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SAN DIEGO- I had a client earlier this year that kept holding out for the release of the shadow inventory another REALTOR told him existed. They said that the banks were holding back foreclosed homes hoping for a better market to release them into, thus creating what became called shadow inventory.

The reason for his procrastination was that the banks could only hold on to these properties for so long and then they would have to release them losing on their gamble. The subsequent release of all these foreclosed home would flood the market and cause prices to tumble. The kicker, and I swear this is not embellished at all, was that he believed the first wave was going to hit April 1. I asked him if he ever really thought about the significance of the date, April Fools Day, and that he may want to base his buying strategy on a more accepted process, like looking at the sold market and judging homes based on that information. Needless to say, I moved on and as of four weeks ago this well qualified buyer still has not pulled the trigger.

Today while walking my dog I ran across a neighbor who also is in the business and the topic of “shadow inventory” came up. Her belief is that there really is a surplus of homes the banks are holding back hoping to create a better market.

Today it was reported that the California median home price is at its highest in approximately a year and the National Association of REALTOR’s economist predicts a home value increase of 4% in 2010 . Could the banks plan be coming together?

ForeclosureRadar.com announced the results of a study last month that essentially moved all of this to the urban legend category.

Results from their study show bank’s inventory of foreclosed homes peaked in September of 2008 at 155,269 homes. Since that time this inventory has shrunk by approximately 41% or 4.77 months of inventory. Remember anything under 6 months is considered a seller’s market, so they are operating under favorable terms to get these homes on the market now. Additionally, I am seeing about 10% decrease in new listings in most areas I cover, so the competition is decreasing.

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How would you rank these cities in San Diego?

Feb 06, 2009 by deeslowdown | Posted in Other - United States

Someone with a good knowledge of san deigo real estate should answer this one easily. How would you rank the following areas? which one is not so considered as "ghetto"? From following areas where can I find a decent single home with a nice back yard for aprrox. $350k? Also, which area is not so one race crowd?

Sera Mesa / Logan Heights / Poway / Mira Mesa / Santee / Paradise Hills / Lemon Grove / Spring Valley / San Carlos / Clairmont /

Thank you.

There are no 'cities' in San Diego.
San Diego is a city in itself.
But being a San Diego native let me rank (in my opinion of course) the cities in question.
Since you didn't specify in how you want them ranked I will give you a 1-10 ranking system based soley on if I wanted to live there.
Serra Mesa - I find this community a preppy community. I like it there, just not my thing though. 7
Logan Heights - As ghetto as they come. 3
Poway - Another 'preppy' community. Wouldn't mind living there at all. It's a beautiful place to live. 8
Mira Mesa - Filipino food anyone? High concentration of filipinos have made Mira Mesa home. It is also home to the vietnamese community as well. I like it. 7
Santee - High concentration of whites. Has a rep of being known for trailer park country. It is also very hot in the summer. Wouldn't want to live there. (Lived in El Cajon which is next to Santee). 6
Paradise Hills - I lived there at one time. It has it's ghetto parts and some parts are ok. Military housing is located in this neighborhood, giving the area a diverse population, consisting primarily of people of Filipino and Latino descent. Again, don't really like it. 5
Lemon Grove - Considered of having the best climate on Earth.(According to what the big giant lemon says) I beg to differ. A more latino dominated city. It's ok. 6
Spring Valley - Again you have the ghetto parts and then you have the nice parts. Known for it's natural spring and celebrity residents such as Nick Cannon, Reggie Bush, Alex Smith. 6
You are asking about areas that are not one race crowd? Come on, this is San Diego, there is really no ONE RACE crowd here. It's a free for all. lol

Shut yo mouf | Feb 06, 2009

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