(San Diego : Ucs News) San Diego Fire Marshal’s office has announced an arrest in the Witch fire arson investigation. The arrested man is Daryl Ripsten, an associate agent in the Poway Century 24 office. According to the fire marshal Ripsten started the fire in an attempt “Reduce unsold inventory of San Diego homes.”
The San Diego Real-estate Association spokesman Mike Lister stated “The market has loosened up in the last few days with many buyers entering the market.” With thousands of homes in flames people are in a buying mood. According to Lister “The San Diego residential and commercial markets are heating up again.”
According to the real estate service Data Quick, the unsold inventory has been reduced to 16 days supply and the burned inventory has increased 155 weeks. The prices are now rising faster than the flames. Per Data Quick.
The financial impact the disaster will be massive with the real-estate bubble now bursting in flames and the sub-prime crises deepening. Analysts predict San Diego banks will suffer huge losses as they are forced to foreclose on burnt slabs instead of “distressed” properties.
In related news: Country Wide Mortgage has offered to refinance smoldering slabs with ARMs resetting above 13%.