Lack of Financing Since Summer of 07′ has begun to take its toll in all areas. The snake has swallowed subprime and is now working on Alt-A. After devouring Alt-A, Prime will be next. I’m afraid we are only 1/3 through this mess. Stage 2 and 3 will affect the higher end markets just as bad, if not worse. The condo numbers for La Jolla are extremely troubling, as units are easier to compare.
Summer selling season is drawing to a close and the loan resets are barely starting in Alt-A. Market trends make this Fall appear downright ugly.
