San Marcos market deteriorating
I pick out a few examples reflecting how weak the San Marcos market has become. This is why I would not touch this market.
I remember homes in this area would not last a week on the marker, oh how times have changed. Areas that reeped the benefits of the housing boom like San Marcos, Chula Vista, Carlsbad etc will be the front runners in foreclosures, short sales etc.
9 comments:
Bob Flippa,
Take notice when the "purchase price" is a weird number (i.e. $487,154) and not rounded it is most likely only the amount that the bank has taken the home back for. The actual "purchase price" was likely higher when the original joker bought it with a no doc., no down loan that put them on the path to where the bank has it now.
I realize that the public records you are probably using are skimpy sometimes so keep up the good work informing us all. If you have access check the mortgage history and the previous MLS listings and they will often in combination reveal the real "purchase price".
Cheers
Socalappraiser
Very good report! Please keep us posted for the current market. Yeah, these cities have a lot of inventories, but schools not that good and not centrally located. So they are the front runners for foreclosures. Please pay attention to Vista, Oceanside and Escondido areas also.
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