Nice going Hawk. BTW, I really miss your blog, too funny. I have been tracking prices in Arrowhead since 2006. Prices have dropped about 20% on average. Nothing like the rest of the IE. The problem you have there is the Realtor Mafia. These pinheads think that its a GOOD thing prices haven’t fallen and will do or say practically anything to make buyers believe “Its different up here”. Eventhough sales have virtually stopped, 89 sales thru May, thats about 50% less than horrible 2007 sales. They would rather sieze up the economy there than lower prices.
My suspection is that since most agents are homeowners in the area, they can’t face a price freefall on their own home. They would rather sell nothing than engage in commerce and bring the market back to reality.
My observation is that anything decent and priced reasonably will eventually sell. They is so much junk up there that nobody wants its amazing. There was a recent foreclosure that went back to the bank at $800K and sold prior to auction at $470K, not a bad deal but due to the property condition IMHO it was only worth about $350.
I am a happy renter, sold in Moreno Valley in Dec. 2006 at the peak. I’ll be patient until I find a deal that make sense and not until then. No amount of gov’t BS and voodoo numbers will change the outcome.
