Note the scary number in that table for the < $500K houses.
Hard landing in Orange County: The Economic Downturd Continues
Published
It's the heart's the crazy bus driver
It's the heart's the crazy bus driver
Note the scary number in that table for the < $500K houses.
Be My Blog 
Distressed. Gotta love those RealtorTM euphemisms.
I know the bursting of the housing bubble has economic consequences across the board, but I find it hard to muster up too much sympathy for people who bet the farm on the sustainability of double-digit per annum appreciation on SoCal McMansions. Of course it hits hardest at the bottom at first (oh! for a < $500K house in my shire!), but I imagine those prices will also stabilize sooner, once people stop buying zillion dollar energy-sinks at all. (It’s already happening here, I think.)
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More than a few of these people were victims of straight-out commercial fraud. But the speculating “flippers” are just getting what they gave.
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There was definitely some advantage-of being taken, you are right. Countrywide/casino. Tomayto/tomahtoe.
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Realtor™
“MOTHERFUCKER I WILL CALL YOU ‘REALTOR™’ WHEN YOU CAN SHOW ME HOW TO REALT. WHAT? YES, I’LL HOLD.”
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Help me, Ed McMahon…
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Lawnchairs are everywhere!
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oh that means distressed sellers, not distressed properties?
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I’m no expert
Well, maybe not. I don’t think it is uncommon for folks to strip everything from lighting and plumbing fixtures to copper pipes from their house during the course of a foreclosure.
I think banks may even offer payment in some cases as an incentive to keep the home clean/intact.
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Re: I’m no expert
It means distressed loans, usually foreclosures.
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Re: I’m no expert
Right…my only point was that the distressed loan/foreclosure could be the factor that motivates someone to pillage their home, leading to a physically distressed property.
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