Downtown San Diego Condos: 29% of U.S. Sales are Distressed

Wow!  This number amazes me.  To think that 29% of U.S. homeowners are in distress doesn't even take into account those on the edge.  Based on this percentage, our San Diego real estate market doesn't seem quite so bad.  At least distressed San Diego properties that are in desirable locations or lower price ranges are selling cleanly and fairly quickly.  Overpriced properties are sitting, but there is nothing new in that.

More than anything this article indicates, at least to me, that the U.S. government and those involved with the government are clueless.  Banks have reached the Peter Principle. (The Peter Principle states people or organizations rise to their level of incompetence). This is certainly true in the United States.  We have politicians that couldn't even get a job as a dog catcher trying to work with banks who are sitting on their cash reserves and together they are crushing the homeowner.  Normally I don't vent my political thoughts on my blog, but this is one of those times that even I can see the government is making a bad situation worse and the bankers are complicit in this.  It is not a Republican or Democratic thing.  It is a politician thing.

To read the entire article regarding this data, visit PropertyWire by just clicking the link.

This is a series of articles by Sharyn and Victoria Crown, Downtown San Diego real estate agents specialzing in Downtown San Diego condos.  Visit us on  our San Diego Crowns Real EstateFacebook page.