Overall View of Housing Prices

Loss map of Banking Stocks 2/20/09

MAY THE LOS OSOS HOUSING DEATHWATCH BEGIN

The new California law had little effect on foreclosure inventory. As of February first, there were 42 Bank Owned and foreclosure distressed properties in Los Osos amounting to almost 42% of all sales. This has been driving down the cost of low end housing while more expensive housing is affected less. Arm resets will put more downward pressure on LO Non-jumbo financed housing.

DOUBLE WAMMY!

ARM resets plus your sewer bill could add as much as $1000 dollars to the monthly payments for low end homeowners.

Here's the Los Osos list from foreclosureradar.com

Low end housing prices are tanking in Los Osos. Leaving many owners in a negative equity position and no money for on site improvements.

This is leaving them exposed to RWQCB fines and no way out. Differing payment under the state law that the County was claiming requires "at least 20% equity" in the property. Big omission for SLO County Staff when claiming fixed income homeowners had a way out using this law.

With no equity for on site improvements, the completion of the sewer project will stall having an adverse enviormental impact.