OCR,
I stand by my comments on 6/6 but dont disagree that we could get into the mid 400’s by the end of next year. However, there have been closed sales of $547K, $560K, $589K and $597K since my post on 6/6/06.
There are now 13 homes in the MLS, one priced at $520K to $545K after that the others are all clustered between the mid $500’s and mid $600’s. There are 2 in escrow at asking prices of $540K (a short sale that went quick in 2 days) and $585K. Sure there is a lot of inventory, but we just dont know how many of the owners NEED to sell. Clealry the four in trouble NEED to.
BTW, That neighborhood has always struggled for resales even in the boom market and isnt representative of the entire market. That area is full of people that couldnt afford to buy what/where they wanted but stretched to go there because they were new/relatively new homes. That will likely be one of the very ugly areas.
