I don’t wish poor fortune on anyone, but I really was hoping there would be more 92109 upside-down mortgages.
I am starting to think, with the increased conventional loan limits and the Homeowner Affordability and Stability Plan, many PB homes will be refinanced, saving them from the Alt-A problems and making houses unattainable for the next few years, until prices come back in line with incomes. Unless of course like you said, many got HELOC’s and just blew them…
You mention “short of a miracle I don’t know what’s going to save it.” How much (percentage wise) do you think PB may correct and in what time frames?
I keep waiting for that area to fall there along with other high priced areas, but it seems to be very “sticky”.
