Thursday, November 30, 2006

Another One Bites the Dust

Another homeowner has lost their home. Didn't the REIC say that we should buy real estate so we could all become millionaires? Unfortunately, this family took the BAIT! They purchased this home on 9/1/05 for $350,000. Then things went from bad to worse - on 9/14/06 Resmae Mtg Corp became the new homeowner and THREW the poor family out of their home and ended their American Dream. If only they had visited the bubble blogs in 2005 they could have avoided the pain of a foreclosure (BTW - when you buy this home make sure you pay the tax defaulted 2005 taxes which are still due):

$339900 Rare Move-In Condition Bank-Owned Property

Fantastic opportunity in this 3bd/2ba splitwing that is move-in ready. Open and airy with neutral tile, paint, carpet, spacious great room with fireplace, great kitchen with large tiled bar, lush backyard with mature landscaping and inviting covered patio. Close to Cal State, restaurants, shopping, schools. THIS ONE WILL NOT LAST! Seller must sell quickly and will look at all offers!


smoggiebakersfield said...

And to think a house this size would have sold for 100K in 00'

The bank is going to get the shaft on this one..LOL

Bakersfield Bubble said...

Close - On 3/16/2000 this home was sold By Probuilt homes for $123,500


Bakersfield Bubble said...

The bank is going to eat some $$$ on the sales price and pay 6% commissions.

Anonymous said...

Plus they probably did not make their last six months of payments, foreclosure costs, maintenance costs, etc. etc. Yeah the mortgage company is going to get nailed.

I hope they lose their ass, they deserve it. All this trouble just to get a commission. Somebody should find out the name of the loan officer that conned this family into buying a home they obviously could not afford. If their is any doubt the borrower can not make the payment that is predatory lending. This SOB loan officer runined this famlies credit.

Rob Dawg said...

What would this McTract home rent for? $1400? I say $1400 because I'd recommend it as a rental investment at $175,000.

Merced "Going Quickly" said...

Guess who's coming to Modesto?

HGTV's What you get for you money Show

Yep, there going to show the junk you can buy here for 200K with the 200K mansions in Texas.

I posted the story on my blog

Bakersfield Bubble said...


I think that around 2001 or so, our prices got out of whack when compared to income and/or rents.

TOday, that home would rent for $1,200-$1,300 per month.

Rob Dawg said...

Okay, $1300. Using a 120x that's $156,000. 156/339.9 = 54% price decline. Wow, almost exactly what some people have been saying is the current market overvaluation.

Okay, I buy distressed at $140k and rent for $1200 by putting 60k down and financing $80k. Looks to be making about 8-9% on my money if I've got other income to take deductions against. Bakersfield isn't too far away. I'll be there in say Aug '08? to see if any of these are available.

smoggiebakersfield said...

Market Watch:"We've had a strain of disappointing economic data, and that's fueling expectations that the Fed will cut interest rates," said Michael Malone, trading analyst at Cowen & Co.

Hopes of a soft landing for the economy can remain alive in the market, he added, if investors consider low unemployment and believe that the housing market can stabilize."

No matter how hard they believe or pray the housing market is going down! This is one wild coaster ride!!

Anonymous said...

Buddy just told me that a house down the street (I can't remember the exact address, but it's on Clarisse in 93314 - nice area) sold for $399,999. The catch:

2400sf with a pool! $167/sf! Yeehaw!

I'm sure zillow has all the details, but I can't get the maps to show up today. Damn mac!

Daily Home Price Analysis

Rob Dawg said...

analysisguy, use firefox on the mac for zillow.

G5 duall, iBook 12, macbook 13, 10.4 server, et al

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