Relevant:
- The mid-tier correction in California housing -- Burbank California shadow inventory three times the size of non-distressed MLS inventory.
- The condo mania of Irvine -- Beware of Mello-Roos and massive HOA fees in Irvine.
- The New SoCal: Multifamily Construction and International Buyers Dominate
- Irvine clinic will monitor banks' compliance with foreclosure settlement
- Irvine clinic will monitor banks' compliance with foreclosure settlement
2012-04-23 — doctorhousingbubble.com
2012 is seeing major movements in SoCal condo prices, especially in mid-tier markets. For example, the prime city of Irvine has two zip codes where condo values have fallen 40 percent only in the last year. This is due to banks moving on lower priced shadow inventory even in mid-tier locations. Irvine has more homes in the foreclosure pipeline than it does for non-distressed MLS properties. What does this say about a location that on the surface, has higher income households?
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