It was all fraud and speculation folks. We're going back to looking at Price to Income ratios, and at Rental Yields. Unfortunately anyone who bought in 2004 - 2007 is going to get wiped out. And they can thank Alan Greenspan, Ben Bernanke and their local realtor on commission.
SAN DIEGO – Home prices in San Diego County tumbled nearly 10 percent last month from year-ago levels, taking the median down to $440,000, the lowest in more than three years, DataQuick Information Systems reported Monday.
The latest price represents a 15 percent fallback from the all-time record of $517,500 set in November 2005. It was a bigger decline than the 11.7 percent peak-to-trough drop from 1992 to 1996, when the San Diego economy slid into a deep, prolonged recession.