Last sale on 10/31/2003 was for $494,621. So, did they borrow another $100K+ on top? Wow! a lot of middle and upper middle class families with negative net worth.

It gets much worse than that. I’ve been researching the situation in 92122 a couple of days ago. It’s basically a big island of denial, stable prices, very few listings, low foreclosure rates, etc.. What caught my attention was the kind of foreclosures they were getting.

2/3 of all foreclosures are coming from condo conversions in Nobel Drive area. The ones coming from single family houses are more interesting.

5135 Maynard St: purchased for $455,000 in 2000; estimated default $683,453
4311 Robbins St: purchased for $275,000 in 1998; estimated default $617,765
5131 Bothe Ave: purchased for $218,000 in 1984; estimated default $628,123
6294 Lakewood St: purchased for $191,700 in 1983; estimated default $798,027