SD Realtor: So, you think that people who are sitting on a wad of cash are going to throw it at the housing market? I am sitting on a large amount of liquid assets and I wouldn’t throw one nickel at the SoCal housing market until prices came into line with income. I have friends who have much more than myself and they also would not consider putting any money in the SoCal housing market until prices are in alignment with income. Call me stupid if you wish but there is a large house of cards that is steadily falling as I type and throwing money at that house of cards until it reaches a level that is monetarily sane just doesn’t make any sense to me.
If the average Joe Blow can’t afford a home in SoCal because he can’t qualify for an average home because they’re priced ridiculously high, who’s going to purchase all of these homes……….and how will they purchase them……………….and why will they purchase them if they’re over-priced? Doesn’t make any sense to me. When they were giving loans to people with marginal credit and the only qualification was that they could fog up a mirror, sign their X on the dotted line and lie about their income, it was a different matter. But that ain’t the case any more, is it?
