Two examples in Carmel Valley, 92130 to demonstrate how $1,000,000 doesn’t go as far as it used to:

For those who have access to the tax rolls, check what happened on the REO (second house in video). 

It looks like the bank foreclosed once, which eliminated the second mortgage, then sold the house back to the same former owner, funding the purchase with a  97% LTV mortgage.  Eighteen months later they foreclosed again?

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