sell a home”?
