Who are all these people buying houses in the 900K-1 Plus Million dollar range? More to the point, why are all these other people and POSTING their houses in the 900K-1 Plus Million dollar range. Who do they think they're selling their houses to? There just CAN'T be that many Charger Football players looking for a home in San Diego. It's even more incredulous that they think they can sell their homes when lenders are tightening their purses. Unless you have a couple of 100K sitting in your wallet, lenders won't lend you money AND if you don't have pristine credit or if you're not willing to bite on a 7.8+% interest rate, you can just forget it. I hear case after case of people falling through escrow because lenders on a week to week basis have newer and stricter guidelines that make house loans impossible to fund. Don't the sellers know that? Are they confused by their own delusions of grandeur or (more or less likely) are their real estate agents not being real enough with them?
There must still be people floating in the stratosphere with bubbles that haven't burst. It's going to be a long hard crash.
There is some flaw in this logic. Funding is still there with people with good credit, good income. All this mess really has done it made it more difficult for people who wouldn't normally have qualified to begin with.
I would expect a lot of housing shakeout soon. More price differentiation between what $900-$1million really is.
