The numbers are actually surprising. I’m looking at these juxtaposed to the OC and LA numbers which are producing dramatic panic inducing “Oh My God!” moments. I guess my thoughts are that San Diego has been leading this downturn with significant drops in volume for the last two years. It’s the fact that they are still going down after all this time that is becoming the story. We are getting to a “how low can they go?” moment here. I don’t think you will see dramatic declines from here given they have already happened. Isn’t San Diego seeing sales volumes at or below what they were in the 1990’s without being adjusted for population? Does anybody have any info that?
Keep in mind that Sept will be the month that shows the full shock of the credit event in Aug. There are many reports that pendings are falling out at pretty dramatic rates. Those numbers will be interesting to see.
