Zip Codes: 91006, 91007

Current Market Listings as of April 5th, 2008*
Properties for Sale: 255 (+21)
Median Listing Price: $775,000 (+0.5%)

Weekly Foreclosure Update*
Properties in Foreclosure: 20 (+1)
Properties in Pre-Foreclosure: 67 (+3)
*+/- is compared to previous week’s data.

A friend came up to me a few weeks ago and he was saying how Arcadia’s high-end real estate market will hold up just fine. According to him, Asians would never miss a mortgage payment or allow their homes to go into foreclosure so prices won’t be forced to drop.

So I had two questions:

1) Who ever said Asians were the only one building and living in Arcadia McMansions?
2) What makes an Asian speculator (i.e. screwed flipper) different from, say, a white, hispanic or black speculator?

When your investments are tanking, there comes to a point when it’s time to cut your losses and move on. Many people who bought during the bubble were not planning to live in their homes for 15-30 years. Ask any honest Realtor and he/she will tell you that their were no shortage of individuals lured into the housing market due to its double digit price appreciation.

So why don’t you take a minute, pour through the pre-foreclosure listings, and let me know if Asians are exempt from this tanking market.

Oh yes, speaking of foreclosures, reading this story would make me think twice about bidding on a home that the previous owner was forced out of:

Woman Accused Of Burning Home On Eve Of Foreclosure

Property and foreclosure numbers obtained from U.S. Census, ZipRealty, Trulia, Yahoo Real Estate and Foreclosure.com. Market listings and price data obtained from DataQuick News.