Zip Codes: 91006, 91007
Current Market Listings as of April 5th, 2008*
Properties for Sale: 255 (+21)
Median Listing Price: $775,000 (+0.5%)
Weekly Foreclosure Update*
Properties in Foreclosure: 20 (+1)
Properties in Pre-Foreclosure: 67 (+3)
*+/- is compared to previous week’s data.
A friend came up to me a few weeks ago and he was saying how Arcadia’s high-end real estate market will hold up just fine. According to him, Asians would never miss a mortgage payment or allow their homes to go into foreclosure so prices won’t be forced to drop.
So I had two questions:
1) Who ever said Asians were the only one building and living in Arcadia McMansions?
2) What makes an Asian speculator (i.e. screwed flipper) different from, say, a white, hispanic or black speculator?
When your investments are tanking, there comes to a point when it’s time to cut your losses and move on. Many people who bought during the bubble were not planning to live in their homes for 15-30 years. Ask any honest Realtor and he/she will tell you that their were no shortage of individuals lured into the housing market due to its double digit price appreciation.
So why don’t you take a minute, pour through the pre-foreclosure listings, and let me know if Asians are exempt from this tanking market.
Oh yes, speaking of foreclosures, reading this story would make me think twice about bidding on a home that the previous owner was forced out of: