This is something I just want to point out, but I’m sure so obvious, I don’t need to state it. We’ve mostly been dealing w/subprime until now. We’ve had government intervention/assistance/bailout and banks holding on to inventory and yet we STILL have had anywhere from 15% to 45% reduction in prices, depending on where you’re looking in San Diego.
What’s going to happen when Alt-A and Option ARMS hit? Even w/government trying to soften the blow w/whatever tricks they pull, we are sure to see some more declines in prices.
