High-end foreclosures
High-End East Bay Real Estate May Be Next Focus Of Foreclosures?!?!
October 13, 2009 by Jim Walberg · 4 Comments
Two years ago, who would have ever thought that the top 30% of our East Bay real estate market could be facing the next wave of foreclosures? You all know I am one of the most positive person during the worst of any economic condition. I do not participate in the “slipper slide of fear”. However…I also want to make sure that I am giving realistic information to my readers regarding the East Bay real estate markets. There may be trouble in “River City” regarding the higher end real estate in our region.
Zillow may not be my favorite resource for home values, but their chief economist is pretty darn good. Stan Humphries, from Zillow stated that only 16% of foreclosures in 2006 were in the top 30% of the market. As of July 2009 30% of foreclosures are hitting the top third of the market in the Bay Area. This is TWICE the number of foreclosures in this market slice as was happening three years ago! These are now showing up in the high-end real estate markets in 2009 as price discounting continues to drive this market slice further underwater. Read more
