During the RTC days (1989-92) much of San Bernardino & Riverside RE was resolved at 40 cents on $. Interior (San Joaquin valley, Arizona – yes that includes Phoenix) was resolved many times at 20c on $. Perfectly nice homes had no takers at 40K & 60K sometimes (bought at 150K – 200K). History repeats. Read my post on "This isn't the 90's" thread. That is from 1906.
