“Submitted by forsale_2007 on April 25, 2007 – 9:56pm.
“I didn’t say housing was going to rebound. But a amagadon housing slump would have been nicely accelerated if you had an employer(s) like QC dump. It hasn’t, and will probably take some time for this to happen.”
Based on what I have read on Piggington’s – the run up in employment that also fed into the house price run up —was a combined influence of the home building & lending market. Construction of homes and related industries were the big employers making $$ from 2000-2006. Now several major builders are over-extended and in trouble -as well as lenders going belly up.
There is not enough $ at QComm to prop up the fall-out of companies like New Century or Countrywide’s financial mess and the escalating foreclosures in SD.
But it would be interesting to know exactly how many millionaires there are in SD and how exactly they earn their millions (if you can call it “earning.”) Even if they can keep prices high in some markets –overall, there is nowhere to turn for job growth in SD except maybe hospitality or education. But hospitality doesn’t pay.
I spoke with a woman from SD at a conference- whe works at UCSD in an administrative job—she told me her home on Paseo Del Rey (east of 805/around H Street) was offered 1M to sell, but she refused since she and her husband are so comfortable where she is….they bought the home about 10 years ago for around $200K
My parents live in CV down around Telegraph Canyon. The home right next to theirs was flipped then sold to a poor sucker who lost it to the bank. The bank fixed it up a bit and is now sitting on it (over a year). It saddens me, my parents are very responsible decent people…but the neighborhood was hit by flippers just like everywhere.
