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Conclusion:
This month's money quote is a two-fer:
1) "(Y)ou wouldn't be having all these defaults if the problem was over,"
-and-
2) "They (foreclosures) were sitting there piling up for months."
The drop in Santa Clara County house prices is still far from over.
The next wave of price drops will be all the more remarkable as it
concentrates in mid-range and even high-end houses. Ironically, these drops
may be accompanied by flattening, or even increasing, median prices. The
statistics will imply strength but the actual conditions on the ground will
be quite different. |
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