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The Wall Street Journal today ran a list of U.S. zip codes in which home sellers are receiving offers that are beating their asking prices. Generally, they are areas where there have been a lot of foreclosures, and houses are offered at low prices. Fifth on the list is Encanto, where sellers are getting 103.31% of their asking price. Eighth on the list is the 91913 zip code in eastern Chula Vista, which includes Otay Ranch. Sellers are getting 102.52% of their asking prices. The top market is Youngtown, Arizona, where buyers are getting 111.08% of asking prices. San Pedro, New Haven, and Oakland, California, are the next three.

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Comments

Visduh July 24, 2009 @ 5:11 p.m.

Encanto and Otay Ranch have nearly nothing in common as far as age of homes, and a host of socio-demographics. There may be more to 91913 than Otay Ranch, such as some of the older parts of CV.

Just what does a typical house in Encanto sell for? How about 91913? is the median priced home now within reach of the median income local resident?

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Don Bauder July 24, 2009 @ 5:41 p.m.

Response to post #1: What they both have in common is lots of foreclosures and short sales. Prices are lower in Encanto by a great deal. Prices of attached homes in Encanto go for $56,000 to $100,000. Detached go from $95,000 to $450,000. The zip code 91913 in Chula Vista originally had a number of Mexican residents, some of whom have left. An attached home can go as low as $115,000, going up to $235,000, and a detached house $200,000 to $875,000. Best, Don Bauder

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SurfPuppy619 July 24, 2009 @ 6:04 p.m.

I doubt that any homes are going for $875K at Otay Ranch in this market.

Let me know if any have actually sold for that amount.

And I just learned that the banks had a self imposed moratorium on foreclosing for the last year-but are now going to go forward with all homes that are in default.

I say this because someone posted recently that they knew someone who had not paid a trust deed payment in over a year and had still not been foreclosed on.

Prices are not going to go up for the next year at least-and if jobs don’t materialize then it is going to be a heck of a lot longer than a year.

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Don Bauder July 24, 2009 @ 11:04 p.m.

Response to post #3: One thing that could push home prices up is cheap money, and it is certainly cheap. Short rates are around zero and the Fed is buying paper to keep long rates (including mortgages) at very low rates. So SOME houses will move. Not everybody is hurting; there will be some moveups and some speculation. The economy and the markets are floating on excess liquidity -- not genuine economic improvement. Best, Don Bauder

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