“Those that purchased recently, are hoping for a fairy tale market turn around to restore their equity or those just too antsy to remain on the fence will try like the devil to convince themselves and others that this is somehow not just getting started and somehow will avoid getting much worse.”
See what I mean? Now income averages need to have the bottom 1/3 lopped off to be relevant. Renters should be excluded from any ratios? Why, because we will now get our first time buyers, from “first time buyer fantasy island”?
I was surprised at the “It’s different here” posts. 2.5 x earnings here is SD will still be a hefty sunshine tax when fly-over country is selling for 1 x earnings.
Temecula Guy,
I’ll beat your $165k challenge. Hows about we start at $150k in SD?
Right now today I have 52 homes for $150k or less in SD to choose from. And that’s excluding condos! Sure at this point they are not the cream of the crop obviously. And I really should not have to explain that SD will have that crazy averages thing happening, so yes coastal SD will be higher than inland, duh.
To assume I meant La Jolla or Carlsbad would have a median of $165k when I say “SD will have a median of $165k” is just more RE Bear word games.
You RE bears are insanely humorous. The banks hold 80k CA houses in shadow inventory, NODs, preforeclosures and foreclosures are rocketing upward and you look at the dummies bidding up the price of the obviously and grossly manipulated supply and use them as some indicator of future RE values?
