One of the things I hear often these days is that there is a another big wave of foreclosures on the horizon, and the wave will drag property values down even further. I DON'T THINK SO!
Banks have gotten a bit smarter. With experience, they now know its much less costly to avoid foreclosing by finding a way to keep people in their homes (read "loan modifications") or allowing them to short sell. This is causing the pace of foreclosures to slow considerably. When foreclosures are absolutely necessary, banks are releasing them gradually to prevent pulling down values in an entire neighborhood.
We still have foreclosures in Long Beach and surrounding communities (more in some areas, much less in others), they are still bargains, and they will be with us for another year or so, but a new big wave? Probably not.
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