“Therefore, it is more likely that the 70th or 75th percentile in income is likely to line up with the median price of a single family home. Recently it was as high as the 90th percentile. At the last low in San Diego in the mid 1990s it approached the 60th percentile, considerably above the median.”
As usual you have smart thingsto say on the topic at hand that tend to balance out the discussion.
“You know it does cost about 100 sqf to maybe 150 sqf to build these things (not counting the cost of land),
so it’s not going to zero guy’s,”
It takes something to grow beautiful tomatoes too…but it doesn’t stop some from rotting on the vine. What I am saying, and it applies to both of your comments, is that housing is only as strong as the economy. We know it is going down because of the crazy lending based appreciation but we don’t know what kind of economy will be there to support it and for how long. The amount spent on something or what people were previously paying for something, regardless of any multiple of salary, could possibly be rendered historical footnotes. I doubt it but, for the sake of argument, I will pose this question.. how much are these houses worth in Mexico? Muy Poco.
