Yes, the IE is getting a real estate enima. That guy in MoVal has ZERO chance of selling that home. There’s something like 4 years worth of inventory in MoVal. I’ve seen REO’s selling for $325k that are twice the size of that guys house and much newer. Leo Nordine (foreclosure guru) predicts 65% fall in the IE in the LA Times blog today. I’ve already seen some prices very close to 50% off and this thing is just getting started. The IE did not start imploding until earlier this year. To see prices falling that far that fast is a little frightning. Gonna buy me a castle in Riverside next year if this keeps up!
