by Calculated Risk on 8/18/2010 03:51:00 PM

No, it is not a rap song ...

This is a story from Jim the Realtor about how one REO in a higher mid-priced area of San Diego (North Pacific Beach) has frozen the market. The list prices in this area were all over $500 per sq ft, and this REO sold for under $400 per sq ft.

Comp killer.

The REO is an older home, but with nice interior upgrades and an ocean view. Yeah - the yard needs work.