I did an appraisal on a home this week in the Bonita Long Canyon / Rialto area that is going to be a short sale of $300,000+. It sold in 2005 for $1,200,000, with an 80/20 loan, It’s now in the foreclosure process, but it’s selling now as a short sale for just under $900,000.
What I’ve noticed in the last several months, is that I’m surprised how relatively stable the market seems in some areas, like parts of Carmel Valley, Scripps Ranch, La Jolla, Rancho Bernardo, and Rancho Penasquitos. I’m also surprised at how horrible things are in other areas, specifically Eastlake and Otay Ranch. And the market is so bad in parts of Riverside County, like Perris and Lake Elsinore, that there really aren’t any words to adequately describe it.
