[quote=CA renter]Agree with you, sdduuuude, but not limiting it to just those areas. I think the “peak” for this most recent run-up (or slower/stagnant declines in some areas that should be falling faster) all across the country is in…for all the reasons you’ve stated.
Smells like deflation to me! ;)[/quote]
Youve been making these arguments for years. The worst is over and sddude is hoping it isnt because he still is looking to buy a move up property without selling his current home.
Just saw a corelogic report that 165K mortgages are underwater in SD. Most of the NINJA folks are dead, buried and gone. A good percentage of those u/w folks are current on their mortgage, doing just fine and not going anywhere, There are a bunch in my community just like that.
Small increases in prices will bring others above water.
Many of those properties are in hard hit low income areas.
Many of those properties are condos.
When you break it down we probably have about a year or so worth of single family inventory hanging out there in the shadows. Thats not much.
No one is getting their $500K oceanfront home!
The lenders will keep eaking out the distress sales to keep the market propped up rather than unleashing the dreaded tsunami which would create more distress.
Places like CV have proven to be relatively IMMUNE contrary to all the ridiculing so many vocal uberbears subjected many of us to for years. SOme places really are different.
Some day sooner than most expected we will wake up to a healthy market and this will all be a hard learned lesson in our collective rear view mirrors.
