The Union Tribune Article that discusses our first year over year decline in prices in ten years had this interesting quote:
"Todd Fleischmann, 26, moved from Escondido to Portland, Ore., in January to take a new job. He has yet to sell his Escondido condominium, but he recently lowered the price from $361,5000 to $338,000."
I did a little bit of digging and based on my research this unit is MLS #066054078 and was purchased for $325,000 on 8/6/2004. Assuming a 6% sales charge and full price offer the owner is out $7280 and that's not including carrying costs as the MLS listing notes the property is vacant.
Nevertheless the unit is listed barely above what it sold for two years ago. I think the numbers are going to get much worse as we roll through 2006 and 2007.