What caught my eye in this story was that one San Diego Realtor said that 40% of his business was from Arizonans!
There could be some truth to that because a high school buddy of mine (Red and Gray! All the Way!) recently bought a bank-owned property 50 feet from the water (Mission Bay) for a price he couldn’t refuse.
Alexiou said that 40 percent of his clients are investors from Arizona who are paying cash for foreclosed properties.
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MARK 09.13.08 at 5:45 pm
Are these the same investors/mortgage originators that created all the “creative” sub-prime loans?