Daffy,
You are so off target it’s laughable. I am anything but bitter and own a fabulous home in that area with a very small mortgage fixed for 30 years in the 5%’s. My house is big, has a huge lot, a great view and a backyard as nice as any resort i’ve ever been to.
I think those neighborhoods are phenomenal and as good as it gets in SD if not in the country. I dont think prices there are crashing but pricing is only headed in one direction there and its not up. You’re picking a fight with the wrong person. I know as much about that market as anyone on the planet. First off, the house in escrow is a short sale not a foreclosure. Second, there are at least 7 other homes with NOD’s filed on them. Third, there are at least 15 sellers that were unsuccesful last year and could/should be back on the market soon.
Fourth and MOST importantly, the only thing rising in that area other than NOD’s is mortgage fraud. The sales you are probably referring to as proof of rising prices involve 2 closed escrows and one pending that were all represented by the same buyers agent and listing agents. All sold without ever going on the market at least $200,000 above market. I’ve heard rumblings that there were payments back to buyers well into the six figures. Everyone involved should end up behind bars.
P.S. As you pointed out, based upon income the ratios don’t apply to me either. I’m not bitter, I’m joyful!
