The main point I was trying to post originally: Of the 30 current listings in El Cajon for 2bd condos under $200K, 19 are either REOs (5) or short sales (14). The new “short sale” search function on ziprealty.com returns some REOs but not all. The bottom end of the market in El Cajon is definitely under stress. 8 of the 10 lowest listed prices were short or REO. The number of sub $200K listings has increased substantially in the last few weeks and prices continue to be reduced. I think 2/3 stressed properties at the bottom end of the market is going to continue to drag prices expectations down. The search for all properties in El Cajon listed about 10% as “short sales”. That % apparently includes a few, but not all REOs.
Cashman, I grew up in Montana and moved to S.D. in 2003.
