I should also add, that if you take a look at the above jpgs, it's evident that a good portion of the underwater folks are some notable attached communities" Pell Place, Carmel Pointe, and the "name-escapes me" complex off of Carmel Country Rd which i believe was also a condo convert.
If the above info doesn't scare you off from looking in the attached home market in CV, you might want to consider avoiding those communities with a high # of sellers underwater , as most likely your HOA dues are going to go up significantly in the future imho if these folks end up defaulting and getting foreclosed, making it relatively more expensive than other communities with lesser hoas, which would only seem to logically cause the value of those communities to fall even lower, which inevitability will make those communities even less attractive.
There''s probably a more room for negotiation with the handful of sellers that purchased at the really low prices back 10+years, albeit you're stuck with an older community. Examples such as #38,39,40.
And yes, there are a small handful (roughly 3-4) listings that purchased in 2006 and even as late as 2007 and appear to be attempting to flip.
