NBC news with Brian Williams is about as main stream as American media gets. They ran a story about California foreclosures and the market going to hell in a handbasket.
Near the end of the story the reporter gos on a walk with a homeowner in Temecula (Morgan Hill) and half the lawns are brown. I live about a mile from this development and track the home prices but honestly I probably won’t buy there because the taxes are horrible (2%+), it’s not in city limits and they are too big for one person (2200-4100 sq ft.) I have blogged here about some of the horrible losses in this neighborhood but today I watched this story and then looked at some on the street the reporter walked on and a few streets each way. Then I saw this example that came up today as a new listing.
No pictures yet but 379k asking price, sold originally for 585k in 2006 and two months ago sold again (likely repo’d to the bank) for 508k, now it’s up for 379K, so that’s a 206k loss without adding transaction fees and if it sells at list. If it’s not a typo and I offered 292.5K I would win the prize for the first 50% off peak sale and waiting hawk would have to buy the beer. Right now it is almost 40% off peak.
.
