I spent a couple of weeks in L.A. earlier in the summer looking for a small pied-a-terre. In the best neighborhoods on Los Angeles's Westside prices have made only token rotations off the highs. Granted that may be changing-I follow the market there avidly and prices are less than buoyant-but basically the huge weakness one associates with SoCal real estate is in the newer, over built communities far, far away from the coast.
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California Mortgage Foreclosure Chart. Eye Opening.
- Thread starter seasideheights
- Start date
Quote from stock_trad3r:
A few companies and a couple thousand employees who work at these firms have been affected by the foreclosures. But the vast majority of the US and global economy is not. Only 12 or so banks of failed. And there is no evidence the forclosures has resulted in a recesion or a slowdown in any other sectors.
And last of all, only a TINY percentage of total California homes have been foreclosed.
Then tell us all how you lost so much money??
Quote from Pa(b)st Prime:
I spent a couple of weeks in L.A. earlier in the summer looking for a small pied-a-terre. In the best neighborhoods on Los Angeles's Westside prices have made only token rotations off the highs. Granted that may be changing-I follow the market there avidly and prices are less than buoyant-but basically the huge weakness one associates with SoCal real estate is in the newer, over built communities far, far away from the coast.
virtually all the foreclosures in calif are homes in working class neighborhoods or in the outlying, less desirable areas as you mentioned.
in my city (25k people, median price > $1m) i didn't find a single foreclosure on zillow's site. i expect that as the economy continues to take a dump over the next couple of years, the foreclosure epidemic will spread to more affluent areas
Quote from blackjack007:
virtually all the foreclosures in calif are homes in working class neighborhoods or in the outlying, less desirable areas as you mentioned.
in my city (25k people, median price > $1m) i didn't find a single foreclosure on zillow's site. i expect that as the economy continues to take a dump over the next couple of years, the foreclosure epidemic will spread to more affluent areas
but here is no epidemic. There is nothing wrong at all. Thats why zillow shows so few.
Quote from Pa(b)st Prime:
I spent a couple of weeks in L.A. earlier in the summer looking for a small pied-a-terre. In the best neighborhoods on Los Angeles's Westside prices have made only token rotations off the highs. Granted that may be changing-I follow the market there avidly and prices are less than buoyant-but basically the huge weakness one associates with SoCal real estate is in the newer, over built communities far, far away from the coast.
waterfront and even close to to waterfront is scarce so i don't think those properties will go down in value, the houses built waterfront tend to be built in more established communities than the ones we see being closed in the "inland empire"
Re: SoCal...most people cannot imagine the amount of liquid cash available for the desirable parts of the SoCal/LA market.
All the dogshit repo's in the former dirt farms in the IE that make all the headlines are just that. That being said they're perfect for the exorbitant of amount illegals that run across the border every day.
All the dogshit repo's in the former dirt farms in the IE that make all the headlines are just that. That being said they're perfect for the exorbitant of amount illegals that run across the border every day.