[quote=sdrealtor]And my point is that your average sd family doesnt have to spend that much. A $550K home is now a very nice home in a nice community that is affordable for the people that it should be. A few years ago it was a shack in the hood.[/quote]
My point exactly when comparing houses to imploding stocks. How are those people doing now who bought the $550K shacks in the hood?
A good portion of them may have lost their jobs since and with depreciation may have seen their down payments/savings/investments evaporate with no way out in case of relocating or keeping their “Shack”. You can’t relate housing as a dream and investment in a families future in this environment. It’s not assured but more likely than not a suckers rally in assets that could wipe out a whole other wave of suckers as has happened before the last time this kind of economic implosion occurred. I just hope like you say you realtors are informing otherwise emotionally charged and usually blinded buyers to what may happen. It’s unprecedented in our lifetimes what has been happening to asset prices and at least a cautionary warning given is appropriate when selling someone what could be a financial prison.
