This thread is exactly what I am looking for… I did a search on 92592 zip code for houses over 2 acres and listed under $800,000.
Of those houses (24), 46% are bank owned or short sales. Average REO price is $615K (4 houses) and $196/sq ft. Average short Sale is $528K (7) and $170/sq ft.
Of the remainder that are not obviously distressed, they have been on the market an average of 181 days for an average price of $717K at $245 sq. ft.
So, the sellers are optomistic over the banks over the short sellers.
The missus and I are going to rent until the distressed property percentages fall into the teens, at least. I can’t imagine prices stabilizing right now, when the undercut of foreclosures and short sales are so sharp and numerous.
