There is a full-scale counterassault going on right now. RE boosters are fighting back agressively against the media depictions of a distressed RE market. The boosters are breaking out all their big guns:
– San Diego has great weather
– Everyone wants to live in SD
– Counting the 200% spike in the 2000s, RE prices have increased an average of 5%/yr since 1980 (this one is my personal favorite)
– There are plenty of great jobs here to support these prices
– Interest rates are going to go back down and stay down
– The government (or God) is going to intervene and bail the RE markets out
– Etc, etc, etc
There are people who believe the boosters, some out of fear that maybe their 2005 purchase wasn’t such a good move after all and others because they literally don’t know any better.
