Disagree. It may have been processed in San Diego. Many foreclosures in NJ (where processing speed is 3 years plus) are just coming on the market now. Same, to a lesser extent, with non-NYC New York State, MD, and PA.

As far as San Diego, who knows? Foreclosures were paused for a while by the Homeowners’ Bill of Rights, but banks will adapt. Also suspect that inventory stats are really skewed right now by the cut-in of the new MLS system.

As far as low-priced stuff, it existed as late as early 2013.