Thanks guys for your input. Just trying to wrap my brain around this market like everyone else. To put things in perspective, about the time of the last RE downturn in socal, I was realizing that girls arnt as bad as I use to think they were. I dont have the benifit of past experience, so I am gonna try to borrow some of yours. I hate buying anything I dont understand, I about drove my GF up a wall researching a computer last summer, and she likes electronics! (BTW not buying, but gotta learn sometime cause I will eventually)
HLS, I just needed to know how those numbers stacked up. I didnt believe there was formula for that kinda evaluation. Too easy if it was true. Thanks for the input though, puts a lot of the past pricing into picture. Plus I see no reason -50% isnt possible. We slip into even a small recession and ALOT of people will be hurting. Persons around my age have never known true financial pain.
As for the general tone of the market that I see posted on so many other threads with a sine wave of what people are feeling about real estate, I have to say that I think the article yesterday in the UT changed alot of people from denial to fear. I mostly know potential buyers, but even some fire victoms I know kinda opened up their eyes last night and realized that maybe it is better to rent for a while. The UT had another artical today for all those who missed it yesterday, or wrote it off as “just bad press”. Itll be interesting to watch how people react.
