Prices going back to 2003 levels and pricing going to a level where buyers can afford a traditional mortgage at 40% of income are not necessarily mutually exclusive.
Correct, it’s all relative to the specific area you’re referring to. However, in most of San Diego, it’s quite different. In some area, we are already at 2003 price or early 2004 price. No one know how deep and fast this will fall. We just have to wait and see.
