I've noticed a trend in the last few weeks regarding the new REO listings (in Corona and Riverside). Many of them are actually hitting the market with a decent price. It looks like a few of the REO agents are catching on. The buyers that are out there are only looking at the lowest priced units. The only way to get their attention is to hit the market low and hope for multiple bids. This is good news because as more and more agents try this tactic they will have to undercut one another for it to work. Some areas like Murrietta, MoVal and Perris have already seen prices fall 50% or more on the units that are selling. Those areas are probably close to being back in line with traditional values (on the homes that are selling). Hopefully the core areas will see some more movement they have another 25% to 30% still to go.
Here are the median asking numbers from housingtracker.net
|Trend||04/21/2008||1 month||3 month||6 month||12 month|
(SFH + Condo)
|25th Percentile||50th Percentile|