Vulture, what do you mean that these homes were bought for a bargain? And do you have stats to backup your 40 to 50% number? Look, I like this area, but the area is emblematic of SD real estate, many homeowners bought more than they could afford with exoctic loans and also had a high debt to income ratios that couldn’t be maintained artificially pushing prices higher. Now because people are seeing high prices but still lower than the 2005 peak they think these homes are a “bargain” With many banks failing you won’t see them taking risks in allowing exoctic loans or high debt to income ratios and thus the demand in terms of dollars for these homes should be reduced significantly. Look at the delinquent taxes for some of these homes that have been for sale for some time to see the distress. You’ll see drops once people lose their homes to the bank like in Chula Vista.
