Losses Outside of Irvine

NEW -> Contingent Buyer Assistance Program
36% loss in Orange.

1334 East Chalynn AVE

Orange, CA 92866

Price: $433,900

$/Sq. Ft.: $272

Beds: 3

Baths: 2

Sq. Ft.: 1,594

Lot Size: 7,169 sq. ft.

Sale History:

Feb 28, 2003 $385,000

Feb 23, 2007 $685,000

Dec 11, 2007 $488,750

P622483_0.jpg


http://www.redfin.com/stingray/do/printable-listing?listing-id=1479631
 
Everybody just went insane? Like sometimes in school students come down with actual distress, but there isn't anything wrong, just some sort of mass hysteria?
 
I didn't buy any. I thought it was insane. These stocks didn't make money and were never gonna make money. So why buy them? Greater fool theory? Well, I don't make fun of poor souls and I don't take money away from fools.
 
Ohio, West Virginia Homes Auctioned At Rock Bottom Prices

Foreclosed Homes Sold to `Out-of-Towners'

Scott MacFarlane

POSTED: 4:42 pm EST February 15, 2008

UPDATED: 4:08 pm EST February 19, 2008

http://reddit.com/submit?url=http:/...irginia Homes Auctioned At Rock Bottom Prices

BOARDMAN, Ohio -- Some people in our area are taking advantage of the mortgage meltdown: they're buying foreclosed homes for pennies on the dollar.A series of home auctions are being held from coast to coast to help banks unload some of their lower-priced stock of foreclosures.NEWS9 cameras were allowed inside some of the most recent auctions in Ohio and Pennsylvania, and some of the properties in our region sold for just $3,000.Click on the links to the right to find out more.
 
some of the properties in our region sold for just $3,000

I know all about this...as it actually happened in my old condo complex in Connecticut. Once the crash bottomed in the mid 90's, the REO's went to absolute auction (will be sold, no matter what the bid)....a new guy moved in a few doors down from me, I asked him what he bought the condo for, he said "You don't want to know". (knowing I was an owner...he was trying to be gracious). When I pressed him, he told me $3000.00. I almost fainted.
 
WOW! Did any of you look at the pictures for the 1601 East Riverview AVE, Orange, CA 92865 property?

I seriously doubt it will get $430k with a crap interior like that.
 
Four middle class homes, four middle class neighborhoods.

One million dollars in losses.

Yeah, that's no misprint. It's $954K in losses from peak prices before any commissions for the four above homes Cayci posted.

Four middle class homes, one million dollars in losses.

I see the same thing in neighborhood after neighborhood when looking through the MLS. $150K, $200K, $250K pending losses if they get their asking price in otherwise middle class and upper middle class neighborhoods.
 
The rather scary implications of that are discussed at Roubini's site

The Forthcoming “Jingle Mail” Tsunami: 10 to 15 Million Households Likely to Walk Away from their Homes/Mortgages Leading to a Systemic Banking Crisis

http://rgemonitor.com/redir.php?sid=3&tgid=0&cid=244768
 
"The buyers are picky; and many sellers are not agreeable to offers which are in line with the most recent sales comparables. This ’stand off’ between buyers and sellers has prevented the sales volume from rebounding further, but as sellers become more accustom to the new price level I believe they will accept reasonable offers. …"

Yoo-hoo! HB'ers! 2004 is calling! They want their prices back!

http://lansner.freedomblogging.com/2008/02/21/huntington-beach-home-pricing-at-mid-2004-levels/#comments
 
That is such a joke. Once sellers become accustomed to the new price levels, the price levels will have dropped. It is when they get worried about more drops and begin to sell in a panic that it will really become interesting.
 
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