Rapid Price Drops

[freedomCM_IHB]

Ever seen one go down this fast? It is dropping at ~$50k/week! <strong>What is going on????</strong>





Listing Price History

Date Price Mar 18, 2008 $700,000

Mar 21, 2008 $650,000

Mar 25, 2008 $600,000

Mar 26, 2008 $650,000

Apr 02, 2008 $599,000

Apr 08, 2008 $550,000

Apr 16, 2008 $600,000

Apr 22, 2008 $549,000

Apr 23, 2008 $499,000

Sales History Date Price Appreciation

Oct 28, 1994 $194,500 --

Oct 25, 2004 $580,000 11.6%/yr



<img src="http://i-0.rfimg.us/photo/46/bigphoto/545/S525545_1.jpg" alt="" />



<a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1567541">http://www.redfin.com/stingray/do/printable-listing?listing-id=1567541</a>

 

[Nude_IHB]

Maybe the bank is trying to find the bottom so it can price all the other REO in the area accordingly. Maybe.

 

[freedomCM_IHB]

it has mulitple pictures, suggesting it isn't an REO, but maybe they are trying to get a SS price?

 

[EvaLSeraphim_IHB]

That one isn't owned by the bank, but I bet the bank is coming.

 

[Nude_IHB]

I'm just going by what the description says. I suppose they *might* be lying. :bug:

 

[EvaLSeraphim_IHB]

[quote author="Nude" date=1209036312]I'm just going by what the description says. I suppose they *might* be lying. :bug:</blockquote>


You know, I didn't even look that far. I only checked the title. And the recorder's office has been slower than molasses at updating their records lately. And I think my title service is even slower. :-S

 

[graphrix_IHB]

[quote author="EvaLSeraphim" date=1209037185][quote author="Nude" date=1209036312]I'm just going by what the description says. I suppose they *might* be lying. :bug:</blockquote>


You know, I didn't even look that far. I only checked the title. And the recorder's office has been slower than molasses at updating their records lately. And I think my title service is even slower. :-S</blockquote>


Ugh... it is no wonder the county has been bogged down. An update is coming to the foreclosure thread tonight. This sh*t storm is about to get rough this month.

 

[Major Schadenfreude_IHB]

I can tell just by looking at the shadow that there is a nice jacaranda tree in the front yard and it has lost it leaves. In a month or so the beautiful blossoms will appear.



Similarily, the rapid home price drops of late make me (a renter) feel like I have my own tree - a money tree which has been blooming mighty nicely lately and it looks like there will be a bumper crop this season! Finally after 8 years of incessant fertilizing! The BS was supplied courtesy of the REIC.