Lack of Move-Up Buyers Holding Back San Diego House Prices
Sunday, August 21, 2011
The North County Times -- Anyone want to buy a dream home?
With so many homeowners deep in debt, and so many more worried about the national economy, few people want bigger houses at current prices, and without that midlevel demand, there will be no steady increase in prices, said real estate agents and analysts interviewed last week.
... Louis Galuppo, residential real estate director of the Burnham-Moores Center for Real Estate at the University of San Diego, was incredulous when asked about this kind of purchaser.
"What move-up buyer?" he asked. "The people that would normally be moving up today, they're trapped. They can't move." (Full Story)