More Foreclosures in San Marcos - Over $190K Loss
Listing Details: (click on image to zoom)
Sales Details:
Summary:
Summary:
Just got back from San Diego over the Holidays and one thing is for sure, people are in a panic mode. The foreclosure rate has more than tripled from last year and there are no signs of the pace slowing. This home has never been lived in yet the owner clearly purchased it with flipping on his mind. This will not work anymore so he is poised to take a -$190K hair cut!
13 comments:
Screw the flippers !! This is good news for prospective home buyers.
welcome back bob! this is a great find. you know why? because the builder is selling the 2100 sqft models for $489-499,000. this is classic builder screwing the flipper.
Welcome Back Bob ! ! !
Homes are made to be lived in!
Glad to see you back, Bob!
Bob said:
Summary: Just got back from San Diego over the Holidays and one thing is for sure, people are in a panic mode.
Have to agree..
ocrenter said:
this is classic builder screwing the flipper.
And, there will be even more pricing competition from the REOs!
Love your site, Bob. Keep up the great work!
500K for a decent sized place?? I am sure it's Mello-Roosed and HOAed out the ass, but I like the general theme of lower prices. Looking at a 2009 purchase (fingers crossed)
Just shotup the Phoenix Report, new San Diego, OC, LA historical data and changed the entire thebubblebuster.com website.
Additionally, the NEW thebubblebuster.com contains new historical data for another 20+ cities. Check it out...
I hear the US government is ready to list real estate flippers as endangered species because of "Global Stupidy". There is now no question that the generation of Option Arm gases must now be seriously looked at as main reason why Flippers are rapidly dying off, specially since not so long being declared "Brilliant" Status in past reports issued by the "Lack of land-High demand" conference on "how to screw the hard working middle class". Held on an annual basis from 2002-2005. I heard they had a lovely spread every year!
Is it possible to check a home's previous MLS listings? Check this place out: 853 Sierra Vista Ave, Mountain View, CA 94043; 2 bed, 1 bath, $869K listing. I'm positive it listed for less than $600k in December. Are these people insane?!!!
I'd buy this house for around $300K if i wanted live in that $h1t hole of a town! I'll have my SOB bottom feeder agent call your SOB scumbag bottom feeder agent!
He maybe a SOB, be he's my SOB.
Hello from Spain.
We have a real state bubble. But ours must be 10 time greater than yours. I just wanted to say that I would love a blog like this in my area.
You, americans are some month ahead in this real state crash. We will be full of shit within some month. But our country has no other economic resources to rescue us. As a example: 15% of GDP depends upon house construction. So the crack will be "king size" and painly long.
Our wages are far way lower than yours. Last time I read a statistic they were at 1997 level. I earn the same that 5 years ago when I started (1500 euros /2000dollars, being a highschool teacher). And, at the same time, with the money you buy a house we can only buy flats in condos where a normal american family wouldn't pay a lot to live in. check prices at idealista.com (in spanish)
We have to thank flippers for the rise of prices. But also to spanish stupid mentality of possesing the more houses the better at any price. We've spent all the money that europe has given us to improve our country in building every kind of houses, flats, condos.
We were not like you americans. We didn't spend all our money. Older people who has survived a civil war were very cautious when spendig money. Thanks to it economic grow was slow but healthy. But young generations have learned to spend all the money they will never have. Debt is reaching USA rates. Yes you are famous for your individual average debt. But spanish new way of life will probably place you second. American education system is a whole shit, people is large undereducated. but don't worry, you will not be the worst. We have produced the worst possible education system (I'm a highschool teacher. I know it). As a result young people has no brain to know where are they getting into when buying houses. All they ask is what is their first month payment. Don't try to explain them about variable rates, and other keywords I can't remember in english. Spanish mortage are 95% with variable rate. Rates have risen from 2.3% to 4.1 in about 16 months.
The euro replaced the local currency with a strange exchange rate. That made the people not aware of how much they are paying for some items. Governmet has published inflation rates that no one belives. People still belives prices are higher in Europe, but europeans start not to come to spend their holidays here because of prices.
Well. that's enough.
Keep the good work Bob. I repeat: I would like to see this page in spain.
If someone speaks spanish and wants to learn more about it : http://burbuja.info (burbuja = bubble)
Best Regards. Peace.
I was speaking to a friend renting a SFH in Mira Mesa, he said tons of houses in his area are going into foreclosure. He asked if he should buy one. I laughed and asked him if he wanted to be the next foreclosure.
Sit tight, let the carrying costs eat the flippers alive.
Post a Comment