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Just a quick clarification on the BK, the 55 units will be sold at auction in bulk to one buyer. What that buyer decides to do with the 55 units is up to them. But it is likely they will try to sell them quickly to individual buyers to mitigate their risk. The bulk price that the single buyer...

I think the auction is going to be for the entire 55 units. Whoever ends up buying the remaining units will likely try to sell them quickly. If they are smart, they will try to sell all 55 in a month or two to lock in their profit rather than take too much market risk. If they end up doing...

Wow. That street just up the hill from them is full of foreclosures...looks like the whole street. That map is about as bad of a foreclosure map as I have ever seen. Especially considering how zoomed in that map is....that's just a small part of Covenant Hills.

Based on this article from today's LA Times, if you are in an un-incorporated part of OC, I would say go for it: http://www.latimes.com/news/local/la-me-planning-audit23-2009jul23,0,6575582.story

I know I can likely get shot for saying this, but I think the whole rental parity calculation is deeply flawed. The main benefit to the ownership equation that is left out is the fixed cost nature. Your payment is fixed for 30 years. Your property tax payment goes up 2% per year (or down 15%...

You might worry about the warranty situation. Most big builders will do warranty work for the first year or two after you buy the property. If the builder goes belly up then there goes any warranty work.