and see if anyone else can tell us why most of its not being sold on the MLS yet. Why should I have all the fun?[/quote]
Please, Rt.66, I did not mean at all for you to be defensive. I agree w/most of what you’ve been saying. I know you don’t know what will become of the shadow and I did not intend to put you on the spot. It was meant more as a rhetorical question.
Thanks for the link. No doubt the taxpayers are in store to be on the hook for a lot more.
As I’ve said before, I think the banks will gradually list some of the properties (particularly when their loss is sweetened by taxpayers), modify what they can, which in San Diego, will be a small percentage (which anywhere from 1/3 to 1/2 will default again), some sell on the steps and back on the market, still less than peak, and investors will buy some and sell for more, but still less than peak or hold and rent (injecting more rentals on the market, consequently lowering rents).
But in the end, I think we can all agree we will see some more declines. How much and how long of a process is anyone’s guess. JM2C.
