marina: What are the effects of the Sub Prime debacle on the Monterey Peninsula
- 07/31/07 12:50 PM
Entry level homes on the Monterey Peninsula (Monterey, Seaside, Marina, Pacific Grove) has relied somewhat on move up opportunities from the Salinas communities (Salinas, Marina, Soledad, Greenfield, Gonzales, King City, Prunedale, Las Palmas, Oak Hills). Unfortunately a large percentage of home buyers in Salinas and surrounding areas relied upon sub prime loans and 100% financing opportunities. Since that market is gone, Salinas is in a very depressed state and those homes are not selling very quickly which in turn is hurting the lower end of the Monterey Peninsula market. Higher priced homes and communities are still moving at an above average pace. … (2 comments)
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