July 13, 2024

The San Diego real estate market turn-around in 2009 seems to be the usual New Year rose-colored glasses media 'talking head' consensus.

The already crumbling housing market could plummet an additional 20%, says Gary Shilling, president of A. Gary Shilling & Co.

San Diego housing is already down over 30%, but according to Shilling, there's no near-term bottom in sight.

Excess inventory – nearly a year's worth supply – is the "mortal enemy" of any recovery in housing, says Shilling, who does not believe the Fed's efforts to lower mortgage rates will resolve the crisis. 

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San Diego real estate agents

7 thoughts on “Real Esate Outlook 2009 … Economist Gary Shilling

  1. I already said this about the previous post but it must be repeated. Get ready for a wild ride!! It won’t be pretty and it won’t be happy. Sorry folks, but depression is more than a mental health issue.
    >San Diego Real Estate Investments

  2. Dummies should have made sure they could afford houses before buying them. Lenders should have been more analytical is choosing borrowers who really had the capacity to repay loans at whatever the maximum interest rate could be after any teaser rate ended. Fools–all of the players in this drama are fools.
    Riverside Attorney

  3. Everyone likes to talk about the foreclosures as if it’s a bad thing when the reality is that it’s an incredibly good thing. All the bad loans inflated the market well beyond what it should have been. As these people default on their bad loans the price of housing corrects, as it should, and maybe the rest of us get to buy. This story is good news and it should be reported as such. Or, would we all be better off if the government steps in and inflates pricing again.
    >San Diego clinical trials research

  4. I think that in the long run, everything will probably be okay. The government will save us. I must disagree with an apparent colleague posting to this message. Such gloom/doom is a bit much. Look at the great buys available in downtown real estate today. Don’t expect booming appreciation but it is a great time to buy affordable living.
    Downtown San Diego Real Estate Agent

  5. Pingback: 5 Top 2009 Market Predictions in San Diego | San Diego Lifestyle

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