I speculated here that half of the recent sellers were long-time owners, having purchased prior to the big run-up that started in 2003. Of the areas in NSDCC, Carmel Valley has the newest housing stock, yet a review of their November sales showed that 43% (13 of 30) had been purchased prior to 2003.
One-third of the sellers (ten of 30) sold for a loss, averaging -$128,700 each. Most of those were purchased in 2004 and 2005.
Gain/loss results of those sellers who had purchased recently:
2008: +$53,000, -$40,000
There were no REOs, and only one short-sale.