My wife just looked at 3(!) mid-300k SFR REOs in a SGV zip east of LA. There’s more of these coming on-line. They’re all trashed, of course (one had “I already miss this house” scrawled on the wall).
REOs are hard to look at when they’re freshly listed. Too many remnants of another family’s desperation to be found on the property.
Curiously, one of the agents is still talking about doing 0 down financing! On a REO!
It’s just starting to get ugly in the areas where the loan sharks cruised the waters, taking the ARMs and legs of Spanish speaking swimmers with wet backs. Those sharks are living large in their SLKs while the foreclosed get to pack the F-150 with what will fit in a 2/1 crap-trap apt.
“Sell now or be priced in forever!” – The anti-NAR quote of the week.
