[quote=Rt.66]3-6 months in a heavily manipulated market with non-stop Gov. intervention means nothing. Today’s market is a joke when you consider all the houses the banks are hiding so you’ll over-pay for the few they do sell.
The time frame is impossible to tell but a bottom this is not. [/quote]
Good point – although I’ll add that if the moratoriums become permanent policy, then such intervention will alter the market in a significant way. But if this is it for the moratoriums, then what we’ve seen the last few months is a bear market rally and nothing more.
I’d also like to add that earlier this month I saw some dramatic price reductions on a few properties. For example, in Redhawk a very nice property that I was looking at sold for $84 sqft. (The comps from late 2008 were $110 sqft.) And another great propery in Vail Ranch went for $81 sqft. These weren’t dumps, in fact, they were turn key properties that received multiple offers. Maybe the bottom means different things to different people, but one thing is for sure – there are some great deals out there even now with limited supply. But with northern san diego county prices finally becoming affordable, the better investments are there…at least for now.
