Jim is an excellent resource and with great integrity. I would use him as a realtor if Carlsbad is within my reach without a doubt.
I do think the 10% was too little. We’re already seeing 15% drops in same-home comparisons.
Maybe I’m tinted too, but I’m just seeing so much fraud and loans gone sour and to think this is just starting out. the 4Closure Ranch properties I featured alone were around $5-6 million dollar in value.
My latest post on my blog features 4 homes all bought in 2005 for $2 million now on sale. Can you imagine folks out there are trying to flip $2 million dollar homes? And do you know how easy it was to find these? I picked 92130 on realtytrac.com, I went to the first home listed. Then I pasted the street name on ziprealty, and boom, 3 $2 million dollar flips on the same street! Then I realized the development only consists of 16 homes with 2 streets, and found the other flip on the other street. That’s $8 million dollar of mortgage going into default if someone don’t buy these homes. How many folks are walking around with $2 million these days?
My point is this: you take my post on the $2 million dollar flips and my 4Closure Ranch posts and there’s $14 million dollar either in default or will be soon. am I working 24/7 to dig these out? No. I do these before I go to work in the morning or half an hour before bed. I think the amount of fraud and foreclosures is going to surprise everyone, including Jim. And I don’t blame him. None of us have ever seen the type of loose credit and loan give away that’s occured in the last 5 years. So no one can predict for sure how this is going to end.
