The foreclosures and short sales in Lake Forest are continuing to pressure the resale real estate market. Last month, for the first time in over 4 years, a single family house closed at a price under $400,000. It was a small bank owned home, that had been listed at $414,000 but closed at $395,000. The previous sale of that house had been $625,000 in September 2006, using 100% financing.
There are currently 2 homes in the active status that are priced at $399,900 and 1 other that is currently on hold.