Well I would agree there is alot of cheerleading in the industry, that is sure the truth. I don’t think any of the regular realtors who post here fall into that category though. Yeah we get the trolls who divebomb in from time to time.
Before bed last night I went into the Realist search and did the foreclosure search within Realist. Indeed 84 properties did come up in Carmel Valley. I did not parse through them individually to to figure out attached verses detached but I know Jim’s work is accurate and I do read his posts. While not all of these distressed properties are on the market it is more then likely that most of them will be eventually. I find that there is a high rate of recidivism for people who fall behind in mortgage payments.
Again, my read is that CV is doing what CV should do. Similarly the properties that get priced even a tad aggressively seem to get scooped up pretty quick. There is no argument that even those that get scooped up have depreciated so that is an encouraging trend to see. So in short it will happen, or shall we say, it IS happening and it will continue to do so. More raindrops will come in the form of more distressed properties and in a few years we will be able to look back and hopefully find some big 20-30% numbers off of CV.
