I’ve been seeing the same thing. To answer the question for myself, I ask….how many people will continue to pay a $600k mortgage on a $250k home?
I have hoods I watch in different areas of the country, and what I am seeing is its bad all over and like you’ve noticed, its been accelerating for the past few months.
The tide has turned, walking away no longer has a stigma and the pigmen (not PIGGs) have no idea what to do when the debt slaves decide they would rather be free.
San Diego is not unique. Believe it or not even in Cuyahoga county Ohio where houses in Cleveland and surrounding areas can be had for $6000.00 there are areas that still have little under $250k. Reminds me of the better parts of San Diego and how the areas around it wasted no time falling off a cliff but SD remains stubbornly clinging to the ledge.
