50 % Price Drops

By
Services for Real Estate Pros with Pacific Servicing
How is your market doing? Here there are homes 40-60% below what they last sold for, with an end finally in sight. It appears once banks price these homes at such low prices, multiple buyers show up to write offers and to try and get them. And example would be a property we just sold on 12728 Laury Lane, Moreno Valley Ca 92553. Last sold for $330,000 and we got a cash offer from one of our personal friends for $110,000 and the bank took it! Thats a 66% price drop! I don't know when it will officially bottom out, but I do know its finally affordable for the younger generation to own a home, which is great!!! Pricing here in the Inland Empire is back to 2000-2002 levels (PRE BOOM) and prices still are getting lower, but certain areas have bottomed out, such as Moreno Valley and Perris. But areas like Temecula and Corona still have room to drop! Let me know how your market area is doing, and if you have seen a spike in home buyers in your local market!
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Ryan Case - Partner

Pacific Servicing, LLC

Ryan@PacificServicing.com

(800) 313-9050 - Office

(951) 760-3170 - Mobile

(951) 501-2926 - Fax

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Tags:
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Rainer
179,681
Erik Hitzelberger
RE/MAX Alliance - Louisville REALTOR-Luxury Homes - Louisville, KY
Louisville - Middletown Real Estate

We are still seeing a slight (1%) increase in prices.  But, Louisville never had a significant boom.  Sales are off this year and seem to be getting worse each month.  I am curious to see whether we will start to see a price drop or whether sellers will pull their homes from the market.

 

 

Mar 29, 2008 05:12 PM #1
Rainer
122,217
Christy Powers
Keller Williams Coastal Area Partners - Pooler, GA
Pooler, Savannah Real Estate Agent
Wow....that's a big cut. We haven't seen anything like that here yet. Hopefully we won't.
Mar 29, 2008 05:18 PM #2
Rainer
30,892
Ryan Case
Pacific Servicing - Temecula, CA
Here a lot of owners do not have the choice to take their homes off the market as most of them are upside down by as much as 40-50%. Guess its time to trade in all those fancy cars and start living within their means. I think the downward trend will end once all the owners who owe 30-40% more than their homes are worth are flushed out, all the 100% Stated "Juans Gardening Company making "10k per month" people go back to renting like they should have done all along. It really has torn our area apart as here, whole cities were built around the boom. Everyone here is affected! It'll be good once its over.
Mar 29, 2008 05:18 PM #3
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Rainer
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Ryan Case

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