Top economist expects further price declines through 2007.
“The poster children for excess construction generally reside on the coasts in markets where home price appreciation have boomed,” said Suzanne Mulvee, senior real estate economist with Property & Portfolio Research, a Boston-based real estate research firm, which expects further price declines throughout 2007. “That includes Florida – especially Tampa, Miami and Orlando – Chicago, Las Vegas, Palm Beach and San Diego.”[tags]housing market,San Diego real estate,real estate bubble,housing bubble[/tags] downtown San Diego condos
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The housing market seems to be declining from an unsustainable rate of inflation, which priced about 85% of the population of the state of CA out of home ownership. Foreclosures continue to increase, and will only continue to increase, as sub-prime, interest-only loans originated in 05-06 adjust their rates and become absolutely unaffordable. Who is to blame? Those who sold loans to people who couldn’t afford them, and those who took on the loans they couldn’t afford. It’s tragic that so many people are now at risk of losing their homes, but had they had an ounce of common sense when they were trying to get a loan during the peak of the market, they would have waited. Ignorance is no excuse. San Diego plastic surgery
Great San Diego real estate blog! You are the only Realtor to have predicted this downturn in the real estate market!
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We will be seeing a lot of San Diego real estate and title people at the McDonalds drive through soon.They all will be mumbling “I used to be in real estate”. People are broke. Broke broke broke. acne cure
There was so much speculation in the San Diego real estate market, what we’re seeing now seemed inevitable.
Christine
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