DanAuld
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Rate of Home Price Declines Continues Dropping
San Diego homebuyers and homeowners lose. Here’s why. What concerns me is how much distress is stacking up out there that has not entered the foreclosure system at all. The looming foreclosure or shadow inventory continues to grow…creating an illusion of value. To analyze the strength of San Diego's real estate market a couple of things have to occur simultaneously. First the head of the National Association of Realtors admits; “shortage might be somewhat artificial, since many lenders are holding off marketing foreclosures in hopes that asking prices will rise.This is a form of price fixing by the banks and needs to be addressed immediately. In a free market economy the real value of San Diego’s real estate cannot be determined until all the banks foreclosures are released for sale and foreclosures level off. There are lots of qualified buyers just waiting to become homeowners in San Diego County…until the pending foreclosures are released for sale, San Diego’s homeowners and homebuyers lose. #1. comments are correct.— November 24, 2009 1:40 p.m.