In addition to implying that the foreclosure activity trend is creeping into affluent communities it included a couple of other interesting points:
The mortgage deals driving those high prices proved too good to be true, DataQuick President Marshall Prentice said."We know now, in emerging detail, that a lot of these loans shouldn't have been made," Prentice said. We know now??????
We are lead to believe that we have not reached a tipping point.
As foreclosures multiply in Los Angeles and Orange counties, it is too early to gauge the effect these properties will have on home values there, said Patrick Veling, president of Real Data Strategies Inc., a Brea real estate consulting firm."Is there a tipping point?" he asked. "I don't know, but we haven't reached it yet."
It is unfortunate the online story doesn’t come with the graph with the vertical line of foreclosure data.
