Nor-LA-SD etc…I have to agree with you. I keep trying to explain to posters here that in my Morgan Hill community there are investor REO’s that have driven prices down, but my street is filled with empty nesters that have either paid cash or made substantial down payments and can easily pay off any mortgage. We can weather out the downturn. The prices in my community have dropped; what is pending and selling is in the high $400,000 to low $600,000 range.
What is not selling are the 3 Ventana home listings, of which the cheapest is the Hendrix Montecastro REO at $950k, and the other two at about 1.2 million. Nor are the Hovnanian and Shea homes in the high $600,000 to the $800,000 range selling; however, REOs in those tracts are going pending in the low to mid $500,000 range.
That thread about the Pulte Meadows home price was funny as you could go over to the Montecastro REO and pick up that 5000 sq. ft. place on a 1/2 acre lot and I bet the trustee would be quite willing to let it go for the same price as the new Pulte home.
