Although inventory may be low there are some serious issues in Mira Mesa coming down the pipeline.
According to January Corelogic data there are approx 4000 in 92126 that have negative equity in their homes. When you look at the data on a granular level most of these people above above average interests rates and will not be able to refinance.
As we have seen negative equity creates illiquidity when life change events occur such as job relocation , divorce Heath issues etc. you saw this on the house mentioned in he article.
I am predicting a perfect storm as we will see a surge in short sales especially in Mira Mesa as banks want to mitigate foreclosure risks(bad publicity) and costs( costs less the ss that to foreclose).
In 2012 sellers need to take advantage of the tax free status of forgiving debt that expires in 2012. That in combination with cash buyers creates perfect market conditions to clean the debt off the books of many homeowners underwater.
