Sd Realtor, funny you mentioned the demographics thatyou see. In my hood, the tracts built in the last 2 or 3 years are heavily dominated with asian and indian buyers, but interestingly enough, they dominate the foreclosures. All the while they are not a large chunk of the city demographics. On foreclosure.com if you run 92592 and look at pre-foreclosures and sheriff sales, it lists the names, maybe half are inidan or asian names, while they are less than 10% of the demographics. I know every street and it’s tract, the numbers are even more suprising when looking at bubble built tracts, maybe 80% indian or asian. I think that their diligence may have been their undoing, allowing them to buy during the bubble and the supposed bottom of 2007. They caught a lot of knives, perhaps because they were the only ones with the ability to do so. We can learn a lot from their cultures and their diligence, in this case it seemes to be just bad timing.
Future fist time buyers will re-enter the market in S.D. after the prices shake out. When 100k income gets you a decent starter home, they will come back. Until they come, the recovery wont.
