My point was to assume that this house would drop in value to $144k is plain ridiculous. I am as bearish as the next guy but a $144k home with $14k down has a $780 payment. That is way way way out of line with rents. A house like this would rent for around $2500. That equates to a home value around $425k (based on a $2500 mortgage payment & the same $14k down) that is a much more reasonable number to expect.
Sorry guys things are definately going to devalue but not to the extent where everyone can afford a house. This is still San Diego and if homes get to pricing like $144k for this, I’ll be buying them by the boatload.