IMHO the “bottom” you are looking for will vary depending on the area of San Diego in which you are looking. In my area of La Jolla, most of the homes now selling in the
$4-5MM+ range seem to be holding, and even appreciating.
In this, and other “high end” areas, like Rancho Santa Fe, Del Mar, etc., friends are seeing lots of foreign buyers paying cash, so employment issues and loans are not a factor.
Realize, about 80%+ of San Diego homeowners–low to high end–purchased their homes for an extremely reasonable price–prior to the “big boom” years–did not HELOC themselves to ruin–and are fat with equity.
That said, you WILL find the bargain you are looking for in the other 20% or so of homebuyers who got in way over their heads. Simply choose the area in which you want to live, and just keep making those lowball offers.
