The US housing market is such a joke right now. Stuff like this continues to fuel the ignorance of the typical US home investor.
http://www.condoflip.com/
Did you know that only 9% of home owners in San Diego can afford the home they live in using a standard 30 year mortgage?
In my opinion the government made a big mistake by spiking the housing market by making money so easy to get. Sure, they wanted to offset the losses of the stock market crash, but look what we're left with. A 0% savings rate and millions of citizens completely overextended trying to chase the "American Dream".
They gave everyone a "taste" of the good life which in reality is totally unsustainable in the long run for most. This will cause alot of grief and severe financial problems for millions down the road.
marc