I agree with sdcellar and PerryChase. Here’s another reason to be patient.
I believe we are now just seeing the tip of the iceberg with regard to foreclosure activities in the $1M+ homes.
A large percentage of these buyers bought with 100% financing and/or exotic mortgages. Many resale homes in CV have high asking prices because the owners cannot lower the price without being “under water”.
Unless one must have a brand new home in CV, in the next 2 years, we’ll see a raft of REOs on the market.
