OK. The numbers are from Dataquick. I wonder where and how they assembled the information. I have questioned their accuracy ever since they started indicating the Days on Market of properties. They only went by the MLS#s.
Clearly, we Piggs know how accurate that is. Particularly since realtors like to play roulette MLS and listings expire frequently so they can relist and be in the spotlight.
Secondly, how can they estimate how many Alt-As and Option ARMs will choose to walk in the future? Even if they actually went down to the county and got the numbers of all the NODs and determined the % of underwater, it would be difficult to predict in the future how many will choose to just walk.
There was a lot of speculation in PB. Heck, just the boardwalk alone, which almost exclusively thanks to OPP had been pulling up the averages and medians in 92109 consists primarily of investors.
Although I haven’t recently, over the summer I’ve skated up and down that boardwalk frequently and there are few owners hanging out there. It is almost exclusively rental properties. About the only person I’ve seen on the boardwalk more than the regular renters, skaters, joggers is the OPP guy.
And by now, in light of his successful auction, you must all know how well that’s going. Still holding on thinking it’s 2006. Refusing to accept reality.
I am not denying that it’s sticky. Like a stand-off. Who will hold out the longest? Those that need to sell or those that want to buy?
Edit: Here we go. 1955 Missouri short sale listed at 234 psf. Still not at Case-Shiller 2002 price, but for PB, it’s an indication of pain on the way.
