You are going to get a wide range of answers on this site. You’ll have some who believe you’ll be able to buy at $200,000 and you’ll have some who believe prices will hold, and even the occasional who think they’ll go up (albeit rare).
Nobody knows.
Recession, bailout, interest rates, and a slew of other variables.
What data there is, and from signs from other distressed areas where prices are falling would point to a price decrease in Mission Hills as well. But nobody knows by how much, or how soon.
Your best bet is to just watch the area, keep track of listings, and see what happens.
Personally, I would agree it’s highly doubtful prices will go back to 1999 levels there.
Based on 1999 prices, with annual 4% appreciation would price it roughly $427,000 today. Do some calculations to see what the Buy vs. Rent numbers would be, how much you are paying for rent, and how much personal interest you have in a particular house – and make your decision from there.
