The San Diego housing market has been in a correction for the last 5 years. Many homeowners are waiting for San Diego property values to come back to pre 2005. Unfortunately, that is not happening, and it is not surprising, considering the changes in home financing, local unemployment and buyers’ lack of confidence in the market.
Interesting enough, inventories for San Diego homes and condos are low. Traditionally low inventory meant higher prices, but in today’s environment not only we no longer have stated income financing but any “great deal” is purchased by investors paying cash, leaving traditional residential homeowners out of luck.