I don’t care if you think houses can never get that low in socal, but the sheer amount of inventory up here is staggering. When the inventories start to return to normal levels, we may then see a bottom in sight. Right now, that day is obviously far away. I anticipate that after the bulk of the resets these next few months, more and more people will walk away from their homes.
Temeculaguy.. no I will not buy now. I have my patience, my rental is working out, and I expect bigger declines in the next few years, I may buy sooner than that though. I’m looking at a nice single story in Temecula on a decent lot for about 300k. It will happen, I don’t want a McMansion, I don’t want to heat, cool, and clean 4000sqft. 2000-2700 would be fine. There is still a chance that we may leave socal if things work out that way, but my whole family is here, so probably not. What are your plans?
