Friday, July 24, 2009

A bubble burst...

Take a look at the link below to see a perfect example of the bursting real estate bubble...

http://www.redfin.com/CA/Palm-Springs/399-W-Palm-Vista-Dr-92262/home/6044280


Ouch!

The fine folks at Zillow keep sending the Commission helpful e-mails about the declining value of the 108Warren Commission homestead, but at least they are not that bad.

Unfortunately, our hometown has accepted funds from the state to buy up distressed property in foreclosure. While this may be some help to the folks who own those homes, the city will be paying foreclosure-level prices for the property, and that will do wonders for property values in the rest of the city... Looks like we can expect more love-notes from Zillow!