Finally the Union tribune gives us some good news along with the dreary. This morning I open up the paper and the headline reads " Median home price plummets in county". It then continues to say that San Diego County's median home price last month plunged 13 percent from year-ago levels, continuing a long downward slide that has prospective buyers and sellers wondering if it's finally time to jump back into the volatile market.  Some analysts say yes, with the caveat that prices could fall even further before beginning a slow ascent.

Economist Mark Schniepp of the California Economic Forecast said conditions are right for purchasing a home, if you're making a long-term investment. Falling prices, surging foreclosures, reasonable mortgage rates and a high inventory of for-sale homes mean there are bargains to be found.

Another factor working in buyers' favor is low interest rates, points out mortgage consultant Liliana Riquer.  Liliana says that waiting could cost the buyer more because the loan programs available now for first-time buyers may not be available in the future. “If they find a home that works for them, with interest rates being this low, I think people who buy this year will be very thankful.” 

So people will continue to have their opinions on what's going to happen in our market. "Should I buy now or should I wait"? I just met a wonderful couple recently who moved here in 1980.  They thought that they should rent until the time was right.  We are now in 2008. They were scared to jump in and now have decided that they are ready. Hmmmmm.