The market in question: 4br+ houses in north San Diego (roughly, north of 8, south of 78, and west of 67) with asking prices below $700,000.
There are 602 properties matching the criteria.
– 8% are REO’s, disproportionately in San Marcos, Escondido, and Poway.
– 25-30% are listed to sell at a loss.
– Both REO’s and non-REO’s are dominated by recent purchases. 75% of listed REO’s and 45% of listed non-REO’s were purchased in 2004 or later
– 80% of 2005-2006 purchases and 55% of 2004 purchases are listed below what they were purchased for.
– The biggest loser (both percentage wise and in absolute dollars): 3720 Linda Vista Dr in San Marcos, purchased in April ’06 for $503k, listed for $319k.
– Runner-up: 10865 Whitehall Rd in Mira Mesa, purchased in October ’06 for $547k, listed for $375k
– The biggest dreamer: 460 E 6th Ave in Escondido, purchased in July ’05 for $375k, listed for $649k
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