Based on census incomes, I calculate the median house
in Roseville will be $50 sqft
in Rocklin $75 sqft
and Granite bay $90 sqft
But Credit markets ALWAYS over correct first and if you add in the uncertainties:
bad, unsure economy, massive job losses, retiring baby boomers selling and downsizing, higher medical costs, higher taxes, higher energy costs— causing massive inflation on everything we need, and a bad attitude toward home ownership since the majority in the housing industry is dirty and UNETHICAL
— prices will WAY over correct. This is just common sense and math.
The Rocklin and Roseville area has already been hit hard and prices will continue to drop.
Once interest rates start going up, there's no other place for prices to go but down.
As long as you plan on living in your home for the next 10 to 15 years, then now is a good time to buy.
It's not the best time to buy, but it's alot better than if you bought 5 years ago.
If you really want a great deal, wait another 2 years, there will be more foreclosures available then.