San Diego Housing – Is The Pain Over?
San Diego California real estate
We know a round of massive foreclosure ( Real Estate Market Bottom or Wishful Thinking?) is just starting, we know that unemployment is still increasing , we know we are probably in a growthless recovery (if any), etc. I think the simple conclusion is that San Diego housing has not bottomed yet and will not bottom this year.
The Case Shiller index of home prices is only down to 2002 or 2003 whereas the S&P last March was back to 1997 level. Given the bubble we have gone through in housing, I don’t see why the bursting of it would only get us back to 2002-2003.
This means more and more housing equity wealth is evaporating, thus damaging more and more retirement dreams and hopes of college education for the kids.