Here’s a foreclosure in Poway I’ve been following, on Country Creek Road. It is bank-owned, and would have sold last fall for around $780K. Perhaps one of the appraisers can verify that. My friend, who is a neighbor of said house, said it was in original condition, and in need of updates. The new owners did a big makeover the day after it closed.

What will the 15% price drop do to the neighborhood? Will this be considered an anomaly, or will buyers of future houses in that neighborhood make offers based on the $660K sales price?

Price history (Country Creek Rd, Poway, foreclosed home)
06/07/2006: $659,885 (realtor sale week of Auction)
04/06/2004: $725,000
09/27/2000: $395,000