Short sales are a market oddity. They are there, and you can see them, but yet they have no substance because you can’t buy one. Short sales constitute our Ghost Inventory.
Asking Price: $425,000
Address: 140 Talmadge, Irvine, CA 92602
{book4}
Ghosts — Ladytron 
In the first days of the spring time
made you up and split from one thousand enemies
made a trail of, of a thousand tears
made you a prisoner inside your own secrecy
Back in February, I described short sales as Foreclosures-In-Waiting, and they are because very few short sales avoid foreclosure auction. They are technically listed as inventory, but since banks rarely approve short sales, it is as if they don’t exist.
Several local realtors have been attempting to apply techniques of measuring available inventory and sales velocity to compute time on the market. This is one of the least predictive and most useless indicators of market direction. It does provide some indication of whether or not buyers and sellers may currently have a market advantage in negotiation, but it does little else.
Currently the computation of inventory is distorted because short sales are counted, but they are not really there. It is currently much more of a seller’s market than what the time on the market would suggest. There is very little real inventory available right now, and what there is is mostly REO. A seller’s market does not mean that prices will rise, but the REO sellers that are in the market will not need to make as many concessions to sell the property. The non-REO sellers are priced above the market, and they are largely wasting their time.
The remaining inventory can be categorized by asking prices in two different strata: (1) the organic sales owners with WTF asking prices, and (2) REO priced to move. There are very few organic sales (defined as not being a short sale or REO), and there will not be many going forward. Sales volumes are still anemic by historical standards, and the volume that is occurring will not absorb the REOs entering the system. So despite the seller’s market, prices will go down. (Don’t take my word for it, check out Mr. Mortgage’s 2009 Upper-End Housing Market Outlook)
In the meantime, keep watching the short sale listings. They do not tell you much about the current market, but they speak volumes about where the market is going. The short sales you see advertised today will be REO in a year. There are plenty of short sales in the market right now, so the pipeline of REO will continue to flow.
Asking Price: $425,000
Income Requirement: $106,250
Downpayment Needed: $85,000
Monthly Equity Burn: $3,541
Purchase Price: $600,000
Purchase Date: 10/31/2006
Address: 140 Talmadge, Irvine, CA 92602
| Beds: | 2 |
| Baths: | 2 |
| Sq. Ft.: | 1,449 |
| $/Sq. Ft.: | $293 |
| Lot Size: | – |
| Property Type: | Condominium |
| Style: | Townhouse |
| Year Built: | 2002 |
| Stories: | 2 |
| Floor: | 1 |
| Area: | Northpark |
| County: | Orange |
| MLS#: | S557725 |
| Source: | SoCalMLS |
| Status: | Active |
| On Redfin: | 111 days |
 Unsold in 90+ days
|
|
Staineless Appliances,Custom Paint, 20 Foot Ceilings,Shows like a
Model,Closet Organizers in both rooms.Fireplace in Living Room. An
absolute beauty
Just as a rhetorical, philosophical question, “Can beauty be absolute?”
Why Is This In Title Case?
Staineless?
The realtor has a nice Mercedes with the custom rims. Why did he put it in this picture?
This property was purchased on 10/31/2006 (Halloween? Is that where the ghost theme came from?). The owner used a $480,000 first mortgage, a $120,000 second mortgage and a $0 downpayment. I doubt she cares much about the price given her investment.
If this property sells for its asking price, the total loss to the lender will be $200,500 after a 6% commission.
{book5}
In the first days of the spring time
made you up and split from one thousand enemies
made a trail of, of a thousand tears
made you a prisoner inside your own secrecy
There’s a ghost in me
who wants to say “I’m sorry”
Doesn’t mean I’m sorry
At the first hour of the springtime
made you up and split from one thousand enemies
now I see you from the corner
clock strikes
and I know you will be drinking alone
There’s a ghost in me
who wants to say “I’m sorry”
Doesn’t mean I’m sorry.
Ghosts — Ladytron
I apologize for the late post. I had it set for PM rather than AM.
I’m gonna carry on a moment.
It’s hard to put a million dollars in perspective these days. Remember when a million dollars was really a lot of money, prior to this massive economic big lie? Hell, a million dollars could buy financial security for those people who were savvy investors and lived a modest lifestyle, even in Orange County.
Per Redfin, the median listing price per square foot for a single family home in Irvine is $371 (selling price median is $328). You sure the hell don’t get a lot of house for a million dollars in Irvine … at least not now.
From about 2003 to 2006 a million dollars was nothing more than a 720+ fico score, a lie on a loan doc, and a signature on the bottom line. Now that ponzi scheme financing has bankrupted everything from Lehman Brothers, to AIG, to CitiBank (for gawd sake), a million dollars is suddenly a lot of money again. Per Mr. Mortgage, you damn near have to be Harry Houdini to buy a million dollar house these days (more on this below). My-My, have things changed in a very short period of time.
Organic home sellers still expect to get the (Ponzi scheme) prices they grew accustom to when Wall Street perverted our mortgage market. The only thing that can change this is the standard emotional stages of the economic cycle (euphoria, anxiety, denial, fear, desperation, panic, capitulation, despondency, and finally THE “bottom”), and that took about 6 years during the last cycle from the beginning of 1991 to the end of 1996. Hope didn’t re-enter the Orange County real estate market until 1998 or even 1999. These real estate cycles are measured in time. Why all these bottom callers would think after 2 years of decline, it’s suddenly over, or about to be over ([chuckle] … please spare me their ignorance). Our real estate market is down twice as much as we were at this stage in the prior cycle. This is NOT because we’re closer to the bottom, but rather because we were further away from the bottom. JMHO ~ in real estate, top to bottom has more to do with time than values.
Now read this paragraph from Mark Hanson, better known as Mr. Mortgage from his blog:
“When loans over the GSE conforming limit of $417k are required to purchase a home, the housing and mortgage market become very volatile. This is despite GSE Jumbo loans to $729.5k becoming quite attractive lately relative to where they came from a year ago. Still, how many really earn the fully documented $180k per year and have the $270k down needed to buy a $1 million home using a GSE Jumbo loan? Note – the income above is only enough if the borrower has ZERO other debt. Each $1,000 on other monthly payments (car, boat, credit cards etc) reduces the amount able to be borrowed by about $125k.”
Think about that … even if you do make $180k a year, to buy that million dollar home you can’t have any car payments, no student loan payments, no revolving debt, and if you can (only) manage $200,000 down, you’re S.O.L. Most people cannot qualify under these circumstances, even in the higher income neighborhoods of Orange County. I wonder how many people could re-qualify to repurchase their homes in Turtle Rock? … 50%? not a chance … 40%? I highly doubt it … 25% unlikely …. 15% possibly. And we all know the numbers are even worse in the newer (more expensive and less established) villages of Quail Hill and Turtle Ridge that were built just before Ponzi scheme financing was starting to become prevalent.
We live in a community full of homeowners who can not repurchase their own homes at today’s terms … even after a 25-35 percent decline in prices, and government subsidized mortgages. How the hell are we suppose to pass the American Dream to the next generation of buyers, if we can’t pass it back to ourselves? Think about that.
The lack of liquidity is gonna continue to chop away at these Orange County prices, especially as the Alt-A implosion starts to ramp-up. We are no were near a bottom in the OC real estate cycle. This doesn’t make me a doomsayer, but rather an independent thinker, who understands the big picture.
The very group that created this mess, (Wall Street & the banks), get it. All you have to do is follow the money. Wall Street played it all the way to the end, then bailed on the average Joe like a thief in the night, leaving him with a 201k. The banks also get it … hell, they borrow at ZERO from the Fed, then have the opportunity to loan at 5%, 10% and even higher … yet they won’t do it … at least not to a level sufficient to support our current economy. They hold their cash like they know something is coming down the pipe … something we have yet to see.
Amen, brother. That’s exactly why the crash had to happen–we got too far away from the fundamental measures of value (median incomes, etc.).
It was only a matter of time–and the consequences will play out for the next 15 years at least as homeowners who need to sell find out they can’t.
Excellent post Lee. You hit the nail on the head about future generations being left out in the cold. Despite the correction, prices are extremely high. I recently looked in the South Bay at some homes (Redondo, Torrance, etc) and I couldn’t believe how prices have held up. 600K for a 60 year old 1100 sq ft. fixer upper. This same house was 250K ten years ago…what has changed in the last decade to justify these prices? Unless you have two good wage earners and no debt and a large down payment, you can forget about owning a decent place in desirable CA locales.
I agree. I routinely look at the price it last sold at and routinely see homes with asking prices 2-3X what they sold for in either ’99 or ’00.
Then I smile cause that house will be an REO in 12-18mo – I’ll buy it then (maybe).
Our company has a difficult time hiring engineers to this area and why because they can’t afford to buy here. No one can out of college even with a decent salary so all rent. But soon you realize you can’t save and can’t really live here because even going out is expensive. So we lose a lot of engineers to other companies willing to pay them more.
The problem with the OC is there is very few affordable places to live everyone lived the bubble so most wages went up to reflect this until it hit the top and busted. Now we see deflation in the type of jobs that are left here to support those of us who work.
People are going to be stuck in their homes and until they realize this many will hold onto their price range they feel is deserved.
The financal market will reinvent inself and find a way to make new money and reinflate this area again and I think one of the main problems is due to supply.
Demand for housing still out strips supply. So that is going to keep housing higher. One of the problems that helps this is the builders. They bought expensive property and will hold onto it and wait for prices to go up. They will not build less expensive housing.
In Florida and Texas you have a huge supply of all kinds of housing in pricing, size ect. Here in Irvine there was only one kind that million dollar box tagged with high mello roos and high HOA costs.
I blame a lot of this on our city and builders who didn’t give a dam about the city of Irvine because they priced out those college students, young couples and retirement folks.
The greed factor took over with high density, high cost housing.
The reality may never really go away because someone else may just move in and take over where we cannot afford pushing out those who have lived here most of their lives.
I totaly think this is fair because we have done it to ourselves and those we have elected.
Irvine needs a total change but we just elected the same.
Well written and argued. Thanks.
I believe less than 10% of homeowners could re-qualify to buy their own homes under today’s financing requirement on their current earning power alone in Turtle Tock, Turtle Ridge and rest of Orange County for homes listed at over $ 1 million. However, the residual bubbly equity might push this a bit higher because today’s buyers of over $1 million are putting down much higher down payment from that accumulated equity.
Home sellers of all types, now have a growing incentive to make their homes achievable, and conforming to home buyers. This is a cycle that will continue to grind away until we have separated enough time to allow prices to reach a sustainable level. Even sellers that are not distressed, will have to adjust prices to accommodate changes in their life … divorce, job transfer, retirement, etc. This will take more time.
If history has taught us anything, it’s that Southern California real estate is extremely volatile. Orange County real estate not only comes with volatility, but also carries a very high beta … meaning when the country rises 10%, The O.C. may rise 20 to 30% … and the same thing happens on the way down. When we’re going up, the REIC calls this high beta a “lifestyle premium”, but when we’re going down, they call it an “opportunity”. I don’t deny that this lifestyle premium exist, except that it has been vastly overstated by homeowners, and especially realtors.
The sellers who have the largest freedom to adjust to conforming loans are builders. They can change the type and density of future construction.
For existing homes in good condition, there isn’t this opportunity. I also think that for homes above the jumbo conforming limit it reduces the number of people who will put in expensive updates.
Funny how much different a purchase looks when you have to plunk down big cash and actually account for your expensive habits/debt. If I had a quarter mil sitting in the bank I wouldn’t even consider dropping it in the bucket for one of the current crop of million dollar stucco boxes, and anyone who would is a fool.
People will finally realize how much money is involved when they come to believe they will actually have to pay it back out of their income. Right now, everyone believes someone else is going to pay off their debt when the house is sold. When that changes, the appetite for debt will drop remarkably.
Exactly. Unfortunately, we have to re-program all of those monthly payment shoppers into a new way of thinking. Gonna take some time…
Monthly payment shoppers have been around for a very long time.
If you can’t finance a house the regular way, new ways will start to pop up. Owner-sponsored financing was popular in the 1990s downturn. For owners who had purchased at a much lower price, they either took a second or did the whole loan. This was pretty attractive at the interest rates back then. Like jewelers in bad neighborhoods, they could overcharge for the merchandise and the credit.
Perhaps there will be layaway, or purchasing in part. You could buy 1% of the house each month with your payment.
I agree – the monthly payment will always be a factor. My point is that there are going to have to be additional factors taken into consideration now that the buyer will have to balance potential 0% appreciation, lost down payments, job loss, etc.
For too long, the emphasis has been on nothing but monthly payment amounts combined with Pollyanna optimism about all other factors.
There are plenty of places where 0% appreciation is an optimistic forecast for the next several years. There are even some places where I don’t expect to see any appreciation in real dollar terms for decades.
For much of the last 30 years, there was a growing disparity. It was not between white or black, or people with high or low incomes. It was between net borrowers and net lenders. Net borrowers kept getting poorer. Net lenders kept getting richer.
In the last year, the dynamic has changed. The people doing well are those who have cash. People who saved a lot from the good times are in an excellent position. They typically have several worries: hyperinflation, someone getting to their cash (relatives, bank failures, lawsuits), bad new investments, and job loss.
I think the difference this time, is that before people were expected to repay their mortgage debt, and now, it is expected that if things goes badly, that they won’t.
Good one, Lee.
Remember when a million dollars was really a lot of money, prior to this massive economic big lie?
From my perspective, these dollars never even existed. The banks essentially created their own currency called a credit tulip.
Somewhere along the line our economy stopped running on dollars and we switched over to the credit tulip currency. The dollar became irrelevant.
Organic home sellers still expect to get the (Ponzi scheme) prices they grew accustom to when Wall Street perverted our mortgage market.
These sellers haven’t figured it out yet. They think that all these credit tulips are still out there somewhere and someoone is willing to pay.
I wonder how many people could re-qualify to repurchase their homes in Turtle Rock?
Yet they seem to be under the impression that they are entitled to huge sums of money from someone else who probably has a similar income to theirs…. Sensing a little narcissism?
The very group that created this mess, (Wall Street & the banks), get it.
Yup. They sure do. They worked the system nicely with the help of their partners in government who conveniently unlocked all the doors for them and told the police to stand back.
Is it a surprise that none of these corporate pricks are in jail right now? Of course not, because the crooks in the government know that they will be indicted alongside their corporate cronies. Hence, they are all running around acting shocked and dismayed; circling the wagons in D.C to protect their own while feigning indignation.
All the while, the masses are running around screaming JOBS JOBS JOBS like meth addicts who just ran out of drugs.
There are too many ‘million’ dollar homes in this area – look at Newport where you have these neighborhoods with no backyards – all these perks such as 24 hr gates guardhouses, houses stacked inches from each other and all the houses over a ‘million.’ This doesn’t even include the ‘million’ dollar homes in every neighborhood in Irvine, not to mention Laguna, etc. etc. There is simply no way we have that many people to afford all those million dollar homes. There are going to be some beautiful homes for great deals in a few years becasue OC way overbuilt.
“The banks also get it … hell, they borrow at ZERO from the Fed, then have the opportunity to loan at 5%, 10% and even higher … yet they won’t do it … at least not to a level sufficient to support our current economy. They hold their cash like they know something is coming down the pipe … something we have yet to see.”
If the banks could make money lending money, they would.
Who requires money now? What is there to invest in? The past credit expansion pulled future demand forward. There presently is no demand. We don’t need more cars, strip malls, Starbucks and Home Depots.
The credit-worthy types are smart enough to know that there is no reason to invest in a down economy. Only the non credit worthy are still in line at the bank seeing if there is an easy loan available to them.
The myth that we need to spend more money to help the economy is false. We need prudent citizens and prudent banks. I’m glad the banks aren’t lending like they used to.
Lee, the ZIRP adopted by Benny Boy (and other rules adopted by ‘Bama boy and his goons) just rip the timing equation from your argument above.
I’m not saying I disagree with you. I’m just saying that government intervention have either prolonged this pain or have successfully fooled everyone that the economy is back on its track.
Amen. Could not describe the situation better.
Basically the only thing worth looking at these days are the REOs. The private, non-short sale sellers almost all have prices too high, and the fictional short sale sellers almost all have prices too low (but you can’t actually buy the houses at any price so it doesn’t matter), so that leaves the REOs. Which is fine, except the inventory gets seesawed due to whatever particular foreclosure moratorium or new state law happened, six months ago.
I figure some of you would be entertained to hear this:
I was at Wells Fargo in Newp Coast yesterday talking to a banker about some various account issues. We got to talking about the downturn and I asked ‘in a very broad sense, can you see defaults coming at all?’
He jumped at the question ‘Oh most definitely. I can see all the 5/1 ARMs coming due. In fact, 2009 looks to be worse than 2008. Theres a lot around here coming due.’
And it wasnt just the words. The way he said it, and the examples he used (we went on to talk generalized specifics, and used $2M loans as ‘the norm’) gave the wife and I a feeling that Newport Coast was in for a sh*tstorm in 2009 (which will carry on to 2010).
Although anecdotal, still interesting to hear from the bankers mouth none-the-less.
Yup.
How long until the mainstream media pulls its head out of its ass and starts dissecting ALT-A like they did on Subprime?
Like everything else, they will show up with all of their experts to analyze the barn door long after the horse has taken off.
I don’t know what a typical April sales month in Irvine would be. But, looking at ipoplayas site he lists about 60 homes in escrow since April 1. Here we are at mid month. Would you say 60 sales in 15 days is a good or bad sign?
I would say it is a sign of the degree of kool aid intoxication residual in our market.
As I mentioned last week, the stage is set for a bear rally this spring. As Mr. Mortgage pointed out, due to the bureaucratic delays, the REO that should be on the market right now has been delayed until the fall. There is limited available inventory and some demand caused by the government incentives and low interest rates. It is the set of conditions the creates a false rally.
I argue that this is good. You need these knife catchers to give back their bubble money in order to soften the landing. Of course, these chumps are too stupid to recognize their own folly – but that’s ok. We need some cannon fodder right now.
If you look at the down payments on a lot of these sales that are taking place, just imagine a whirlpool of cash swirling downward into a black hole making a loud SUCKING sound.
The cash that today’s house buyers are putting down is going away, folks. Poof! Adios! Thanks for playing.
Be glad that these people are stepping up to give it all back while you save.
Sue~
Nice find … sales are up, but prices are DOWN … across the entire city.
Per Jon’s blog, released earlier today~
92602 ~ $622,500 ~ -15.9%
92603 ~ $638,000 ~ -37.2%
92604 ~ $535,000 ~ -4.8%
92606 ~ $542,000 ~ -3.6%
92612 ~ $420,000 ~ -1.9%
92614 ~ $383,500 ~ -20.9%
92618 ~ $437,500 ~ -13.1%
92620 ~ $595,500 ~ -15.9%
Notice how 92603 currently has a median of 638k dollars. Per Redfin, The median listing price for a single family home in that same zip code is $2,278,000. LoL That’s 3.5 times the selling price … LoL … now that’s FUNNY!
You got’a laugh when you see data like this.
More Folly:
Corona del Mar 92625 $1,700,000 -11.7%
Laguna Beach 92651 $1,142,500 -11.1%
Newport Beach 92660 $850,000 -39.3%
Newport Beach 92661 $1,327,250 -35.6%
Newport Beach 92662 $1,700,000 -44.5%
Newport Beach 92663 $574,750 -50.9%
Newport Coast 92657 $1,170,000 -63.1%
Oh My Goodness … WOW!
Gary Watts and Steve Thomas – Folie a deux
If Cyberhomes time series estimates are to be believed, lower end Malibu homes have dropped by about 60% since 2006.
How telling: the median selling is $638,000 and the median listing is $2,278,000 in the 92603. Does it occur to anybody to ask why the wealthy are not buying during this recent buying upswing?
I just read a Deutsche Bank research report dated
March 29 called “The Outlook for US home prices: beyond the bubble”. They forecast another 26% drop in prices for the Irvine MSA (metropolitan statistical area). The forcast is based on factors such as affordability, excess distressed inventory, current and projected unemployment and other factors.
We still are far from the bottom, don’t make the mistake to buy now since the continued decline will wipe out all your equity. There are a lot of places to rent and wait out the storm.
Patience is a virtue.
Those DB people have been reading my forecast again?
They happen to be using the same inputs I am, and have come to a similar conclusion.
Is this DB report available online, and if so can you provide a link? Thanks!
For the San Fernando Valley, 16% of completed sales are short sales. Similar numbers for Ventura. http://2.bp.blogspot.com/_4ZgohmRDQmI/SdrFPMF12nI/AAAAAAAAAc0/gIMkH_duOG8/s1600-h/SFV_MAR_09_TABLE.jpg
Absolutely fantastic thread today, including the addition by Lee. Two thumbs up!
Any numbers available, regarding short sale “sales”?
I’m not actually out there making offers, so I didn’t realize the short sales weren’t selling. I’m watching the South County market (under 500k) from Redfin, and it appears half the homes are short sales. I take it half the sales aren’t?
Great article today, and good input from Lee.
I see the same thing no worries. Those short sales are, like IR said, pre-forclosures. I think you could attempt to put an offer in but as it stands no many of them sell that way. I’ve come to the conclusion that until organic sellers capitulate in mass, this abnormal down-cycle market will continue.
Basically, the bank (sometimes multiple banks if the property has multiple loans) has to approve a short sale. They will only do so if the amount of money they get from the short sale is greater than what they would get if the foreclosure on it and sell it, plus they get to collect the on the mortgage insurance if they foreclose, but not if it’s sold in a short sale. I think the second part is the reason most short sales fail-the amount they get back from the insurance is greater than their costs of foreclosing in most, if not all, cases. This makes the pricing completely out of whack-most short sales are listed at prices significantly less than REO comps, but the bank will only accept a price significantly higher than what the same house would sell for as an REO. If they were priced the same or higher as REO comps, most people would pass, because it takes forever to buy a short sale in the rare cases they actually work, so why bother if an REO closes in a third of the time? So short sellers list them at fake prices to stir interest, but anybody only willing to pay the low ball price will never get the bank to sign off on it.
> plus they get to collect the on the mortgage insurance if they foreclose, but not if it’s sold in a short sale
Interesting. Thanks for that tidbit.
Personally, I’ve recently seen multiple short-sale properties that I watch on Redfin come back on the market with a higher short-sale price that’s newly designated in the description as bank-approved.
no_worries and all,
So far this year, there have been 54 short sales closed in Irvine, of 326 total residential resales, per MLS data. That equates to ~17% of sales. Closing prices for these “shorts” have ranged from $260,000 to $1.15M. Average sale price/list price is 98%, with lows at 87% and a high at 110%. Average days on market (DOM) was
108 days.
By comparison, there have been 67 REO sales over the same time period, or 21%. Very similar statistical results follow with average sale price/list price 99%, with a low at 88% and a high at 114%. Average DOM for these was 41 days.
Equity sales (organic) have resulted in the remainder of the transactions and have accounted for the remaining ~63% of Irvine residential resales, closing (on average) at 95% of list price. Average DOM for these was 60 days.
[i]source: SoCalMLS[/i]
Short sales are closing in increasing frequency, but they are taking longer to complete.
Thank you and good luck,
IR2
Thanks so much IR2.
I compared the for sale listings in my neighborhood to the notices of default and notices of sale. Lots of overlap. I wish I could easily do a similar comparison for short sales only. Any suggestions?
I am trying to do the same thing for Coto, so if you find a way, would you let me know?
I have sales figures for short sales for Costa Mesa for the past year.
Basically, they went from 5% of sales in the spring, to 10% in late summer/fall, to 20% of sales for the past few months.
So they are selling, at least in CM.
(REOs are about 30%, while equity sales the remainder)
IR,
I disagree with the premise here that short sales don’t happen. True, they are slow, and if the seller doesn’t bite the bullet with enough time they will end in foreclsure. That said, banks realize that selling a house for 80% of the loan value is probably a better deal than taking the house and then selling it after the usual post-foreclosure quality issues with the house.
A year ago, yes, no short sales. Today, there are many more.
A problem has been that banks can game the short sales against the homesellers. Want to short sell? Sure, just keep making the payments (while the bank never intends to approve a short sale). Want to short sell but can’t afford the payments? Sure, just keep living in the house, keeping it well maintained and on the market through the foreclosure (and the bank can then sell it in good condition). Hope you’re right about the success rate rising.
Yup. Exactly. They are just stringing the FB’s along under false hopes so they do not get another set of keys in the mail.
The median sales price of a So Cal home has now dropped by more than half. Of course, there has been a substantial change in the mix of what’s selling, much more low end. From $505,000 to $250,000 in less than two years.
http://www.dqnews.com/Articles/2009/News/California/Southern-CA/RRSCA090415.aspx
So, anybody want to bet on whether my projection of another 26-31% drop in prices for LA/OC during 2009 will pan out?
I saw this from the following indicating the Irvine Company is NOD. Does that mean it has financial problems and possibly more defaults leading to foreclosures just like any other COOL-AID INTOXICATORS?
http://www.foreclosure.com/search.html?ci=irvine&st=CA&cno=059&z=&tab=p
Who is Plaza Irvine?
That would be amazing if the Irvine Company actually let a property go to NOD.
It is #18 on the list.
“I can see all the 5/1 ARMs coming due.”
From the mouths of babes.
I wanna be the first to say it.
“The Alt-A problem is contained.”
AZdavid is a Realtor(C) too!
here’s one of his listings:
http://www.harrisonburghomes.com/67489
too funny, had to share.
Wow, that is some seriously goofy Photoshopping. I can only hope the digital props were intended to be recognized as such, and not intended to fool the viewer into thinking they were really there.
url got cut off, the listing was outed by
http://www.lovelylisting.com/
which is always good for a laugh.
JSC Rent To Own Homes (http://www.jscinvestments.com) is a totally free and open website where sellers can place their ads and look for buyers. Also Buyers can place their wanted ads, and sellers can openly view them – free leads. There is no registration required and we welcome all – sell, rent, rent to own, FSBO and realtors. Thousands of people visit our site daily. Give us a try. You have nothing to lose.