Scarlett I say he is an idiot just because he (or she) is the exact reason that things take a long time to decline in secular markets. You are correct bad choice of words though. He did buy it as an REO. It also is an end unit with the balcony and it does represent a step up from the 1600sf units there. The interior appliances and stuff were mostly original. I don’t know if he financed it or not because the realist report doesn’t have the recording yet. It was purchased in 2002 for 520k.
So yeah perhaps he is not an idiot, but purchases like his slow down our descent AND they give hope to other resellers.
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jp I think the NOD rate will infect the entire area pretty well. Like you said, it took a long time but I believe we should see a nice acceleration over the next 1-2 years.Lets see what it looks like in July. Lots of people hanging around in the low 500s and no way they all sell by then at that price.
