Nrv

Lenin - As you know, prices have dropped from the late 2005 peak, but they aren't inline with affordability fundamentals - i.e. housing shouldn't be more than 4 times your income, aka, if you make 100K, you can afford a 400K home, assuming minimal other debts. Even this 4X income level is a bit aggressive, but I'm willing to concede that level because San Ramon is a nice town with good schools and weather.

The average income in San Ramon from 2007 is $116,108, according to http://www.bestplaces.net/city/San_Ramon-California.aspx. According to Trulia, the average sales price from Jan-Mar 08 is 721,189. So, we are now at a 6.2 times income to housing cost ratio. In order to return to affordabilty fundamentals, average home prices would need to drop to $464,432, which is another 35% drop from now.

I know others may disagree with the above, but it's just my opinion, that's all. - Mon Jul 14, 2008

Ann - There has been a recent discussion of your question recently. See the following link for both sides of the view: http://www.trulia.com/voices/Home_Buying/A_great_time_to_buy… - Tue May 20, 2008

While Barb cites an article that states that the housing crisis is over, this is very much a minority viewpoint. There are numerous websites that one can visit which state that the housing crash is NOT over. A good one is patrick.net.

Yes, the pro-Barb people may say that such "doom and gloom" websites don't account for the fact that real estate is local, but Barb's cited article is not a local article either. - Sat May 10, 2008