I only know from what I saw when I lived in Murrieta, I bought in 2003 and sold in August of 06. Got the hell out of there!!
Trust me not everyone cashed out and moved away. Alot are still sitting with cash (under their mattress for all I know) waiting for their loan to reset, do you really think they will give that money back to stay in that piece of crap stucco box worth 1 or 2 hundred thousand less then what they paid????
I personely saw 4 neighbors each make close to 200K. I know for a fact the other homes they bought after they sold the ones on my street were zero down. Now I see 2 of these homes in foreclosure. I really don’t think these people are worried about how to hide the money. In the first place 5 or 6 years ago they never even dreamed they would have 1 or 2 hundred thousand in cash, they ain’t given it up!!
