The San Diego Home market - Has it Bottomed out yet?

As someone who has been in san diego for over 30 years, I have seen the ups and downs of the housing market. Throughout most of my life it has been drilled into my head that buying a home is one of the best and safest investments out there. From the time that I got here in 1979 to 2000 the San Diego housing market has always consistently gone up in price. So to expect double digit gains from investing in a house in San Diego was always expected. San Diego is known as Americas finest city, and with good reason. Our weather is tropical and warm year round, we have great beaches and attractions and business was always doing well, but during 2001 something unexpected happened. The stock market crashed that year and that left many would be investors without a place to put their money in. Banks used to be a great place to park your money in until then. I remember back in the late 1980's that you could get over 8% on your money in bank Cd's, but after the crash you could barely get 2% on your CD's. In other words the banks didn't want you to save money. The only other place to invest your money in was the housing market. This was when the housing market started to go up, and by 2004-2005 home prices started to explode upwards in price. The home in middle class neighborhoods that were selling for $175,000 in 2002 were now selling for over $600,000 and it seemed like there was no end in sight.

People in San Diego were so confident that their homes were going to keep going up in price that they started to borrow on the equity of their homes to buy fancy cars, go one long vacations and generally live the good life, not caring about how they spent this money. In effect their mortgages went up to astronomical prices, but then again most home oweners in San Diego weren't worried because they felt that their home prices would keep going up like they did the last 5 years, but when the housing bubble popped a year or 2 later people were left with mortgages that were way above the values of their homes. This caused a financial crises unlike any other in history going back to 1929 . The only winners were the people that didn't spend their home equity carelessly. They could now afford to take out equity on their homes and hire home improvment specialists for half the prices that they charged during the height of the housing bubble. Many of us learned a hard lesson from this and that is you need to learn about market cycles and understand how they are involved in how you invest your home equity money.

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