Svelte: Homes like these are becoming more and more common in Fallbrook and Bonsall. Many of these homes were purchased back during the 2002 – 2005 run up for more than $1MM and a lot of them are being foreclosed on.

I’ve seen some of the nicer developments that are getting hammered right now, and many of the homes look very much like this one. I think you’ll see price declines to below $200/sf in many instances, especially given the number of homes out there.

Quite a few of the folks here are under considerable pressure in terms of money and finances and I think that will drive prices lower as time wears on.