Sunday, June 21, 2009

Crystal Cove Awash in Foreclosures

I've been househunting in Crystal Cove for a while now and I have also been carefully watching the foreclosure activity. Like anywhere else, a spike in foreclosure activity is likely to precede a drastic drop in home prices. The foreclosure activity includes recorded notices of default, trustees auctions and then the resulting properties are "bank owned."

Six months ago, there was only one property in crystal cove that had foreclosure activity. Three months ago or so there were five properties involved in foreclosure. And as of today, there are twelve, according to This pretty much proves out what I've seen with the homes in Crystal Cove - home values are dropping fast. Homes that are priced high are just sitting there...... Some listings have drastically reduced listing prices as some owners have determined that it is better to get the home value now rather than lose more in the coming months.

How many of those "good" real estate agents have told our readers about this spike in foreclosure activity in Crystal Cove? If yours has, hang on to them - they really are paying attention to value indicators......

1 comment:

Anonymous said...

I don't know if you saw my post on this at IHB but it proves out your poiint. Keep up the good work.

"I was having a friendly argument with a friend of mine about how bulletproof Crystal cove was so I did a little digging and was astonished to find that according to Redfin only three homes have closed in the last 6 months there. One for a $150,000 loss. The calculation of the inventory draw down in well over two years. I also found some ugly losses. Enjoy.

300 grand loss

440 grand loss

100 grand loss

500 grand loss

No area is immune"