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When the crash started I though prices would drop back to 2003 levels. I may have been too optimistic. We are not even a year into the IE's crash and already it's not too difficult to find homes priced at 03 levels. These homes are primarily in the less desireable areas but they are moving closer to the core areas of the IE. Here's a few I plucked from redfin today.

15260 WASHINGTON, Lake Elsinore, CA 92530 this is a newer home on the north end of Elsinore. It's listed as a short sale so the bank may not go for the price. They bought it new in 2003 for $350k. They have obviously spent some money on this home, putting in a pool, patio, bbq and landscaping it. All that does not seem to matter and they have put the old ranch on the market as a short sale for $319k. $35k less than they paid 4 years ago and that does not factor in the cost of the pool and other upgrades. That's gotta sting a little, eh?

10481 Whitecrown Corona, CA 92883. This south Corona home was purchased in 2003 for $407k, sold in 2006 for $660 (for a very healthy profit, lucky seller). Unfortunately this buyer did not see the returns of the last one. Another sale was posted in June for $558k, I think this was probably the bank taking it back. If so it would have to be a 1st payment default. It's now listed for $399,900. $7k Less than the 03 price and $260k less than the 06 sales price. That's a 40% loss in ONE year!




Here's another 40% yearly loss. this one is not an 03 rollback since it was only built in 2005. Originally it sold new for $371k in 2005. This guys flips in in 06 for $485k making a quick $100k!, No bubble here folks, nothing to see, move along.... Unfortunately for the buyer history did not repeat itself. It does not indicate this is a REO or a short sale. If it isn't the poor owner is heading for the exits $186k poorer. $186k is a lot to spend to live in MoVal for a year and 4 months.

38265 Placer Creek, Murrieta, CA 92562, this one sold new in 2001 for $239k, again in Dec 2003 for $405k and the last record is in July for $517k. My guess is that would be the bank taking it back. It's now listed for $369k.

2003 rollbacks are easy to find, how long before 2002 rollbacks?