[quote=sdrealtor]Yes I was referring to my submarket and more specifically it is for single family detached homes in the portion of the NCC that lies within the San Dieguito school district. And yes it has been surprising resilient whatever the causes and support mechanisms have been is irrlevant because they have been there for other markets that have not shown such resiliency. Cetirus paribus ya know[/quote]
If you look at the **timeline** as opposed to submarkets, you’ll see that very few areas have declined significantly since the Fed/govt started their major market-intervention campaign in late 2008/early 2009.
Of course the “higher end” markets were going to decline after the areas with no buffer at all (100%+ LTVs and DTI ratios of 55% or more, even with teaser payments). The point that many of us are making is that the better areas were about to implode — you could see it starting to creep into the better areas in late 2008 — and then the massiven intervention began to keep housing prices artificially inflated.
I don’t think this area (NCC coastal) is nearly as bullet-proof as some would think. These people are simply luckier than their counterparts in O’side, Vista, etc. because the govt intervened *after* the lower end areas were hit, and *before* the mid-higher end areas were really damaged.
How long this can be sustained is what none of us can truly know.
