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Eugene
ParticipantJune ’04 is 10% off the peak in Mira Mesa. Around the time when median resale prices of 4+br homes crossed $500k.
ParticipantJune ’04 is 10% off the peak in Mira Mesa. Around the time when median resale prices of 4+br homes crossed $500k.
ParticipantJune ’04 is 10% off the peak in Mira Mesa. Around the time when median resale prices of 4+br homes crossed $500k.
ParticipantJune ’04 is 10% off the peak in Mira Mesa. Around the time when median resale prices of 4+br homes crossed $500k.
ParticipantLast sale on 10/31/2003 was for $494,621. So, did they borrow another $100K+ on top? Wow! a lot of middle and upper middle class families with negative net worth.
It gets much worse than that. I’ve been researching the situation in 92122 a couple of days ago. It’s basically a big island of denial, stable prices, very few listings, low foreclosure rates, etc.. What caught my attention was the kind of foreclosures they were getting.
2/3 of all foreclosures are coming from condo conversions in Nobel Drive area. The ones coming from single family houses are more interesting.
5135 Maynard St: purchased for $455,000 in 2000; estimated default $683,453
4311 Robbins St: purchased for $275,000 in 1998; estimated default $617,765
5131 Bothe Ave: purchased for $218,000 in 1984; estimated default $628,123
6294 Lakewood St: purchased for $191,700 in 1983; estimated default $798,027ParticipantLast sale on 10/31/2003 was for $494,621. So, did they borrow another $100K+ on top? Wow! a lot of middle and upper middle class families with negative net worth.
It gets much worse than that. I’ve been researching the situation in 92122 a couple of days ago. It’s basically a big island of denial, stable prices, very few listings, low foreclosure rates, etc.. What caught my attention was the kind of foreclosures they were getting.
2/3 of all foreclosures are coming from condo conversions in Nobel Drive area. The ones coming from single family houses are more interesting.
5135 Maynard St: purchased for $455,000 in 2000; estimated default $683,453
4311 Robbins St: purchased for $275,000 in 1998; estimated default $617,765
5131 Bothe Ave: purchased for $218,000 in 1984; estimated default $628,123
6294 Lakewood St: purchased for $191,700 in 1983; estimated default $798,027ParticipantLast sale on 10/31/2003 was for $494,621. So, did they borrow another $100K+ on top? Wow! a lot of middle and upper middle class families with negative net worth.
It gets much worse than that. I’ve been researching the situation in 92122 a couple of days ago. It’s basically a big island of denial, stable prices, very few listings, low foreclosure rates, etc.. What caught my attention was the kind of foreclosures they were getting.
2/3 of all foreclosures are coming from condo conversions in Nobel Drive area. The ones coming from single family houses are more interesting.
5135 Maynard St: purchased for $455,000 in 2000; estimated default $683,453
4311 Robbins St: purchased for $275,000 in 1998; estimated default $617,765
5131 Bothe Ave: purchased for $218,000 in 1984; estimated default $628,123
6294 Lakewood St: purchased for $191,700 in 1983; estimated default $798,027ParticipantLast sale on 10/31/2003 was for $494,621. So, did they borrow another $100K+ on top? Wow! a lot of middle and upper middle class families with negative net worth.
It gets much worse than that. I’ve been researching the situation in 92122 a couple of days ago. It’s basically a big island of denial, stable prices, very few listings, low foreclosure rates, etc.. What caught my attention was the kind of foreclosures they were getting.
2/3 of all foreclosures are coming from condo conversions in Nobel Drive area. The ones coming from single family houses are more interesting.
5135 Maynard St: purchased for $455,000 in 2000; estimated default $683,453
4311 Robbins St: purchased for $275,000 in 1998; estimated default $617,765
5131 Bothe Ave: purchased for $218,000 in 1984; estimated default $628,123
6294 Lakewood St: purchased for $191,700 in 1983; estimated default $798,027ParticipantLast sale on 10/31/2003 was for $494,621. So, did they borrow another $100K+ on top? Wow! a lot of middle and upper middle class families with negative net worth.
It gets much worse than that. I’ve been researching the situation in 92122 a couple of days ago. It’s basically a big island of denial, stable prices, very few listings, low foreclosure rates, etc.. What caught my attention was the kind of foreclosures they were getting.
2/3 of all foreclosures are coming from condo conversions in Nobel Drive area. The ones coming from single family houses are more interesting.
5135 Maynard St: purchased for $455,000 in 2000; estimated default $683,453
4311 Robbins St: purchased for $275,000 in 1998; estimated default $617,765
5131 Bothe Ave: purchased for $218,000 in 1984; estimated default $628,123
6294 Lakewood St: purchased for $191,700 in 1983; estimated default $798,027November 16, 2007 at 12:16 PM in reply to: Why would someone sell at a loss instead of just walking away? #100202ParticipantWhen someone buys a house for 600k with no money down and then sells for 500k, it’s called “short sale”. Basically the bank must agree to take 500k and forgive the rest of the debt. For the seller it’s better than foreclosure because his credit history does not suffer as badly. For the bank it’s better than foreclosure because the bank gets 500k cash instead of having to jump through hoops, pay lawyers, hold an auction and in all likelihood end up owning a decaying house that no one wants to buy.
November 16, 2007 at 12:16 PM in reply to: Why would someone sell at a loss instead of just walking away? #100280ParticipantWhen someone buys a house for 600k with no money down and then sells for 500k, it’s called “short sale”. Basically the bank must agree to take 500k and forgive the rest of the debt. For the seller it’s better than foreclosure because his credit history does not suffer as badly. For the bank it’s better than foreclosure because the bank gets 500k cash instead of having to jump through hoops, pay lawyers, hold an auction and in all likelihood end up owning a decaying house that no one wants to buy.
November 16, 2007 at 12:16 PM in reply to: Why would someone sell at a loss instead of just walking away? #100298ParticipantWhen someone buys a house for 600k with no money down and then sells for 500k, it’s called “short sale”. Basically the bank must agree to take 500k and forgive the rest of the debt. For the seller it’s better than foreclosure because his credit history does not suffer as badly. For the bank it’s better than foreclosure because the bank gets 500k cash instead of having to jump through hoops, pay lawyers, hold an auction and in all likelihood end up owning a decaying house that no one wants to buy.
November 16, 2007 at 12:16 PM in reply to: Why would someone sell at a loss instead of just walking away? #100312ParticipantWhen someone buys a house for 600k with no money down and then sells for 500k, it’s called “short sale”. Basically the bank must agree to take 500k and forgive the rest of the debt. For the seller it’s better than foreclosure because his credit history does not suffer as badly. For the bank it’s better than foreclosure because the bank gets 500k cash instead of having to jump through hoops, pay lawyers, hold an auction and in all likelihood end up owning a decaying house that no one wants to buy.
November 16, 2007 at 12:16 PM in reply to: Why would someone sell at a loss instead of just walking away? #100314ParticipantWhen someone buys a house for 600k with no money down and then sells for 500k, it’s called “short sale”. Basically the bank must agree to take 500k and forgive the rest of the debt. For the seller it’s better than foreclosure because his credit history does not suffer as badly. For the bank it’s better than foreclosure because the bank gets 500k cash instead of having to jump through hoops, pay lawyers, hold an auction and in all likelihood end up owning a decaying house that no one wants to buy.
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