“But it is guaranteed to be a fasely high comp because no one else on the courthouse steps bid more, and there are always people there, with cash, and looking.”
No not really. First off I don’t really look at Redfin. Also no Sandicor nor Dataquick counts trustee sales in the calculations they do with gathering resales. The Sandicor data is based on homes put on the MLS or sold by a member of SDAR. Trustee sales are not include BUT short sales and REO’s are included if they were put on the MLS. Have you ever been to the courthouse steps? The people buying there are good. These guys are far and away much more adept then the lunkers you see at an REDC auction. This is because these are all primarly cash buyers who are very seasoned veterans at this game. The fact that you cannot go to a trustee sale with conventional financing is what keeps 99% of us away from them. This is why most all of the properties go back to the lenders.
Ayways looking at 92109, excluding condos a large majority of the resales are indeed simply resales. I am not saying prices are not going down, however it is not the sky is falling scenario you are envisioning.
