So maybe some of you set an alert on it, but if not, 3112 Curtis sold for 340k, PPSF: $222. I think it is a very good deal.
I was discussing w/DH the surprising reductions I’ve been seeing in 92106, 92103 and lately even some in 92109. I really think when you are at 30% off peak prices in areas that just a year or two were appearing healthy, it shows how precarious this market is. I mean, think about this. We still have fairly low rates, even if they’re slightly going up. We have had major government intervention in the way of HAMP, TARP, bailouts, tax credits, extend and pretend, kicking the can, delays and procrastinations, trickling in of inventory, hiding the pea under the shell, not filing NODs, not foreclosing, etc, etc. A massive amount of effort to prop up this market, pumping endless blood trying to keep this patient alive.
Even after ALL that, we are still seeing 30% off in certain places. And how can we think it’s bottom? I mean certainly areas like Temecula and Chula Vista, Escondido, Oceanside and the like have seen 50% and are probably back to pre-bubble 2000 pricing. But so many areas have not come close to seeing that. Only lately now they are showing some significant reductions. Have we resolved all the NODs and REOs and foreclosures in the pipeline? Are unemployment numbers so stellar that people are getting multiple call backs?
