Wow. 47% Decline for San Diego

[gandalf]

Fitch Ratings is projecting an additional 47% decline in real terms in the residential real estate market in San Diego, and 25% nationally, on top of the losses we’ve experienced so far. The decline is projected from 2Q 2008 and is expected to extend for five years:

http://www.housingwire.com/2008/07/24/fitch-updates-ratings-model-projects-steep-price-declines/

I have to say, at the beginning of all this I thought we’d maybe see a 25% nominal hit and 40% real after adjusting for inflation. We’re already there, and I don’t get the sense this storm is over.

Now, Fitch’s projections are just that, projections. So we don’t know what’s going to happen. But if it even comes close to Fitch’s model, the economy will crater and it will take a long time to work through this. What do Piggs think?

[Raybyrnes]

When publications made real esate sexy it wasn’t too long before it started to implode.

Now they are saying nothing but doomsday predictions. Probably a good time to start looking around. Cash flow positive is probably 6 to 12 months out depneding on where you look. You are still going to need an eye for value and good negotiating skills.

[Raybyrnes]

When publications made real esate sexy it wasn’t too long before it started to implode.

Now they are saying nothing but doomsday predictions. Probably a good time to start looking around. Cash flow positive is probably 6 to 12 months out depneding on where you look. You are still going to need an eye for value and good negotiating skills.

[Raybyrnes]

When publications made real esate sexy it wasn’t too long before it started to implode.

Now they are saying nothing but doomsday predictions. Probably a good time to start looking around. Cash flow positive is probably 6 to 12 months out depneding on where you look. You are still going to need an eye for value and good negotiating skills.

[Raybyrnes]

When publications made real esate sexy it wasn’t too long before it started to implode.

Now they are saying nothing but doomsday predictions. Probably a good time to start looking around. Cash flow positive is probably 6 to 12 months out depneding on where you look. You are still going to need an eye for value and good negotiating skills.

[Raybyrnes]

When publications made real esate sexy it wasn’t too long before it started to implode.

Now they are saying nothing but doomsday predictions. Probably a good time to start looking around. Cash flow positive is probably 6 to 12 months out depneding on where you look. You are still going to need an eye for value and good negotiating skills.

[gandalf]

Naw, it’s not from a publication. It’s coming from Fitch. From the models they use to rate the pools…

[gandalf]

Naw, it’s not from a publication. It’s coming from Fitch. From the models they use to rate the pools…

[gandalf]

Naw, it’s not from a publication. It’s coming from Fitch. From the models they use to rate the pools…

[gandalf]

Naw, it’s not from a publication. It’s coming from Fitch. From the models they use to rate the pools…

[gandalf]

Naw, it’s not from a publication. It’s coming from Fitch. From the models they use to rate the pools…

[EconProf]

Fitch, along with Moody’s and Standard and Poor’s, are the three major bond ratings agencies. Fitch has long been more pessimistic, and thus more accurate, than the other two.
I notice in their report that while they predict a continuing melt-down in prices for CA cities like SD and San Francisco, they predict the opposite for Texas cities like San Antonio, a theme I’ve advocated here before.

[EconProf]

Fitch, along with Moody’s and Standard and Poor’s, are the three major bond ratings agencies. Fitch has long been more pessimistic, and thus more accurate, than the other two.
I notice in their report that while they predict a continuing melt-down in prices for CA cities like SD and San Francisco, they predict the opposite for Texas cities like San Antonio, a theme I’ve advocated here before.

[EconProf]

Fitch, along with Moody’s and Standard and Poor’s, are the three major bond ratings agencies. Fitch has long been more pessimistic, and thus more accurate, than the other two.
I notice in their report that while they predict a continuing melt-down in prices for CA cities like SD and San Francisco, they predict the opposite for Texas cities like San Antonio, a theme I’ve advocated here before.

[EconProf]

Fitch, along with Moody’s and Standard and Poor’s, are the three major bond ratings agencies. Fitch has long been more pessimistic, and thus more accurate, than the other two.
I notice in their report that while they predict a continuing melt-down in prices for CA cities like SD and San Francisco, they predict the opposite for Texas cities like San Antonio, a theme I’ve advocated here before.

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