I live in Jamul which has some similiarities to Fallbrook. Prices on the few closed are pretty high. Very few transactions occuring on about 100 listings. It has been that way for months.
That’s a link to what I thought was one of the better discussions we had on this topic. I was the “big chunk guy”.There are some smart an likeable posters here who are certain things will be slow, 3-5% per year. Maybe, generally things will be slow, with some big percentage losses happening quickly on individual house or zip codes.
I bought a house in 1992 for 38% of what the previous owner paid less than a year before. I bought another one in 1995 for more than 40% less than what the previous owner paid less than six months earlier. The first was a hud repo the second was a short sale.These purchases might bias my opinion. I think there is a good chance the banks will get this rolling soon, in some zips at least. It has to be the banks, IMO,through aggressive divestment of REO’s.
