At the Super Bowl party yesterday a stranger asked how the market was, and I said “Great,….”.
But before I could get in another word, he fired the obligatory blast, “You realtors always say that”. He then went on to tell me his prognostications, the main one being that he thought the higher-end was going to tumble further.
When conversations go that way, I usually shut up, and just nod my head quietly. People have strong opinions about real estate, and realtors, and I’m not going to change them in one chat.
But if I would have said something, it would have been: “The banks would have to start putting more foreclosure pressure on the high-enders to trend downward in price.”
Foreclosureradar provides some nifty graphs to follow these thoughts. For those who might be thinking the same thing, here are the San Diego County foreclosure stats for December:
The high-enders are going to be more adept at finding ways to keep their house for as long as possible. To compare, in December 2010 there were 65 notices of trustee sale issued on loan balances over $1,000,000, and only 29 have been foreclosed.