We have well paying jobs in San Diego. More well paying jobs then you seem to think we do.
Why don’t you take a poll of what sort of employment piggs have. You do not even have to ask about salary, ask what they do, and you can deduce it.
Please go back and read every post in the past 3 years about how employment was going to choke the real estate market. First it was 6%, then 7% then 8% then 10%… Oh the horror… guess what… it did not choke the market off at all.
Much to your chagrin the employment here in San Diego for high priced jobs is quite strong and will continue to be unless there is a catastrophic event. The only caviot to that is the California treatment of businesses. Business relocation has nothing to do with the federal bailout, only the state policies. That may chase away businesses in the long run but we will see. Hopefully we get a sensible governer who understands businesses and how to provide a climate for growth and who can overule what is possibly the worst state assembly on the planet.
As for you conveniently forgetting who posted what, well… that is really not a surprise.
As to you saying those who wait will be rewarded, that may or may not be true. If you do not have a large downpayment you are either screwed or you will be the benefactor of another govt handout and be a burden to the taxpayers. Most people who have families have other factors that they need to cope with in order to make a housing purchase decision. The common single guy with no wife and kids only needs to think for himself and thus would be well served to wait. Other people may not be in that same boat and may have the finances and a different set of priorities to act differently.
While I also believe that interest rate hikes will add to distress and help drive pricing, unless we have a govt that is willing to let the market act in a free manner and realize that people are not entitled to anything, then nothing is gauranteed and run a muck subsidies and backstopping and spreading the wealth will squelch opportunity for those who made a real sacrifice of saving and acting responsibly.
