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Home › Forums › Housing › Catch a Falling Knife? – Chula Vista/ East Lake › The entire Eastlake/Otay area

July 10, 2008 at 2:14 PM #237097
Ex-SD
Participant

The entire Eastlake/Otay area is likely to drop another 15-25% (IMHO) over the next three years.

Yes……………..You’re risking a bunch of $$$$$$ if you buy this year because you’ll probably see prices drop 7-10% within the next 12 months.

See this story: http://www.latimes.com/business/la-fi-bofa10-2008jul10,0,3718095.story

Excerpt from the linked story:
“As for the housing market, Lewis said Bank of America’s latest forecast called for a further 15% decline in home prices nationwide, with the decline going into at least the first quarter of next year.

In the case of California, Florida and other markets that had the biggest booms, a further 20% decline is more realistic, he said.”