[quote=briansd1][quote=bearishgurl]
If you will reread what I have posted here, you will discover that I place part of the blame for my current undervaluation on urban sprawl.
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I hate to break it to you, but the regulations aimed at preventing areas from changing once they are built are what is causing urban sprawl. Populations grow and have organic needs that existing real estate cannot accomodate, so they move outside the city boundaries to build if necessary.
People’s tastes and requirement change. Real estate needs to change with the times.
Except for some core urban and luxury areas, the country is littered with neighborhoods that are past their prime that people have abandoned in favor of more desirable areas.
The older area of Chula Vista is past its prime. The only thing that can revitalize that area in the next few decades is development along the coast.
I’m afraid you’ll have to wait several more decades. It takes time for redevelpment to improve neighborhoods that have declined.[/quote]
I hate to break it to you, brian, but if these lenders don’t get all this “shadow inventory” (incl the inevitable re-defaulting “squat-mod and squat-failed-SS groups'” properties) foreclosed on and resold in the coming year or so, we are going to have a hangover of vacant single family homes like you won’t believe!! Even if they ARE sitting as “unprocessed REOs,” there may not be enough buyers for them, esp if the mtg interest rates go up even a little.
Portions of SD County are grossly overbuilt. There are not enough jobs in this county to support mortgages on these properties and people with REAL $$ aren’t going to pay cash in the stix for a zero lot line property encumbered by HOA/MR.
