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Speculators are buying bottom tier San Diego homes at one of the fastest paces in the nation, according to Zillow.com. First-time homebuyers are being squeezed out as speculators buy low-price homes with the idea of renting them out to people who have been foreclosed upon, says Zillow. The speculators will pay with cash. Over the last year, the inventory of bottom-tier homes in the San Diego market has dropped 45.4%. The only metro areas in the largest 30 with higher percentages are San Francisco (53.2%), Phoenix (57.1%), Sacramento (55.4%) and San Jose (47.5%). Los Angeles is close at 45.1%. San Francisco, L.A., San Jose, and San Diego have extremely high home prices. But gamblers are snubbing depressed cities with very low prices: lower tier inventories are only down 12.7% in Detroit and 13.3% in Cleveland. Speculators are moving into depressed California metro areas: bottom tier inventories are down 59.7% in Fresno and 50.5% in Modesto, according to Zillow numbers.
Speculators are buying bottom tier San Diego homes at one of the fastest paces in the nation, according to Zillow.com. First-time homebuyers are being squeezed out as speculators buy low-price homes with the idea of renting them out to people who have been foreclosed upon, says Zillow. The speculators will pay with cash. Over the last year, the inventory of bottom-tier homes in the San Diego market has dropped 45.4%. The only metro areas in the largest 30 with higher percentages are San Francisco (53.2%), Phoenix (57.1%), Sacramento (55.4%) and San Jose (47.5%). Los Angeles is close at 45.1%. San Francisco, L.A., San Jose, and San Diego have extremely high home prices. But gamblers are snubbing depressed cities with very low prices: lower tier inventories are only down 12.7% in Detroit and 13.3% in Cleveland. Speculators are moving into depressed California metro areas: bottom tier inventories are down 59.7% in Fresno and 50.5% in Modesto, according to Zillow numbers.