Mira Mesa dropping real fast, 10634 Kemerton Rd.

[bearishgurl]

[quote=CA renter] . . . Sorry if the resident realtors get offended, but I’ve seen FAR too many fraudulent short sales to think that everything is above board.

BTW, we’re reporting her to the DRE and to the bank/servicer who held the previous mortgage. We are also reporting her to our local congressman, the OCC, and the FBI.

This shit has got to stop.[/quote]

Good for YOU, CAR!! I’m glad to see that someone is blowing the whistle on these common “shenanigans.” I think your complaint to the DRE and bank/servicer might get somewhere but the other entities might prove to be a waste of time/effort.

Ultra-low unjustified recent-sale comps hurt current homeowners who have kept their noses to the grindstone and kept their payments current. I’m one of those “2001 victims” who never refied or took “cash out.” On a cursory check of “recent sold” comps earlier today, it appears that the only thing selling in my “sq ft” range in my zip code are those properties which were sold short or REO’s. Owners who have been “keeping their nose to the grindstone” for 10+ years can’t possibly sell now and even recover their downpayment! The current market is rigged in favor of “crooked” short sales and lenders willing to spend money on rehab just to get a “white elephant” sold.

[briansd1]

[quote=pemeliza]
These short sales suggest we are back to 2000-2001 nominal pricing in some of the prime areas. It is hard to believe given where interest rates are now compared to back then. This is getting ugly.

p.s. It is interesting to note a similar home in north mission hills went for 750k two years ago and it was a REO.

http://www.redfin.com/CA/San-Diego/4438-Trias-St-92103/home/5279340
[/quote]

Interesting link pemeliza.

It looks like the 2006 buyer lost a nice downpayment (unless there was a 2nd mortgage).

The banks also lost a nice chunck of change.

And it took 2 1/2 years from NOD to resold.

PS: Do you think that your neighbors who live in those old bungalows will allow you to build a modern glass, steel, and concrete new house on your lot in Mission Hills?

[briansd1]

[quote=pemeliza]
These short sales suggest we are back to 2000-2001 nominal pricing in some of the prime areas. It is hard to believe given where interest rates are now compared to back then. This is getting ugly.

p.s. It is interesting to note a similar home in north mission hills went for 750k two years ago and it was a REO.

http://www.redfin.com/CA/San-Diego/4438-Trias-St-92103/home/5279340
[/quote]

Interesting link pemeliza.

It looks like the 2006 buyer lost a nice downpayment (unless there was a 2nd mortgage).

The banks also lost a nice chunck of change.

And it took 2 1/2 years from NOD to resold.

PS: Do you think that your neighbors who live in those old bungalows will allow you to build a modern glass, steel, and concrete new house on your lot in Mission Hills?

[briansd1]

[quote=pemeliza]
These short sales suggest we are back to 2000-2001 nominal pricing in some of the prime areas. It is hard to believe given where interest rates are now compared to back then. This is getting ugly.

p.s. It is interesting to note a similar home in north mission hills went for 750k two years ago and it was a REO.

http://www.redfin.com/CA/San-Diego/4438-Trias-St-92103/home/5279340
[/quote]

Interesting link pemeliza.

It looks like the 2006 buyer lost a nice downpayment (unless there was a 2nd mortgage).

The banks also lost a nice chunck of change.

And it took 2 1/2 years from NOD to resold.

PS: Do you think that your neighbors who live in those old bungalows will allow you to build a modern glass, steel, and concrete new house on your lot in Mission Hills?

[briansd1]

[quote=pemeliza]
These short sales suggest we are back to 2000-2001 nominal pricing in some of the prime areas. It is hard to believe given where interest rates are now compared to back then. This is getting ugly.

p.s. It is interesting to note a similar home in north mission hills went for 750k two years ago and it was a REO.

http://www.redfin.com/CA/San-Diego/4438-Trias-St-92103/home/5279340
[/quote]

Interesting link pemeliza.

It looks like the 2006 buyer lost a nice downpayment (unless there was a 2nd mortgage).

The banks also lost a nice chunck of change.

And it took 2 1/2 years from NOD to resold.

PS: Do you think that your neighbors who live in those old bungalows will allow you to build a modern glass, steel, and concrete new house on your lot in Mission Hills?

[briansd1]

[quote=pemeliza]
These short sales suggest we are back to 2000-2001 nominal pricing in some of the prime areas. It is hard to believe given where interest rates are now compared to back then. This is getting ugly.

p.s. It is interesting to note a similar home in north mission hills went for 750k two years ago and it was a REO.

http://www.redfin.com/CA/San-Diego/4438-Trias-St-92103/home/5279340
[/quote]

Interesting link pemeliza.

It looks like the 2006 buyer lost a nice downpayment (unless there was a 2nd mortgage).

The banks also lost a nice chunck of change.

And it took 2 1/2 years from NOD to resold.

PS: Do you think that your neighbors who live in those old bungalows will allow you to build a modern glass, steel, and concrete new house on your lot in Mission Hills?

[CA renter]

[quote=pemeliza]I’m sorry to hear that CAR but the bright side for you is that the short sales are now comps which should drive prices down.

I just saw this short sale close in my neighborhood for 50k below the 2001 price. Prices are definitely weak these days but this is the first time I saw something close that low in the sweet spot of the price range (mid 500’s) in north mission hills.

http://www.sdlookup.com/MLS-110017710-4331_Hortensia_St_San_Diego_CA_92103

These short sales suggest we are back to 2000-2001 nominal pricing in some of the prime areas. It is hard to believe given where interest rates are now compared to back then. This is getting ugly.

p.s. It is interesting to note a similar home in north mission hills went for 750k two years ago and it was a REO.

http://www.redfin.com/CA/San-Diego/4438-Trias-St-92103/home/5279340%5B/quote%5D

Thanks, pemeliza. Unfortunately, sold comps don’t seem to mean much these days, contrary to the wailings from the RE community. I’ve seen plenty of flips sell for $200K+ more than they sold for just a couple of months earlier, and there was no way the flippers put in anywhere near $200K worth. It’s like the appraisers are right back to the same practices that we saw during the bubble.

FWIW, don’t let that house price get you down — from your first link. In the comments, it says that there were foundation and window issues. My guess is that there were some pretty expensive repairs that needed to be done. Maybe figure at least $100K more, at least, if it was in good condition.

My contention has always been that we’d see pre-2001 levels because things were already pretty frothy by then. Our old house had already doubled between 1998 and 2001, and we saw the dot.com bubble during that period. I know very few people, who were already established in their careers in 2001, gain much traction after that, and there are a whole lot of people who are doing far worse than they were in 2000-ish. That’s what makes me so upset when I see how they’ve been “fixing the problem.” They have been making it worse for the majority of working people in this country.

[CA renter]

[quote=pemeliza]I’m sorry to hear that CAR but the bright side for you is that the short sales are now comps which should drive prices down.

I just saw this short sale close in my neighborhood for 50k below the 2001 price. Prices are definitely weak these days but this is the first time I saw something close that low in the sweet spot of the price range (mid 500’s) in north mission hills.

http://www.sdlookup.com/MLS-110017710-4331_Hortensia_St_San_Diego_CA_92103

These short sales suggest we are back to 2000-2001 nominal pricing in some of the prime areas. It is hard to believe given where interest rates are now compared to back then. This is getting ugly.

p.s. It is interesting to note a similar home in north mission hills went for 750k two years ago and it was a REO.

http://www.redfin.com/CA/San-Diego/4438-Trias-St-92103/home/5279340%5B/quote%5D

Thanks, pemeliza. Unfortunately, sold comps don’t seem to mean much these days, contrary to the wailings from the RE community. I’ve seen plenty of flips sell for $200K+ more than they sold for just a couple of months earlier, and there was no way the flippers put in anywhere near $200K worth. It’s like the appraisers are right back to the same practices that we saw during the bubble.

FWIW, don’t let that house price get you down — from your first link. In the comments, it says that there were foundation and window issues. My guess is that there were some pretty expensive repairs that needed to be done. Maybe figure at least $100K more, at least, if it was in good condition.

My contention has always been that we’d see pre-2001 levels because things were already pretty frothy by then. Our old house had already doubled between 1998 and 2001, and we saw the dot.com bubble during that period. I know very few people, who were already established in their careers in 2001, gain much traction after that, and there are a whole lot of people who are doing far worse than they were in 2000-ish. That’s what makes me so upset when I see how they’ve been “fixing the problem.” They have been making it worse for the majority of working people in this country.

[CA renter]

[quote=pemeliza]I’m sorry to hear that CAR but the bright side for you is that the short sales are now comps which should drive prices down.

I just saw this short sale close in my neighborhood for 50k below the 2001 price. Prices are definitely weak these days but this is the first time I saw something close that low in the sweet spot of the price range (mid 500’s) in north mission hills.

http://www.sdlookup.com/MLS-110017710-4331_Hortensia_St_San_Diego_CA_92103

These short sales suggest we are back to 2000-2001 nominal pricing in some of the prime areas. It is hard to believe given where interest rates are now compared to back then. This is getting ugly.

p.s. It is interesting to note a similar home in north mission hills went for 750k two years ago and it was a REO.

http://www.redfin.com/CA/San-Diego/4438-Trias-St-92103/home/5279340%5B/quote%5D

Thanks, pemeliza. Unfortunately, sold comps don’t seem to mean much these days, contrary to the wailings from the RE community. I’ve seen plenty of flips sell for $200K+ more than they sold for just a couple of months earlier, and there was no way the flippers put in anywhere near $200K worth. It’s like the appraisers are right back to the same practices that we saw during the bubble.

FWIW, don’t let that house price get you down — from your first link. In the comments, it says that there were foundation and window issues. My guess is that there were some pretty expensive repairs that needed to be done. Maybe figure at least $100K more, at least, if it was in good condition.

My contention has always been that we’d see pre-2001 levels because things were already pretty frothy by then. Our old house had already doubled between 1998 and 2001, and we saw the dot.com bubble during that period. I know very few people, who were already established in their careers in 2001, gain much traction after that, and there are a whole lot of people who are doing far worse than they were in 2000-ish. That’s what makes me so upset when I see how they’ve been “fixing the problem.” They have been making it worse for the majority of working people in this country.

[CA renter]

[quote=pemeliza]I’m sorry to hear that CAR but the bright side for you is that the short sales are now comps which should drive prices down.

I just saw this short sale close in my neighborhood for 50k below the 2001 price. Prices are definitely weak these days but this is the first time I saw something close that low in the sweet spot of the price range (mid 500’s) in north mission hills.

http://www.sdlookup.com/MLS-110017710-4331_Hortensia_St_San_Diego_CA_92103

These short sales suggest we are back to 2000-2001 nominal pricing in some of the prime areas. It is hard to believe given where interest rates are now compared to back then. This is getting ugly.

p.s. It is interesting to note a similar home in north mission hills went for 750k two years ago and it was a REO.

http://www.redfin.com/CA/San-Diego/4438-Trias-St-92103/home/5279340%5B/quote%5D

Thanks, pemeliza. Unfortunately, sold comps don’t seem to mean much these days, contrary to the wailings from the RE community. I’ve seen plenty of flips sell for $200K+ more than they sold for just a couple of months earlier, and there was no way the flippers put in anywhere near $200K worth. It’s like the appraisers are right back to the same practices that we saw during the bubble.

FWIW, don’t let that house price get you down — from your first link. In the comments, it says that there were foundation and window issues. My guess is that there were some pretty expensive repairs that needed to be done. Maybe figure at least $100K more, at least, if it was in good condition.

My contention has always been that we’d see pre-2001 levels because things were already pretty frothy by then. Our old house had already doubled between 1998 and 2001, and we saw the dot.com bubble during that period. I know very few people, who were already established in their careers in 2001, gain much traction after that, and there are a whole lot of people who are doing far worse than they were in 2000-ish. That’s what makes me so upset when I see how they’ve been “fixing the problem.” They have been making it worse for the majority of working people in this country.

[CA renter]

[quote=pemeliza]I’m sorry to hear that CAR but the bright side for you is that the short sales are now comps which should drive prices down.

I just saw this short sale close in my neighborhood for 50k below the 2001 price. Prices are definitely weak these days but this is the first time I saw something close that low in the sweet spot of the price range (mid 500’s) in north mission hills.

http://www.sdlookup.com/MLS-110017710-4331_Hortensia_St_San_Diego_CA_92103

These short sales suggest we are back to 2000-2001 nominal pricing in some of the prime areas. It is hard to believe given where interest rates are now compared to back then. This is getting ugly.

p.s. It is interesting to note a similar home in north mission hills went for 750k two years ago and it was a REO.

http://www.redfin.com/CA/San-Diego/4438-Trias-St-92103/home/5279340%5B/quote%5D

Thanks, pemeliza. Unfortunately, sold comps don’t seem to mean much these days, contrary to the wailings from the RE community. I’ve seen plenty of flips sell for $200K+ more than they sold for just a couple of months earlier, and there was no way the flippers put in anywhere near $200K worth. It’s like the appraisers are right back to the same practices that we saw during the bubble.

FWIW, don’t let that house price get you down — from your first link. In the comments, it says that there were foundation and window issues. My guess is that there were some pretty expensive repairs that needed to be done. Maybe figure at least $100K more, at least, if it was in good condition.

My contention has always been that we’d see pre-2001 levels because things were already pretty frothy by then. Our old house had already doubled between 1998 and 2001, and we saw the dot.com bubble during that period. I know very few people, who were already established in their careers in 2001, gain much traction after that, and there are a whole lot of people who are doing far worse than they were in 2000-ish. That’s what makes me so upset when I see how they’ve been “fixing the problem.” They have been making it worse for the majority of working people in this country.

[CA renter]

[quote=bearishgurl][quote=CA renter] . . . Sorry if the resident realtors get offended, but I’ve seen FAR too many fraudulent short sales to think that everything is above board.

BTW, we’re reporting her to the DRE and to the bank/servicer who held the previous mortgage. We are also reporting her to our local congressman, the OCC, and the FBI.

This shit has got to stop.[/quote]

Good for YOU, CAR!! I’m glad to see that someone is blowing the whistle on these common “shenanigans.” I think your complaint to the DRE and bank/servicer might get somewhere but the other entities might prove to be a waste of time/effort.

Ultra-low unjustified recent-sale comps hurt current homeowners who have kept their noses to the grindstone and kept their payments current. I’m one of those “2001 victims” who never refied or took “cash out.” On a cursory check of “recent sold” comps earlier today, it appears that the only thing selling in my “sq ft” range in my zip code are those properties which were sold short or REO’s. Owners who have been “keeping their nose to the grindstone” for 10+ years can’t possibly sell now and even recover their downpayment! The current market is rigged in favor of “crooked” short sales and lenders willing to spend money on rehab just to get a “white elephant” sold.[/quote]

If there is any one “homeowner” group that I do feel sorry for, it’s the ones who bought prior to 2002/2003, using a 20% down payment, and who might not have known there was a bubble. But by 2004, it should have been obvious, and anyone who bought after that and/or who took on massive amounts of debt using their house as collateral does not deserve much sympathy.

[CA renter]

[quote=bearishgurl][quote=CA renter] . . . Sorry if the resident realtors get offended, but I’ve seen FAR too many fraudulent short sales to think that everything is above board.

BTW, we’re reporting her to the DRE and to the bank/servicer who held the previous mortgage. We are also reporting her to our local congressman, the OCC, and the FBI.

This shit has got to stop.[/quote]

Good for YOU, CAR!! I’m glad to see that someone is blowing the whistle on these common “shenanigans.” I think your complaint to the DRE and bank/servicer might get somewhere but the other entities might prove to be a waste of time/effort.

Ultra-low unjustified recent-sale comps hurt current homeowners who have kept their noses to the grindstone and kept their payments current. I’m one of those “2001 victims” who never refied or took “cash out.” On a cursory check of “recent sold” comps earlier today, it appears that the only thing selling in my “sq ft” range in my zip code are those properties which were sold short or REO’s. Owners who have been “keeping their nose to the grindstone” for 10+ years can’t possibly sell now and even recover their downpayment! The current market is rigged in favor of “crooked” short sales and lenders willing to spend money on rehab just to get a “white elephant” sold.[/quote]

If there is any one “homeowner” group that I do feel sorry for, it’s the ones who bought prior to 2002/2003, using a 20% down payment, and who might not have known there was a bubble. But by 2004, it should have been obvious, and anyone who bought after that and/or who took on massive amounts of debt using their house as collateral does not deserve much sympathy.

[CA renter]

[quote=bearishgurl][quote=CA renter] . . . Sorry if the resident realtors get offended, but I’ve seen FAR too many fraudulent short sales to think that everything is above board.

BTW, we’re reporting her to the DRE and to the bank/servicer who held the previous mortgage. We are also reporting her to our local congressman, the OCC, and the FBI.

This shit has got to stop.[/quote]

Good for YOU, CAR!! I’m glad to see that someone is blowing the whistle on these common “shenanigans.” I think your complaint to the DRE and bank/servicer might get somewhere but the other entities might prove to be a waste of time/effort.

Ultra-low unjustified recent-sale comps hurt current homeowners who have kept their noses to the grindstone and kept their payments current. I’m one of those “2001 victims” who never refied or took “cash out.” On a cursory check of “recent sold” comps earlier today, it appears that the only thing selling in my “sq ft” range in my zip code are those properties which were sold short or REO’s. Owners who have been “keeping their nose to the grindstone” for 10+ years can’t possibly sell now and even recover their downpayment! The current market is rigged in favor of “crooked” short sales and lenders willing to spend money on rehab just to get a “white elephant” sold.[/quote]

If there is any one “homeowner” group that I do feel sorry for, it’s the ones who bought prior to 2002/2003, using a 20% down payment, and who might not have known there was a bubble. But by 2004, it should have been obvious, and anyone who bought after that and/or who took on massive amounts of debt using their house as collateral does not deserve much sympathy.

[CA renter]

[quote=bearishgurl][quote=CA renter] . . . Sorry if the resident realtors get offended, but I’ve seen FAR too many fraudulent short sales to think that everything is above board.

BTW, we’re reporting her to the DRE and to the bank/servicer who held the previous mortgage. We are also reporting her to our local congressman, the OCC, and the FBI.

This shit has got to stop.[/quote]

Good for YOU, CAR!! I’m glad to see that someone is blowing the whistle on these common “shenanigans.” I think your complaint to the DRE and bank/servicer might get somewhere but the other entities might prove to be a waste of time/effort.

Ultra-low unjustified recent-sale comps hurt current homeowners who have kept their noses to the grindstone and kept their payments current. I’m one of those “2001 victims” who never refied or took “cash out.” On a cursory check of “recent sold” comps earlier today, it appears that the only thing selling in my “sq ft” range in my zip code are those properties which were sold short or REO’s. Owners who have been “keeping their nose to the grindstone” for 10+ years can’t possibly sell now and even recover their downpayment! The current market is rigged in favor of “crooked” short sales and lenders willing to spend money on rehab just to get a “white elephant” sold.[/quote]

If there is any one “homeowner” group that I do feel sorry for, it’s the ones who bought prior to 2002/2003, using a 20% down payment, and who might not have known there was a bubble. But by 2004, it should have been obvious, and anyone who bought after that and/or who took on massive amounts of debt using their house as collateral does not deserve much sympathy.

[Author]

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