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6 Comments on High-end hit in foreclosure crisis...NOT!
You make some good points, I hope people will be proactive rather than walk away.
Bryan, and the handful of homeowners who might be thinking “strategic default” because their home may be under water … will need to rethink that strategy when banks/servicers start going after homeowners who did not attempt a workout.
Ellen - Thanks. I hope people take responsibility too.
Kathleen - Very true. The banks will not let possible losses go "quietly into the night" while homeowners simply walk away. They'll go after anyone not willing to work things out. The great thing about the high-end right now is that business is very good (much better than last year) so selling before foreclosure or a short sale is realistic.
It's amazing how high property values remain in the area.
Bryan,
I believe what I see more than I believe anything the papers tell me about the local real estate data. Typical report are lagging a month or two, and by now, the market has already changed again!
Penny - Affordability in the area has gotten much better with the downturn but towns like Los Altos stayed pricey.
Liz & Bill - I agree with you. Market reports from the mass media are like movie reviews, take 'em with a grain of salt.
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