Interesting admission from Mike Marmion, Branch Manager of McMillion Realty in Sunday’s Union Tribune SDHomes Buying Guide.
“Typically the down period is three to seven years. We are now approaching the two year mark from when prices started to decrease”
If the peak was Fall 2005, he is saying best case that the SD housing market will not hit bottom until Fall 2008!! He is implying that prices could continue to drop until Fall 2012!!!
For some reason the rest of the paid article is bullish on housing.
Any comments on his other assertions in the article?
Mike was the one who told me about this website, back in Oct. ’04, I think.
Mike’s a good guy, and it turns out that one of his brokers sold our house for us back in ’03. Mike is good friends with a former Navy shipmate of mine, and I hadn’t seen Mike for 15 years.
Yep, I was surprised when Mike did not argue, back in ’04 at our Navy friend’s going away party (bought low, sold high, and moved to Boise), that maybe San Diego homes were speculatively priced. We talked about the Fortune Sep. ’04 article that spoke to potential bubble pricing, and he said that there was this Piggington site, specific to San Diego, that was of the same opinion.
Yep, it was friends, that Fortune article, and this website that opened my eyes, confirmed my gut sense, and put me on the path to sitting out this silliness/insanity these past two and a half years. I am very grateful for all three; otherwise, I may have committed a major financial blunder, buying in La Jolla in ’04/’05.
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