Correction on the home that just enter’d pre-foreclosure, it isn’t xx2 Via Del Caballo, it’s xx1 Via Del Caballo. Looking at the loan docs looks like we got ourselves another 80/20 piggyback loan back in 3/03 for $422,000 for the 2445 sqft model. They refi’d in 8/04 for $450,000. (did it thru Ameriquest, that should sound some alarms).
So these guys also have equity to burn up and escape unscathed. If the xx1 guys can get their home sold in the $500’s, look for $480,000 as the magic number for them.
If you use the interactive map feature of ziprealty, you’ll end up with 12 homes for sale in this tract. The smallest model is the 2172 sqft homes, average asking price is currently $560,000. These two foreclosures are going to be interesting to watch. If we actually have a 2358 sqft selling for $490,000 and a 2445 sqft selling for $480,000, the slide in these 2172 sqft homes are going to be tramendous.
