July 18, 2024
San Diego home costs
San Diego home costs

The price of housing still has to fall to be affordable to the average family man like it was 50 years ago. Today you need two workers with 2 jobs each and a 40 year mortgage to afford a house. A lot can happen in that 40 years and that is why the number of foreclosures will stay around 300,000 and may even go up. Compared to the number of housing units, approx. 128,203,000, 300,000 is much less than 1 percent.

Unless we bring housing prices back down to the level of American salaries, without the trick loans, the easy-default loans, there will be no stabilization of housing in America.

Housing historically appreciates 2% or so a year, in life with American salary increases. In 2001-2005, San Diego housing  appreciated well over 100%.

We have to eliminate all that air in the cost of housing in America if we really want to stabilize the housing picture.

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