Short sales arent shadow inventory when they are on the market. As for the most respected sources of inventory, they are all crap as far as I can tell. Realtytrac way over reports in SD. I look at their data and see a very high percentage that have already been resolved.
I have no rose colored glasses nor am I a NAR pimp. I have real feet on the street and see what goes on daily. Banks rarely file NOD’s (that i have seen) and let them sit for 18 months. Once its filed they are moving on it and only stop if there is a loan mod, short sale or legal action in process.
The pain is in the areas where people cant afford in lower income areas while the stable established neighborhoods are looking very strong. For example, in my neighborhood of 1100 homes there is exactly 1 on the market. That is 0.1%. The vast majority in the nicer parts of the county can afford their homes. Sure there will be exceptions but they are exactly that…exceptions. Ironically, I just got an offer on a short sale listing for a condo I have in Central San Diego. Turns out it came from someone who lives 2 blocks away from me. The condo is about 180K. They sent proof of funds via a money market statement with $500K in it.
People wonder who can afford Carmel Valley prices. I just picked up the local CV paper and was reading about their Pop Warner league. The 3 teams there are coached by Rick Mirer, Andre Reed and Duane Bickett. Just an anecdote but thats an example of who lives down there.
I’m not saying we are booming or even turning around but time and again your doomsday prognostications have fallen flat . I find it charming that you pop up trying to mock me time and again while I have a well documented track record of public predictions that have been spot on over the last 3 years based upon my man in the street perspective. In contrast you have a public track record of demennted musings……
