this article on the risk of high-risk borrowers was published on Sunday. In general I am worried about the excess easy lending that took place in the sub-prime market.
In the last 5 years sub-prime lenders we're offering loans to anyone with a pulse: 1 day out of bankruptcy - "no problem", mortgage lates - "no problem", in foreclosure - "no problem".
Bankers with their loose guidelines were no worse than a prison warden who decided to hand out guns to every murderer upon completion of their term.
However real estate pricing is determined locally. Palo Alto will always be Palo Alto. Similarly, Fremont's Mission School District is rated the top ten in the state, and the homes in its district are scarce. I'm not seeing price deterioration in prime neighborhoods but I am scared about the less desirable communities.
I expect further price erosion in outlying areas (Tracy, Stockton, Modesto, Merced, Bakersfield, Redding) neighborhoods with lower income and less desirable schools because fewer buyers can get the loans to buy and supply is plentiful.
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