what is wrong with this listing?

[kev374]

MLS: P623492

in Laguna Niguel, 1178sqft, 3bd/2ba condo listed for $140,000, last sale was $420,000.

Can someone explain what is going on here? I really don’t believe the list price, is it some kind of scam? Or is this an auction?

IF this is an auction then why do they have such misleading listings polluting the entire MLS.

[patientrenter]

kev, you and I know that’s not “real”, in the sense that you or I cannot now buy a half-decent 1200sq ft condo in LN for $140K.

I am surprised to see fewer really good deals (relatively) in So OC in the last month. I’ve stopped looking, because the pickings are so slim. Are you seeing the same, kev?

At this point, I’ve concluded that even the banks with REOs are banking on a spring bounce, or maybe a bailout, and are holding out for higher prices than the few (relatively) good deals I saw in early January. I only check new listings maybe once a week now, instead of daily in the first half of January.

Patient renter in OC

[paramount]

If the bailout’s don’t work, it won’t be because the gov’t didn’t try…

[kev374]

patientrenter, that is exactly what I am seeing as well. The price cuts have suddenly stopped and all I see is the same properties for the same prices.

[patientrenter]

Interesting that you mention price cuts stopping suddenly. I too recall that there were price cuts daily on some of the 100-200 properties I was following in OC until some time in January. Just as you say, they all stopped at about the same time – within a few days.

I get irritated when I read paranoid rantings about a cabal of hedge funds or IB’s or whatever manipulating markets behind the scenes. But it is hard to see how dozens of managers responsible for REOs in OC all of a sudden, all independently, woke up one morning and decided that their weekly/monthly price reduction pattern of the prior 6 months was the wrong thing from that point forward.

I am now a little more open to the theory that, even when it comes to deciding local pricing of REOs, there may be govt.-backed collusion and manipulation. I can just see the local FDIC guy, with directions from further up, getting everyone who services OC loans into a room and telling them that they’d better do X, or else. Or maybe the banks just got together on their own, knowing no govt agency would take action against them now for propping up house prices, even if it violated all sorts of rules against competition restraints.

Patient renter in OC

[patientrenter]

Interesting that you mention price cuts stopping suddenly. I too recall that there were price cuts daily on some of the 100-200 properties I was following in OC until some time in January. Just as you say, they all stopped at about the same time – within a few days.

I get irritated when I read paranoid rantings about a cabal of hedge funds or IB’s or whatever manipulating markets behind the scenes. But it is hard to see how dozens of managers responsible for REOs in OC all of a sudden, all independently, woke up one morning and decided that their weekly/monthly price reduction pattern of the prior 6 months was the wrong thing from that point forward.

I am now a little more open to the theory that, even when it comes to deciding local pricing of REOs, there may be govt.-backed collusion and manipulation. I can just see the local FDIC guy, with directions from further up, getting everyone who services OC loans into a room and telling them that they’d better do X, or else. Or maybe the banks just got together on their own, knowing no govt agency would take action against them now for propping up house prices, even if it violated all sorts of rules against competition restraints.

Patient renter in OC

[patientrenter]

Interesting that you mention price cuts stopping suddenly. I too recall that there were price cuts daily on some of the 100-200 properties I was following in OC until some time in January. Just as you say, they all stopped at about the same time – within a few days.

I get irritated when I read paranoid rantings about a cabal of hedge funds or IB’s or whatever manipulating markets behind the scenes. But it is hard to see how dozens of managers responsible for REOs in OC all of a sudden, all independently, woke up one morning and decided that their weekly/monthly price reduction pattern of the prior 6 months was the wrong thing from that point forward.

I am now a little more open to the theory that, even when it comes to deciding local pricing of REOs, there may be govt.-backed collusion and manipulation. I can just see the local FDIC guy, with directions from further up, getting everyone who services OC loans into a room and telling them that they’d better do X, or else. Or maybe the banks just got together on their own, knowing no govt agency would take action against them now for propping up house prices, even if it violated all sorts of rules against competition restraints.

Patient renter in OC

[patientrenter]

Interesting that you mention price cuts stopping suddenly. I too recall that there were price cuts daily on some of the 100-200 properties I was following in OC until some time in January. Just as you say, they all stopped at about the same time – within a few days.

I get irritated when I read paranoid rantings about a cabal of hedge funds or IB’s or whatever manipulating markets behind the scenes. But it is hard to see how dozens of managers responsible for REOs in OC all of a sudden, all independently, woke up one morning and decided that their weekly/monthly price reduction pattern of the prior 6 months was the wrong thing from that point forward.

I am now a little more open to the theory that, even when it comes to deciding local pricing of REOs, there may be govt.-backed collusion and manipulation. I can just see the local FDIC guy, with directions from further up, getting everyone who services OC loans into a room and telling them that they’d better do X, or else. Or maybe the banks just got together on their own, knowing no govt agency would take action against them now for propping up house prices, even if it violated all sorts of rules against competition restraints.

Patient renter in OC

[patientrenter]

Interesting that you mention price cuts stopping suddenly. I too recall that there were price cuts daily on some of the 100-200 properties I was following in OC until some time in January. Just as you say, they all stopped at about the same time – within a few days.

I get irritated when I read paranoid rantings about a cabal of hedge funds or IB’s or whatever manipulating markets behind the scenes. But it is hard to see how dozens of managers responsible for REOs in OC all of a sudden, all independently, woke up one morning and decided that their weekly/monthly price reduction pattern of the prior 6 months was the wrong thing from that point forward.

I am now a little more open to the theory that, even when it comes to deciding local pricing of REOs, there may be govt.-backed collusion and manipulation. I can just see the local FDIC guy, with directions from further up, getting everyone who services OC loans into a room and telling them that they’d better do X, or else. Or maybe the banks just got together on their own, knowing no govt agency would take action against them now for propping up house prices, even if it violated all sorts of rules against competition restraints.

Patient renter in OC

[kev374]

patientrenter, that is exactly what I am seeing as well. The price cuts have suddenly stopped and all I see is the same properties for the same prices.

[kev374]

patientrenter, that is exactly what I am seeing as well. The price cuts have suddenly stopped and all I see is the same properties for the same prices.

[kev374]

patientrenter, that is exactly what I am seeing as well. The price cuts have suddenly stopped and all I see is the same properties for the same prices.

[kev374]

patientrenter, that is exactly what I am seeing as well. The price cuts have suddenly stopped and all I see is the same properties for the same prices.

[paramount]

If the bailout’s don’t work, it won’t be because the gov’t didn’t try…

[paramount]

If the bailout’s don’t work, it won’t be because the gov’t didn’t try…

[paramount]

If the bailout’s don’t work, it won’t be because the gov’t didn’t try…

[paramount]

If the bailout’s don’t work, it won’t be because the gov’t didn’t try…

[patientrenter]

kev, you and I know that’s not “real”, in the sense that you or I cannot now buy a half-decent 1200sq ft condo in LN for $140K.

I am surprised to see fewer really good deals (relatively) in So OC in the last month. I’ve stopped looking, because the pickings are so slim. Are you seeing the same, kev?

At this point, I’ve concluded that even the banks with REOs are banking on a spring bounce, or maybe a bailout, and are holding out for higher prices than the few (relatively) good deals I saw in early January. I only check new listings maybe once a week now, instead of daily in the first half of January.

Patient renter in OC

[patientrenter]

kev, you and I know that’s not “real”, in the sense that you or I cannot now buy a half-decent 1200sq ft condo in LN for $140K.

I am surprised to see fewer really good deals (relatively) in So OC in the last month. I’ve stopped looking, because the pickings are so slim. Are you seeing the same, kev?

At this point, I’ve concluded that even the banks with REOs are banking on a spring bounce, or maybe a bailout, and are holding out for higher prices than the few (relatively) good deals I saw in early January. I only check new listings maybe once a week now, instead of daily in the first half of January.

Patient renter in OC

[patientrenter]

kev, you and I know that’s not “real”, in the sense that you or I cannot now buy a half-decent 1200sq ft condo in LN for $140K.

I am surprised to see fewer really good deals (relatively) in So OC in the last month. I’ve stopped looking, because the pickings are so slim. Are you seeing the same, kev?

At this point, I’ve concluded that even the banks with REOs are banking on a spring bounce, or maybe a bailout, and are holding out for higher prices than the few (relatively) good deals I saw in early January. I only check new listings maybe once a week now, instead of daily in the first half of January.

Patient renter in OC

[patientrenter]

kev, you and I know that’s not “real”, in the sense that you or I cannot now buy a half-decent 1200sq ft condo in LN for $140K.

I am surprised to see fewer really good deals (relatively) in So OC in the last month. I’ve stopped looking, because the pickings are so slim. Are you seeing the same, kev?

At this point, I’ve concluded that even the banks with REOs are banking on a spring bounce, or maybe a bailout, and are holding out for higher prices than the few (relatively) good deals I saw in early January. I only check new listings maybe once a week now, instead of daily in the first half of January.

Patient renter in OC

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