Yes, exactly. We renters have no choice but to sit it out. Our household income is just above the median and we cannot come close to affording a house in this town, fixer-upper or not. I would assume that prices will drop until people can afford them again. It’s as if the average price of a car went from $20,000 to $60,000 in the last 10 years. I’m not going to buy a $60,000 Hyundai either. I spent some time talking to a bank employee last night whose job it is to “help people hold onto their homes” who are on the verge of foreclosure. He says the numbers of people in over their heads due to the last few years of irresponsible lending (my words)are huge. I’m a little nervous what the next few years will bring but my partner and I hope that we will eventually be able to afford a small fixer-upper house in San Diego. But if three years from now, a 1950s run-down cottage in Normal Heights is still over $300,000, we can always move to another state.
