[quote=briansd1][quote=UCGal]
Here’s a 92109 example of what appeared to be a solid equity seller who wasn’t… Bought in 1995 for $760k. Listed in Oct 2009 for $3.85M, lowered the price in Oct 2010 to 3.39M. Foreclosed on yesterday.
Beautiful house (I’d live there.) But the owners appear to have pulled a lot of $$ out of it. (owed more than $2M) Then couldn’t get their wish price after more than a year on the market.
Even high end areas, even homes bought before the bubble, can be at risk.[/quote]
Thanks for a real world example. I’ve seen the same thing.
Long time holders of real estate in San Diego rode the gravy train of appreciation to wealth. But they are just ordinary people. Their staying power is limited and the fall in the value of their assets is hitting them hard.[/quote]
You are cherry picking a highly visible high profile example. I beleive those are outliers and not representative of the greater populace. i look at properties all day and pull up loan balances on the homes on the market as wellas the ones down the street. i just dont see high leverage among long time home woners as a rule, its more the xception from what I have seen.
