“The average San Diegan still thinks housing is a great investment, and a market that has dropped 15% in the last year combined with near record-low interest rates (particularly when the jumbos go conforming) is going to be too much to pass up.”
Well, I will admit that at times I am surprised at who still doesn’t understand what is going on. However, I have noticed a marked shift in people’s attitudes towards SoCal RE. I would dare say that the 60 minutes program may have put the nail in the coffin.
Like I said, unless the price to income ratio changes through wage inflation, the debt is not serviceable, so more and more people will realize that it doesn’t matter how many times they refi it, they will still have to pay the debt.
