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Strategies & Market Trends : US Economic Trend Analysis
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To: gpowell who wrote (94)5/10/2011 3:16:00 AM
From: gpowellRead Replies (1) of 97
 
So....the friend who was upside down....walked away from one rental. They owed $600,000 and the home was sold at a short-sale for $250,000 (all cash). Based on the prevailing rental rates and expected expenses, and assuming zero appreciation, the buyer has a decent chance at an "economic" return (1% to 2% or so).

This was a month or so ago. Indicating the short-sale foreclosure cycle has not completely run its course in the Bay Area. All we'll need now is another recession to set off another wave of foreclosures, but that should do it, imo. Home prices by then would almost certainly be fully reset back to long-term trends.
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