After talking to a lot of people out there, it sounds like financing is really tricky due to the pressure lenders are putting on appraisers to be very conservative. This in itself is a downward force on the product that does get sold.
This market is into completely uncharted water right now. Things going on and govt intervention I would never have believed would happen. In 2007 I knew it would get hammered, but nothing like this. This is really different than other recessionary events in the CA RE environment. This is incredibly desperate behavior, I dont see it ending well.
