I would say this guys… the more you anticipate steep price drops the longer they will appear to take. I have two different price shoppers in Mira Mesa and one of them is very astute. Together we have witnessed first hand the effect of the lowest priced REO sales going into pending status very quickly. The most successful REOs have been those that have been priced aggressively and found a demand which has been not altogether surprising to me. What is good is that in the long run these will all form the new comps for homes that hit the market a few months from now. The bad thing is that both my Mira Mesa clients will need to remain patient for the price range they are shopping in.
As for PB I think that it will lose footing but it will take awhile. The seeds of denial are sown deep in PB. Also I would not take much stock in Realtytrac. One of the problems is that NODs and NOTs that are cured never seem to be reported by Realtytrac for a LONG time. Also short sales that are NODs and have offers on them that are into the lender already are not considered either.
Don’t mistake this post for insinuating that PB is a sanctuary to the depreciation cycle because it is not. It will just take awhile.
