I’m looking for a condo down in Imperial Beach (don’t ask) and the prices there have just been crushed. There are 3bed/2bath condos that would rent for $1300-$1400/mo. selling for $170K-$190K in foreclosure. These are selling at about 55% of their peak value back in ’05. Don’t get me wrong, they’ll surely head lower over the next year… but at least progress is being made.
