“...I’m taking all this to mean that people are NOT nearly as desparate to sell as the media is making out.”
We have around 80 homes on our horseshoe type street, which connects to the main street running through the community. There isn’t ONE “For Sale” or “Bank Repo” sign on our block. A couple months ago, the three homes that were for sale (after coming down a very little bit on their prices) were all bought up within a month of each other.
I do need to add that I live in a nice family-friendly neighborhood with lots of amenities. Most of the folks have owned here for 5 to 8 years and seem to be smart with their money. Maybe that’s why we aren’t seeing the same foreclosure activity.
And where do you live? How old is your neighborhood.
My mothers neighborhood in a very nice area of Carmichael, CA (a prime Sacramento suburb) is immune to the housing bubble and crash because of the stability and income of the upscale residents. Their home prices soared and collapsed like the rest of Sacramento, but they were not affected because they could all afford their homes and because there is constant demand for homes in that beautiful, old, stable, quiet, expensive, crime free neighborhood. It is unique in that respect.
So, is your neighborhood like Santa Anna or is it like Pacific Heights in San Francisco?
Where do you live and what is your neighborhood like? Did it ever have a rash of foreclosures?