San Diego October Condo Prices
In the table below, www.brokerforyou.com looked at selected San Diego neighborhoods
that had 10 or more closed condominium sales in October 2008 & October 2007.
compiled by DataQuick Information Systems & published in the San Diego Union-Tribune.
One should keep in mind the above chart is just for a one year period (October 2007 vs. October 2008) and
San Diego home values topped out around the Summer of 2005!
Lastly, I would note that these figures do not take into account the very prevalent seller concession
(usually payment of thousands in the buyer's closing costs) necessitated by an ultra strong buyers market place.
Related prior posts:
San Diego Real Estate Market … What Did You Expect?
San Diego Real Estate – 5th Largest Decline Through July
San Diego Home Sales Up … San Diego Home Median Price Drops
Southern California Home Prices Drop 34% in August
#1 Key To Purchasing Real Estate in the San Diego Market
San Diego California Home Sellers Lose Big
The San Diego California Real Estate Great Depression
Yale Professor … House Price Decline Could Be Worse than Great Depression
Survey Says Home Values Must Fall Another 14%
Jumbo Financing and the Impact on The San Diego Real Estate Market
Believe the local San Diego ‘experts’ that subprime delinquencies are slowing?
More homeowners than ever are selling at a loss!
San Diego County Foreclosures up 125% from 2007
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In the long term real estate always bounces back and people should take advantage of these slow periods if they really want to get a good return on their investments.
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I think people’s expectations of multiple digit appreciation each year in real estate are now proven to be a total fallacy.
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What were the government regulators doing while banks and mortgage brokers were issuing these subprime loans?
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It seems speculators were first into the dot com boom, when that went bust they moved into real estate and now it seems like they’re moving into commodities.
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In 2005 most of the commentators on the real estate market were saying there’s no bubble and our mini boom would never end, this is a sure sign that an end is fast approaching.
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I remember in 2005 that it seems every month the paper reported that real estate sales were down by double digits though the values seem to be holding up. You would think an intelligent person would realize sales cannot drop by such a magnitude without values following.
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I believe a lot of people who purchased with subprime loans and were not really qualified have to accept the inevitable consequences and perhaps build up their savings and credit while renting until the next purchase opportunity.
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