Million dollar California foreclosures – 35 examples of massive upper-tier foreclosures including one home that is underwater by $2.2 million. Santa Monica housing still in a bubble.

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Million dollar California foreclosures – 35 examples of massive upper-tier foreclosures including one home that is underwater by $2.2 million. Santa Monica housing still in a bubble.

Posted on06 August 2010. Tags: bank of new york, california, doctor housing bubble, inventory, jp morgan chase, shadow foreclosures, underwater, wamu, wells fargo

I know some people have this notion that somehow California real estate prices are going to miraculously recover simply by sheer determination and the belief in late night infomercial catch phrases. Instead of focusing on larger macro economic trends they will use limited data that doesn’t capture the larger emerging trend. We’ve all seen those TV ads yet data is going in a very different direction. Inventory is increasing in California. Prices are dropping. Problem loans are still filling the pipeline. These are facts and as stubborn as they are, they tell us a more provocative story about real estate in the state. That story revolves around the fact that a large shadow inventory is lingering and the artificial dams of government intervention are having a tougher time holding back the flood. Today, I wanted to focus on the higher end markets of Los Angeles County to show that contrary to a handful of anecdotal cases, overall there is a bigger trend emerging. The mid-tier market is now entering its correction.

Before we look at Santa Monica our targeted city today, I wanted to provide you with 35 specific examples of million dollar prime location foreclosures in Southern California. These are all in Los Angeles County:

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