“This is only the beginning of layoff induced hard times.
1. Subprime = price drops
2. Alt-A = more price drops
3. Prime = more price drops
4. Fraud and Lies = more price drops
5. Foreclosures to market = more price drops
6. Layoffs = more price drops
7. More foreclosures = more price drops
Yep, that is why it is stupid to think that 50% off peak is not possible in SoCal and specifically San Diego. There will be overcorrection to the other side of the mean. To think otherwise is nieve at best and myopic at worst.
