The overvaluing thing just amazes me. I’m not a savvy economist, but wasnt the “boom” related to the easy access to moolah? With credit/lending standards tightening up, the number of foreclosures, short sales, and the general state of the economy, I cant see how a seller could expect someone to pay $700,000 for a crappy little “fixer” in Fallbrook.
I saw a house online in Oceanside (Ocean Hills,close to Vista)that was listed at $699K. Yes, it was bordering a nature preserve (in the back of the house), but the house itself was about 1700 sf and not updated. I think the seller is living in la-la land. He had commented to someone on a forum that he would NEVER sell his place for under $600K.
