“I’m not a RE pro, and there are a few realtors that post here that are much more accurate.”
You should play one on tv FLU! heheheheh…
Your analysis is pretty darn accurate. Not much speculation and pretty factual. I could not agree with your statements more. I could write a few paragraphs but they will mimic what you said. The picture gets cloudier if we start to think about external factors such as employment or high interest rates. These factors would obviously push prices down faster. I think in general CV will continue to fall. Note I use the word continue because it has gone down. It just is slow… This area “could” be hit pretty hard by what the second wave in late 09 and 10. The thing is, that this second wave will have resets in that timeframe but they may not materialize into distress sales until a year after that.
It is hard to say right now. Alternately can we inflate/bailout our way out? Can or will the government force lenders to to writedowns yet keep homeowners who have gainful employment and strong salaries to stay in the homes using principal reductions? Don’t know. It is one thing to let the lender foreclose on a guy who makes 40k a year and has a 3k payment. Wonder about the guy who has a 4k payment that goes to a 6k payment and makes 120k a year? Just thinking out loud.
Anyways Bluemoon I am sorry I can’t help you. I have some clients who are pretty active in CV and our lowballs are getting snubbed right now. The longer you wait, the better off you will be… but you may have to wait awhile if you want to get a screaming deal.
