More on San Deigo Auction: 30% Below Recent Sales Prices; “Demand Is Not That Strong”

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Follow-up to our post yesterday on the weekend auction in San Deigo of 100 foreclosed homes: The Wall Street Journal
(summary here courtsey of LA Biz Observed) says homes ‘were typically going for about 30% below the previous sale or appraisal prices.’ Example: 4-bedroom in Oceanside went for $495,000, which is 33% below what it sold for in November 2005.

More: ‘Ramsey Su, a San Diego investor and former real-estate broker specializing in foreclosed properties, said prices were surprisingly low on some homes and the auction showed that ‘demand is not that strong.’’

photo credit: San Diego Union-Tribune