“Maxine Gellens, a longtime La Jolla real estate agent, said high-end foreclosures are no different from those involving $200,000 starter condominiums whose values have fallen below loan balances or whose monthly payments have become unsustainable.
“If you overextend or borrow too much, it doesn’t matter what the price of the property is, you’ll see that differential and you’re not going to be able to sell it,” Gellens said.”
Yep!
Have you noticed the increase in “Alt-A” posts on the blogs. This is getting interesting. Can the Gubment bail this out or are is it the “mouse that roared”. Stay tuned!
