From Peter Y. Hong:
In Southern California, sales are brisk for homes priced near or below the current $265,000 median. The majority of those homes are foreclosures, so prices are often low enough to draw multiple offers from potential buyers.
Richard Toscano, who in 2004 started a popular San Diego housing-bubble blog called Piggington’s Econo-Almanac, lately has been posting data showing home prices are favorable compared with incomes and rents in lower-priced parts of San Diego.
He’s drawn fire from some, but others who have followed the blog for years have recently posted comments detailing home purchases. Toscano, who sold his San Diego condominium in 2002 (he said the sale was due more to a job transfer than his belief in a bubble then), is still holding off on buying for various personal reasons, he said.
But he thinks it’s no longer dangerous to buy in some areas.
“We have this weird, disparate bottoming,” he said. “In some areas we may be there already, but others are not nearly as close.”