Corona del Mar enters real estate correction – sub-$1 million short sale goes below 2003 sales price. $4 million of visible distressed real estate but $53 million in shadow inventory for tiny Corona del Mar.


Beverly Hills short sale selling for $2.15 million and below the $3.3 million in loans. Beverly Hills has 3 foreclosures listed on the MLS but 107 are currently active.


Double bubble California properties – Mar Vista home sells for less than 1989 peak price and on pace for three lost decades. Culver City condo listed for half of 1989 peak price.


Home equity loans in California still over $600 billion. Pasadena and the mid-tier correction starting. Short sale for 50 percent off and HELOC machine being sold at auction for 70 percent below the outstanding loan debt.


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