If you take the median price for 2000 ($269,000) and add 3% inflation for 8 years that gets us $340,000. So the $415,000 median price is about 20% inflated.
Sunday, April 6, 2008
San Diego County seeing 2002-2003 pricing levels
According to DataQuick, the combined median price for a home in San Diego county is $415,000. Looking back in history that puts us in between 2002 and 2003 pricing levels. While that's a step in the right direction most homes are still overpriced.
If you take the median price for 2000 ($269,000) and add 3% inflation for 8 years that gets us $340,000. So the $415,000 median price is about 20% inflated.
If you take the median price for 2000 ($269,000) and add 3% inflation for 8 years that gets us $340,000. So the $415,000 median price is about 20% inflated.
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4 comments:
I wonder if we will hit back to 1999.
New here and so far love your blog. keep up the good work.
Thanks, I believe the market will continue to slide well into the next presidency.... 2010....
Remember in 2000 Real Estate in Ca, not just SD was close to a bubble. It was at 4 to 5 times the income level.
That bubble was created by .com, virtual money.
I think it will recede to 1999 to 2000 values. Taking 97 prices and then adjusting for inflation.
Regression to Mean
I have always wondered if there is a reliable source to stop foreclosure. We are living in an era where our natives are facing the worst ever economic downfall in American history. I am glad you made some really valuable points about foreclosures.
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