REO / short sales reach 63% in San Diego

While a staggering number, this might also represent some kind of bottom. I mean, seriously, it’s hard to imagine that things could get worse than having 63% of all residential real estate on the market being distressed.

I’m not saying we’ll have a quick V bottom and recovery. Quite the contrary, we may well see several more months of this, maybe a year, in areas like San Diego. But a bottom does appear to be forming.