Wow. 47% Decline for San Diego

[Eugene]

Using the link above it shows that at the VERY lowest point in the entire county, the price to income ratio went a tiny bit below 7. That was for a single year as well.

The graph you’re looking at uses per capita income, not median family income.

For Carmel Valley I see this on census.gov (1999 numbers):
Median house value – 474k
Median family income – 111k
Per capita income – 47k

Six-digit median income in CV in 1999 may come as a surprise for many. And I’m sure it’s much higher today.

[fcepstein]

Are all of you loonies?

I recently responded to an agent who was looking for my business by saying that I was going to wait until the market stablizes, and that I expect that the nicer areas of San Diego have another 20% to fall. I follow the market very closely, and read Piggington daily. Either all of you are loonies, or this agent might be overstating the truth a little bit…

The Agents Response:

You may see some higher priced (over-priced) listings fall to where they should be, but the markets here have pretty much bottomed out. The nicer neighborhoods are holding value very well, even the more dated homes within them. In fact, because these neighborhoods have strong values, I’ve seen some homes near these areas listed too high, because they’re not located in them, but they’re close enough to be associated with them.

Generally, if a lot of people wait until they think prices are lower (how can you even tell when they’re the lowest they’re going to get?), then everyone will be buying, and you know what demand does to market values! In a nutshell – if you see something you like in a good area, and it’s within market value, other people are liking it too. Good houses, that are priced right and are in good areas – and that aren’t short sales – don’t stay on the market long at all.

Many people are thinking that prices might go down because of what they’re hearing in the news. Just keep in mind that most news reports on the real estate market are done from a national point of view, too general to decide on a home purchase in any one area. There are even many, totally different markets within East County alone.

[fcepstein]

Are all of you loonies?

I recently responded to an agent who was looking for my business by saying that I was going to wait until the market stablizes, and that I expect that the nicer areas of San Diego have another 20% to fall. I follow the market very closely, and read Piggington daily. Either all of you are loonies, or this agent might be overstating the truth a little bit…

The Agents Response:

You may see some higher priced (over-priced) listings fall to where they should be, but the markets here have pretty much bottomed out. The nicer neighborhoods are holding value very well, even the more dated homes within them. In fact, because these neighborhoods have strong values, I’ve seen some homes near these areas listed too high, because they’re not located in them, but they’re close enough to be associated with them.

Generally, if a lot of people wait until they think prices are lower (how can you even tell when they’re the lowest they’re going to get?), then everyone will be buying, and you know what demand does to market values! In a nutshell – if you see something you like in a good area, and it’s within market value, other people are liking it too. Good houses, that are priced right and are in good areas – and that aren’t short sales – don’t stay on the market long at all.

Many people are thinking that prices might go down because of what they’re hearing in the news. Just keep in mind that most news reports on the real estate market are done from a national point of view, too general to decide on a home purchase in any one area. There are even many, totally different markets within East County alone.

[fcepstein]

Are all of you loonies?

I recently responded to an agent who was looking for my business by saying that I was going to wait until the market stablizes, and that I expect that the nicer areas of San Diego have another 20% to fall. I follow the market very closely, and read Piggington daily. Either all of you are loonies, or this agent might be overstating the truth a little bit…

The Agents Response:

You may see some higher priced (over-priced) listings fall to where they should be, but the markets here have pretty much bottomed out. The nicer neighborhoods are holding value very well, even the more dated homes within them. In fact, because these neighborhoods have strong values, I’ve seen some homes near these areas listed too high, because they’re not located in them, but they’re close enough to be associated with them.

Generally, if a lot of people wait until they think prices are lower (how can you even tell when they’re the lowest they’re going to get?), then everyone will be buying, and you know what demand does to market values! In a nutshell – if you see something you like in a good area, and it’s within market value, other people are liking it too. Good houses, that are priced right and are in good areas – and that aren’t short sales – don’t stay on the market long at all.

Many people are thinking that prices might go down because of what they’re hearing in the news. Just keep in mind that most news reports on the real estate market are done from a national point of view, too general to decide on a home purchase in any one area. There are even many, totally different markets within East County alone.

[fcepstein]

Are all of you loonies?

I recently responded to an agent who was looking for my business by saying that I was going to wait until the market stablizes, and that I expect that the nicer areas of San Diego have another 20% to fall. I follow the market very closely, and read Piggington daily. Either all of you are loonies, or this agent might be overstating the truth a little bit…

The Agents Response:

You may see some higher priced (over-priced) listings fall to where they should be, but the markets here have pretty much bottomed out. The nicer neighborhoods are holding value very well, even the more dated homes within them. In fact, because these neighborhoods have strong values, I’ve seen some homes near these areas listed too high, because they’re not located in them, but they’re close enough to be associated with them.

Generally, if a lot of people wait until they think prices are lower (how can you even tell when they’re the lowest they’re going to get?), then everyone will be buying, and you know what demand does to market values! In a nutshell – if you see something you like in a good area, and it’s within market value, other people are liking it too. Good houses, that are priced right and are in good areas – and that aren’t short sales – don’t stay on the market long at all.

Many people are thinking that prices might go down because of what they’re hearing in the news. Just keep in mind that most news reports on the real estate market are done from a national point of view, too general to decide on a home purchase in any one area. There are even many, totally different markets within East County alone.

[fcepstein]

Are all of you loonies?

I recently responded to an agent who was looking for my business by saying that I was going to wait until the market stablizes, and that I expect that the nicer areas of San Diego have another 20% to fall. I follow the market very closely, and read Piggington daily. Either all of you are loonies, or this agent might be overstating the truth a little bit…

The Agents Response:

You may see some higher priced (over-priced) listings fall to where they should be, but the markets here have pretty much bottomed out. The nicer neighborhoods are holding value very well, even the more dated homes within them. In fact, because these neighborhoods have strong values, I’ve seen some homes near these areas listed too high, because they’re not located in them, but they’re close enough to be associated with them.

Generally, if a lot of people wait until they think prices are lower (how can you even tell when they’re the lowest they’re going to get?), then everyone will be buying, and you know what demand does to market values! In a nutshell – if you see something you like in a good area, and it’s within market value, other people are liking it too. Good houses, that are priced right and are in good areas – and that aren’t short sales – don’t stay on the market long at all.

Many people are thinking that prices might go down because of what they’re hearing in the news. Just keep in mind that most news reports on the real estate market are done from a national point of view, too general to decide on a home purchase in any one area. There are even many, totally different markets within East County alone.

[bsrsharma]

That agent is not an objective observer of prices – since he was looking for your business. Best data is on the front of this website – foreclosures in June are still climbing near vertically. The agent must be very ignorant or dishonest not to realize what that kind of graph does to home prices.

[bsrsharma]

That agent is not an objective observer of prices – since he was looking for your business. Best data is on the front of this website – foreclosures in June are still climbing near vertically. The agent must be very ignorant or dishonest not to realize what that kind of graph does to home prices.

[bsrsharma]

That agent is not an objective observer of prices – since he was looking for your business. Best data is on the front of this website – foreclosures in June are still climbing near vertically. The agent must be very ignorant or dishonest not to realize what that kind of graph does to home prices.

[bsrsharma]

That agent is not an objective observer of prices – since he was looking for your business. Best data is on the front of this website – foreclosures in June are still climbing near vertically. The agent must be very ignorant or dishonest not to realize what that kind of graph does to home prices.

[bsrsharma]

That agent is not an objective observer of prices – since he was looking for your business. Best data is on the front of this website – foreclosures in June are still climbing near vertically. The agent must be very ignorant or dishonest not to realize what that kind of graph does to home prices.

[fcepstein]

bsrsharma- well, you’re exactly right. I’ll be a believer (aka buyer) again when the Yellow and Blue lines in Rich’s Monthly San Diego Home Sales Per Default graph in his June Foreclosure Activity fall back on top of each other. I happen to be one of those Engineering geeks who believes numbers DON’T lie, at least not when they are well presented.

Another telling figure I look at is Price per Sq ft. I know half the readers here might dispute that as a somewhat “vanilla” stat, but it does track to rents pretty well. I to me, rents don’t lie either. Rent is what working people are able to pay over a long period. Until mortgages re-align with rents, the market still will have to correct itself.

[fcepstein]

bsrsharma- well, you’re exactly right. I’ll be a believer (aka buyer) again when the Yellow and Blue lines in Rich’s Monthly San Diego Home Sales Per Default graph in his June Foreclosure Activity fall back on top of each other. I happen to be one of those Engineering geeks who believes numbers DON’T lie, at least not when they are well presented.

Another telling figure I look at is Price per Sq ft. I know half the readers here might dispute that as a somewhat “vanilla” stat, but it does track to rents pretty well. I to me, rents don’t lie either. Rent is what working people are able to pay over a long period. Until mortgages re-align with rents, the market still will have to correct itself.

[fcepstein]

bsrsharma- well, you’re exactly right. I’ll be a believer (aka buyer) again when the Yellow and Blue lines in Rich’s Monthly San Diego Home Sales Per Default graph in his June Foreclosure Activity fall back on top of each other. I happen to be one of those Engineering geeks who believes numbers DON’T lie, at least not when they are well presented.

Another telling figure I look at is Price per Sq ft. I know half the readers here might dispute that as a somewhat “vanilla” stat, but it does track to rents pretty well. I to me, rents don’t lie either. Rent is what working people are able to pay over a long period. Until mortgages re-align with rents, the market still will have to correct itself.

[fcepstein]

bsrsharma- well, you’re exactly right. I’ll be a believer (aka buyer) again when the Yellow and Blue lines in Rich’s Monthly San Diego Home Sales Per Default graph in his June Foreclosure Activity fall back on top of each other. I happen to be one of those Engineering geeks who believes numbers DON’T lie, at least not when they are well presented.

Another telling figure I look at is Price per Sq ft. I know half the readers here might dispute that as a somewhat “vanilla” stat, but it does track to rents pretty well. I to me, rents don’t lie either. Rent is what working people are able to pay over a long period. Until mortgages re-align with rents, the market still will have to correct itself.

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