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Upside-down owners play waiting game

Jennifer Davies, SAN DIEGO UNION-TRIBUNE

Wednesday, August 25, 2010

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Kelly Cunningham, an economist with National University System Institute for Policy Research, said the last housing downturn in San Diego started approximately in 1990, with prices dropping about 18 percent in four years. After the housing market hit bottom, he said it took about three years for prices throughout the region to climb back to the previous peak.
This time around, Cunningham estimated prices on average are 42 percent off their previous peak. You don’t have to be a math genius to see a rebound is a long way off, he said.