I’m not completely agreeing with his statement. It is a fact that median resale homes are off by 5% in the past 12 months in SD County. I was just correcting his 10% figure. And I don’t mind if people yank my chain. I just like to sometimes point out that things aren’t quite as bad as some believe.
lostkitty – you have a good point. A lot of people will be refinancing into other loans. The problem is, that an incredible number of people have gotten loans of up to 100% of their homes’ value in the last couple of years, (either as purchases, or as cash-out refis), and if prices even go down 5%, they may not be able to refinance at all.
