If the real estate market in San Diego is a long snake the foreclosures are like an elephant that the snake has eaten. Like anything a snake eats it will take time to pass through the length of the snake’s body. Eventually it will be digested and disposed of. In the mean time the snake has a huge blockage that has to work itself through before it goes back to its normal appearance.
The San Diego Real Estate Market has swallowed an elephant and that elephant is the foreclosure market. This foreclosure elephant is slowly being digested by the real estate buyers in the San Diego Real Estate Market Snake. It will take some time to digest and property values in many areas of San Diego are still declining. Banks are loan modifying and taking short sale offers that are heading off foreclosures that will never even hit the San Diego Market. Banks are also starting to bulk sale REO’s so that investors can gobble them up and sell them at auctions or hang on to them as investments for a sale at a later date.
The snake is fat and the elephant has a long way to go to get to the end of the snake. Hopefully in 2009 and 2010 we’ll start seeing the leveling off of real estate values in San Diego County. There are some areas in some price ranges that are already leveling off. Unfortunately some of the higher end homes still have a sharp drop ahead.
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All information is believed to be correct but not guaranteed.