San Diego real estate market… I have the idea that many think our economic downturn will last forever, near capitulation point, so all the doom and gloom today, is to be expected.

Even though I'm more optimistic than some, a mid-2009 recovery seems a bit early to me; late '09 or sometime in '10 seems more likely.
In Orange County Calif., housing economist Mark Schniepp said:Home sales sharply higher (to their highest levels since October of 2005). Prices appear to be stabilizing in some areas; overall, prices during February were not off as sharply as they had been. For the state, off only 2.2 percent from January. We appear to be at bottom in prices or nearly at the bottom; it is a regional issue now.
It is not surprising that 1st time buyers are jumping in. For years they were crowded out by speculators armed with easy money. There is certainly a segment of pent-up demand. All the same, the stock market appears to be bottoming out. It's getting pulled down by uncertainty more than anything; once that uncertainty is removed, it will start to recover. San Diego real estate market blog
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This is a must watch video, with a lot of solid points.
This real estate bust is NOT fair! Already the California legislature is considering a four month moratorium on foreclosures. In July, a new California law requiring lenders to try a number of times to contact homeowners prior to filing a notice of default has delayed the foreclosure process by 30 days. Plus, Obama is said to be in favor of a 90 nationwide foreclosure moratorium. With the average mortgage payments in San Diego running about $2,000 a month, who is paying for these moratoriums? Just one guess! To help, consider that the Government owns or will be buying these bad loans.
Why not just cut to the chase, and give the poor, misguided, troubled homeowners the homes for free? After all, the Constitution guarantees happiness, which in these days can be construed only to mean a big house, new cars, and lots of cash for lavish vacations. The poor want nice stuff as much as the rich, and they should have it. The rich guys shouldn't be the only ones who have convertibles and summer homes. Everyone should have those things.
Why should troubled homeowners have to leave their homes and go back to renting? Why wasn't the government watching out for them? It is just because no one watched out for them that they are now in trouble. If the bank was willing to loan all that money, why should the borrower bear any responsibility? Why are only a few people allowed to have what everyone wants? It isn't fair that only those with money are allowed to have a nice life when everyone wants to have a big house and new cars.
San Diego troubled homeowners should hang on; the Obama administration will turn this mess around. It looks like a 90 day nationwide foreclosure moratorium is assured. That should be followed about 60 days later, with another 90 day moratorium extension. Plus, if this plays out right, California should have its 120 day moratorium in effect by then. To be fair, I would assume the California moratorium will be in addition to the Federal moratorium. Those projected foreclosure moratoriums will run to about November 2009. Naturally, the government would not want to spoil the holiday period, so, somehow the foreclosures will again be postponed until 2010!
I’m just kidding with the above scenarios. We all know the San Diego real estate market is really on the verge of an historic ‘V’ shaped market bottom. In San Diego, by mid-2009, most real estate values will be appreciating by double digits! It certainly feels good to go into a fantasy world when talking about the San Diego real estate bust!

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.
Prior related posts:
DataQuick, a San Diego based real estate tracking company released a report showing the median price for homes and condos in San Diego California tumbled to $300,000 last month from $445,000 in October 2007.
The good news is that there were 21,532 homes and condos sold in Southern California last month, up 67 percent from the year-ago period.
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