I was just talking to a mortgage broker with twenty years in the local businesses.
Yeah, it is difficult locally for sellers with prices down 10%. But the neighboring small city of Watsonville and which is predominately Latino the prices are off by 40% and still falling.
That means the market is locking up and anyone needing to sell for the usual or because they can not pay the new mortgage adjusted rate will be going under.
So this isn't the second home, speculators or flippers. These are the working poor getting the boot.
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