Competivly priced houses are getting lots of attention right now. To assume that other houses wont try to get in on that attention by becoming competivly priced is to misunderstand how housing is priced (comps). Soon, they are not competivly priced anymore and then further reductions are needed to gain the attention. Poway is not amazingly different than MM, RB, or PQ. Pain in one will spread to the others. Also, just because people are looking doesnt mean people are BUYING/CLOSING. Look at Raptorduck, 100+ houses and now a renter. Ill bet he has alot more resources to buy than those 30 something families.
If you dont believe me look at the sales totals on the main page from Rich. Down 33.7% from 2007. If places were bottoming sales wouldnt be getting cut by a third. Sales are slowing, Inventory is high, must sell inventory is high, rates are extreamly favorable already, effects of recession and employment decline are mostly still ahead not behind. That doesnt meet the definintion of any bottom I have ever heard of.
