Well, I know 760,500 isn’t as low as you’d like to see it, but..the place two houses up the street – 11716 sold in 5/12/06 for 925K. Same sq. ft., same 4/3 plan. Isn’t that an 18% decrease in under 2 years?
If the sellers of 11704 sold at 760.5 as a short sale doesn’t that mean that they owed more than that to the bank?
Let’s say they owed 775K. They’d have to come to closing with 14,500 right? What about commissions and closing costs? Would they also have to show up with 45K (about 6%)in commissions and a few extra grand for escrow, title ins., etc.? OUCH!
Like you’ve all said over and over, it will be a slow, sticky ride down, but it is going down.
