Ronstar
Moderator Emeritus
I work for a firm of Civil Engineers and let me tell you the residential market with new homes is dead in So. Cal.
Same here. A few years ago, we had more than a 1000 lots in subdivision design at one time. Now we have one subdivision of around 40 lots. Some of our area's bigger homebuilders have declared bankruptcy and some have closed their model homes and left.
Also, a friend of mine was transferred for his job. His company offered a relocation package where the company would buy his house for the appraised value if he could not sell it. He couldn't sell it for the $330k appraised value, so the company bought it. After 6 months without offers, the company sold it last week for $214k.