An auction of about 135 foreclosed homes in San Diego Saturday provided more sobering news for mortgage lenders. Ramsey Su, an investor and former real-estate broker who attended, calculated that the high bids for the homes averaged 67% of the prices they fetched when they were last sold, mostly in 2004 or 2005. At a similar auction in San Diego in May, the average was 73%.
Thank goodness, my pain train theory was in jepardy and as always, it’s all about me. I was starting to think that S.D. r/e was never going to unwind. Up here I find 20-25% off peak all over and every week it lunges downward (the three car garage monitor is gaining 10% a week), yet every post I see in S.D. it resembles another country, barely translating the headlines into nominal prices. Plus JWM has been getting increasingly impatient with the home team. I need all these S.D. transplants off waiting hawk’s island and off my freeways, as soon as they can buy houses in S.D. again I’ll be able to use the freeway, be gone I say.
Thank goodness, my pain train theory was in jepardy and as always, it’s all about me. I was starting to think that S.D. r/e was never going to unwind. Up here I find 20-25% off peak all over and every week it lunges downward (the three car garage monitor is gaining 10% a week), yet every post I see in S.D. it resembles another country, barely translating the headlines into nominal prices. Plus JWM has been getting increasingly impatient with the home team. I need all these S.D. transplants off waiting hawk’s island and off my freeways, as soon as they can buy houses in S.D. again I’ll be able to use the freeway, be gone I say.
