Do housing market prices in California swing like a pendulum? It appears that way, but the forces behind the movements are entirely caused by people rather than forces of nature.
Asking Price: $492,000
Address: 4 Pendelton, Irvine, CA 92620
Granite — Pendulum
Just leave this place behind,
Ill grill your place, don’t mind.
The cool we know will rise under, they are the future.
Future!
Today’s featured song is from the many readers of the IHB to the overextended homedebtors everywhere. The people who have too much debt should do themselves a favor and just leave their properties behind. No government program is going to save them, and they are just stressing themselves out waiting for a bailout that is not coming. The cool people we know who read the IHB will rise up and buy they properties for under their current fantasy prices. The readers of the IHB are the future. Future!
I was party to a recent open discussion on the housing market, and I am always struck by the idea that housing market prices cycle like the phases of the moon. Cycles of nature obey laws of physics and are not impacted by the activities of man. Economic cycles–like prices in real estate markets–are solely determined by the activities of man and do not obey any laws whatsoever. This distinction is critical because people act as if the real estate cycle is something beyond control; it isn’t. No individual can control the market, we can only react to it, but collectively with changes in incentives and education, we could change the behavior of individuals and make real estate markets considerably less volatile. The pendulum does not need to swing so violently.
As many of you have probably noted, I am an idealist at heart. I would like to see buyer’s behavior change, I would like to see the real estate sales industry change, I would like to see the lending industry change, and I would like to see all the players who inflated the housing bubble be held responsible; this probably is not going to happen. Perhaps a decade from now when we have completed our final wave of foreclosures, the pendulum might swing the other way, and we might inflate another housing bubble. People will forget the folly of The Great Housing Bubble, just like they forgot the bubble from the late 80s, and they will convince themselves “it is different this time”; it won’t be.
Asking Price: $492,000
Income Requirement: $123,000
Downpayment Needed: $98,400
Monthly Equity Burn: $4,100
Purchase Price: $375,000
Purchase Date: 9/11/2003
Address: 4 Pendelton, Irvine, CA 92620
| Beds: | 3 |
| Baths: | 3 |
| Sq. Ft.: | 1,805 |
| $/Sq. Ft.: | $273 |
| Lot Size: | 2,300
Sq. Ft. |
| Property Type: | Condominium |
| Style: | French Country |
| Stories: | 2 |
| Floor: | 1 |
| Year Built: | 1981 |
| Community: | Northwood |
| County: | Orange |
| MLS#: | S573943 |
| Source: | SoCalMLS |
| Status: | Active |
| On Redfin: | 13 days |
cabinets, granite counters, newer vanities with granite in all baths.
Fireplace in large master bedroom.
- This property was purchased on 9/11/2003 for $375,000. The owners used a $255,000 first mortgage and a $120,000 downpayment.
- On 5/25/2004 they opened a HELOC for $100,000.
- On 5/10/2005 they refinanced with a $349,000 first mortgage.
- On 8/26/2005 they opened a HELOC for $100,000.
- On 12/15/2005 they refinanced with a $488,000 Option ARM with a 1.25% teaser rate.
- On 6/26/2006 they opened a HELOC for $75,000.
- Total property debt was 563,000 plus negative amortization.
- Total mortgage equity withdrawal was $308,000 including their downpayment.
Indymac The FDIC bought the place at auction on 3/20/2009 for $459,233.
Foreclosure Record
Recording Date: 11/12/2008
Document Type: Notice of Sale (aka Notice of Trustee’s Sale)
Document #: 2008000529916
Foreclosure Record
Recording Date: 07/18/2008
Document Type: Notice of Default
Document #: 2008000345071
Foreclosure Record
Recording Date: 07/10/2008
Document Type: Notice of Default
Document #: 2008000330939
If this property sells for its current asking price, and if a 6% commission is paid, the US taxpayer through the FDIC will lose $100,520 plus negative amortization, lost payments and other fees.
{book3}
Just leave this place behind,
Ill grill your place, don’t mind.
And you’re the only one, ‘cos you’re up on defense.
This is a new way!
We are standing by, no time to hide, no meeting half way.
You were sucking life through the needles eye, this is a new day.
They have won!
We would have reckon now, what we have done, left in the open.
The cool we know will rise under, they are the future.
Future!
Granite — Pendulum
People don’t change much, but their circumstances and incentives do. If you want different behavior, you’ll need different rules and incentives. I am still unsure if better information helps any substantial portion of the population make real estate decisions. If 5% of the people really know what’s going on, can they stop a bubble? In real estate, where they can’t sell short, I suspect not. In stocks and bonds, maybe.
I was going to say that people HAVE changed over the past 2 years, then Malibu’s 5% comment made me think again. Also, my daily interaction with hundreds of distressed homeowners who all feel entitled to a bailout made me rethink this.
When I first started reading this blog, IR was posting initial data about dropping values, which was met with surprise and actually a lot of debate.
Then IR started posting details about the banks and their crazy loans, which shocked some (being in the industry, I wasn’t shocked).
Lately, IR has been calling-out the individual “equity bandits*”, and people here seem downright friggin’ angry!
So, I was going to say the entire psycology has changed and these “stages of grief” and new found ANGER in people would make a great case study and follow-up book for IR. I mean, people seem ready to take up the torches and pitchforks.
Then it dawned on me that Malibu is right… Very few people read the news or spend a lot of time analyzing what it MEANS. Even fewer people ACT on it (rally, protest, or get “involved” in any meaningful way). Sadly, I think we’re destined to repeat ourselves and when it happens, we’ll be the (5%) crazy old folks up on our soap box standing on the corner saying, “remember when”, and no one as listen to us! LOL
* I stole this term from another blog, but I like it
We’ll be the crazy 5%, but we’ll have knowledge/wisdom. That’s a very valuable commodity in the decades to come. If we’re looking to sell, we’ll just wait for the next run up; if we’re looking to buy, we’ll wait for the next trough. Knowledge is power, knowledge is money!
Along that line of reasoning, MR, then one should conclude that a group who sits on all of the data and prevents the public from accessing it is most responsible for the bubble: they were the ones who should have seen it coming, and if they had freed the data, they could have averted it.
I have great animosity toward the NAR. No offense IR.
I am not in the NAR, at least not yet. Even then I will only join because I have to gain MLS access… that and I can probably become a pain in their side.
Actually it is possible to short the real estate market using an exchange traded fund ticker: SRS. Not for the faint hearted, however.
I think what we’ve experienced in the last 8 years has been a perfect storm in real estate. Every participant was sequentially enabled by the next who also stood to gain. It just happened that low mortgage rates coincided with easily available loans insured by a federal agency or credit default swaps. And it went on for years. Absent the exercise of ethics and/or morality, common sense and the “sniff” test were all that was left.
imho, the single biggest value of blogs like this is to make available the facts and reasoned opinions of Maliburenter’s 5% providing the opportunity to regularly refine our common sense.
“Every participant was sequentially enabled by the next who also stood to gain.”
Isn’t that a Ponzi scheme?
It *was* the perfect storm, and all the participants in every corner were perfectly happy with it because they were making so much money. EVERYONE was making money off of the RE boom.
The correction process is going to be extremely painful, and yet not many people acknowledge that.
It is going to get worse than what we’re experiencing now.
Reuters has an article about 1 in 8 homeowners being delinquent.
http://www.reuters.com/article/topNews/idUSTRE54R3UP20090528?feedType=RSS&feedName=topNews&rpc=22&sp=true
1 in 8!! That’s insane. The Mortgage Bankers Association says this problem will last for at least another year – that’s the positive spin.
When a house shows as a sale on the MLS, and it was the bank taking it back (in this case, $459,233) – is that always the starting bid?
I’ve seen on NTS’s the bank will say ‘starting bid: $X’ and if you go to the auction, the starting bid can be much lower. So is the MLS what the bank actually started at?
I wonder, with all the MEW, is the US better off or worse? One would speculate that most of the MEW stayed here in the USA and a fair portion of the losses will be borne by foreign CDO investors. So how much net cash flowed into the USA due to this scam?
Very hard to figure out. But to get a complete picture long term, you have to add in the loss of trust and foreign investors diversifying their holdings away from US assets.
They have still been buying US government debt because of the flight to safe havens, but it looks like that may reverse itself in the coming years.
Our trade deficit would lead me to speculate that a great deal of the MEW went overseas – spent on cars, household goods, etc. The rising unemployment figures show that a lot of the local service and retail establishments were also benefiting, and are now suffering fromt he loss of that money, but I would bet that over half went outside this country.
“I wonder, with all the MEW, is the US better off or worse?”
You sound like every mortgage holders in US has taken a MEW. Come on, seriously, if everyone did that, do you honestly think we’ll be in the current situation where housing prices are really not dropping like flies and the stock market is not tanking?
Where are the statisticians when we needed them?
I believe we will have to wait a full generation until attitudes change. Small children need to be raised in an environment where they do not experience their parent’s frivolous spending habits. Once they see the ease at which goods can be purchased on credit and the instant gratification it provides, it’s hard to change. Thankfully, my parents were very conservative and so am I. We learn what we live.
This is the lesson we are trying to teach in our household, and boy is it a painful one. My 7-year-old sees his 6-year old cousin with an iPod, a Nintendo DS, a television and a Wii in his room and wants to know why he can’t have any of these things, too. When I painstakingly explain that we save our money so we can pay for him to go to college, and his cousin has all of those things because his aunt & uncle don’t understand how to take care of their money and that’s why they had to go live with Grandma, my son feels like the loser. Wow, my cousin gets all those cool things AND he gets to live with Grandma? I struggle with a lot of anger over this.
Colleen-
What your are doing is so important and valuable. I hope you will not “weary in well doing.”
Advertisers are spending a bazillion dollars to reach kids like your 7 year old. If they can turn him into a CONSUMER (a spender) at a YOUNG age, they will have him for life. He will be hooked into thinking that whatever he wants he must have NOW…that it is his RIGHT. He will carry this mentality into every area of life.
Keep up the good work!
Kudos to you colleen, but I’m wondering…I’ve always been taught to NEVER tell your kids anything you wouldn’t say to anyone else. I’m worried about your 7-year-old going to his cousin and saying something along the lines of, “My mom said you have all these things because your mom and dad don’t know how to take care of their money.”
This made for a good back and forth between my wife and I w/ future kids!
Yeah. But I’ve pussyfooted around it long enough, avoiding telling him the truth. I finally got tired of not really having a satisfactory lie and tried facts. He understands, but that doesn’t take away the want and the hurt of not having what he perceives as really wonderful things. If it blows up in my face, so be it. I’m so very tired of fighting their materialism.
Colleen,
A few years ago, one of my daughters asked why we didn’t live in a bigger house, like her friends. Now she thanks me on a regular basis because her college fund means she won’t be graduating with anything like the student loan debt those same friends acquired. Hang in there.
Colleen, tell you son that his cousin will grow up to be a fat ass kid that can’t even get a date later on 🙂
(tongue in cheek)
That’s a pretty interesting point you bring up. I too was raised by very conservative (financially) parents. My family rarely used credit for anything, paid off their home in 10 years, and was always wise when it came to buying anything. Even their recreational activities are relatively low-cost such as hiking, fishing, hunting, camping, etc.
They didn’t have the shiny toys that many of their peers had, but now that the economy has soured my parents are in a position where if both of them lose their jobs they could survive many years since they have no debt whatsoever.
I picked up a lot of financial responsibility from my father. My wife used to give me a hard time about my attitude towards money, but now that she sees what is going on she’s very thankful that I am responsible.
No disrespect intended — you just happened to be the 10,000th person to post something to this effect — but is there anyone on the Internet who will cheerfully admit to one of the following?
a) “I have overspent and wasted all my money”
b) “I was raised by wastrels, and I have abused credit stupidly all my adult life”
c) “I do not pay off my credit-card balances each month”
I plead guilty. I had to learn the hard way.
But having taken my lumps from carelessness and credit abuse, I’ll say that naked fear set in at the thought of getting bagged in an overpriced property.
I was raised in a family that veered between louche self-indulgence and frightened financial conservatism when disaster loomed, and vowed to “do better”. Like, we KNEW we were being bad, but were a little on the indulgent side, and were kept halfway in hand by fear of the consequences.On one hand, we bought houses and cars within our means, and never, ever borrowed against the houses. But we overspent on clothes, toys, and furnishings.
And I am sorry I did that.I’m sorry that I didn’t question the surrounding culture of self-indulgence and status-seeking earlier than I did. My own moment of truth came when I looked at the 3,000 books I’d collected and realized that a. I could have checked most of them out of the library, and b. I could have paid cash for the condo I loved with the money I spent on them. I was extremely disgusted with myself.
My second moment of truth came when I “burned out” as a stockbroker and felt flaming hatred of the prevailing culture in the financial industry and most of all, the “sales” culture, where you are supposed to overspend in order to inspire yourself to work harder and make more money. How on Earth can people with such a mindset advise other people on how to invest their money?
It’s difficult to be my age and realize how much better my life would have been and how much more secure I’d be now, had I practiced what I knew to be good money management when I was younger, and if I’d not bought into the culture of unreality that has driven government policy, the management of major money, and the behavior of citizens at all levels of society, for the past 30 years. And it’s not as though I didn’t know better. I did, but it felt so good, when I was younger, to choose the same silliness every one around me was. Well, we are all paying for it today.
We need to change not only government policy and the management of financial institutions, but the mindset of most of America, top to bottom. And in order to do that, we have to change our culture, which starts with attacking the ideas on which it is based. Right now, we believe that “growth” is always good no matter what we did to generate it, that spending is better than saving, and that reality is whatever we believe it to be or “make” it to be.
Well, as the great science fiction writer Phillip Dick had one of his characters say, “reality is what doesn’t go away when you stop believing in it.” There is only ONE reality, and my beliefs and yours don’t matter. There only is what is, and what there is now is an overpopulated country that is completely bankrupt and that has depleted its resource, run by people at every level who mentally function at the level of a 10-year-old.
We need to grow up.
Kudos to you…I too got caught up in overspending, it really was just a lot of fun. I’m kind of glad this recession pulled me back to reality so early (I’m only 25). It’s strange because I came from a fiscally conservative family, but once I hit college, it was spend spend spend to keep up with my more wealthy friends. I justified it by thinking I’d be making boatloads of cash later on…well, yeah that didn’t pan out.
No offense taken. I think this is one of the reasons I am so fascinated by the stories I read on this blog. This concept of overspending is just so foreign to me. Try as I might, I cannot understand the mentality of over-consumption. I even did a report on ‘Affluenza’ (keeping up with the Joneses) in college. So interesting…. However, if I spent every dime I made on my mortgage or a fancy car (not) I literally wouldn’t be able to sleep at night. At least I know I will be able to retire at some point in the near future. Of course, I will probably pay through the nose in taxes to support those who didn’t save. Sometimes I wonder if I am the foolish one.
Guilty as charged. Bought a condo way beyond my means in 1989 ($150K), hung onto it for nine years, eventually using credit card advances & loans from my 401K to make the mortgage, ran out of resources, put together a short sale (which took seven months), and the day things were supposed to close, WaMu said they’d only do the sale if I took on an additional $21K as an unsecured loan. (This made their costs in the transaction $0). I walked away. The person dealing with you during the short sale is the salesman; to close, they have to go talk to their manager in the back room.
Then a relationship fell apart, and I ramped up to $76K in consumer debt, and at age 40 realized I was headed down the drain.
So, there you go. Two paragraphs where every single decision I made was the wrong one, over the course of 13 years. Then I got out of debt and have been living in a 1/1 apartment, building my savings. I’ve been on the fence, but I may not actually buy a place in So Cal as prices continue to fall; the timing might not work out.
I can’t imagine what it would have been like if I had hit 2007 with all of that debt and bad habits; it could have destroyed me. Of course, my temporarily-resuscitated 401K got hammered again in the past year, but at this point I have some experience at recovering from financial hardships.
I.R.:
Not having owned in Irvine I may be missing a critical point. Does the Irvine Company still own the land on which all the residential homes and condos sit?
No, the Irvine Company sells the land to the builder who in turn sells it to the homeowners. The only land the Irvine Company keeps in its portfolio are the apartments and commercial centers.
Back in the 80’s, homes in Turtlerock were on leased land and they were talking about how to sell the lots to all the homeowners. Does anyone know if that was worked out? Are there any houses left that did not buy their lot?
Just curious. You were probably not asking about this, but if there is a really good price for an older home there, do we have to wonder if it is leased land?
ipoplaya.com has updated his site with May sales (well, in escrow) and closings. There are plenty of houses and condos selling, including the condo on Longshore featured last week.
I was talking about the mortgage crisis with my mother-in-law, who is a retired Israeli economist, and she observed that in Israel, you typically have to put down at least a 50% downpayment on a home. Banks simply don’t finance real estate to the extent that they do here. She didn’t know why not, but just said it’s always been like that.
As a result, the entire culture of home-buying is different there. A young couple’s first home is often paid for largely by their parents. But then instead of putting all their financial resources towards moving up to a bigger home, the young couple also needs to start saving for the downpayments on their own children’s homes in the future. So if they do move up, it’s likely to be to something only modestly bigger.
The downside of this system is that most people have much less living space than Americans do (successful, established professionals often live in apartments that Americans would consider starter homes). The upside is that they are far more likely to own their homes. My MIL says there has been no housing bubble in Israel, no mortgage meltdown, and no foreclosure wave.
“there has been no housing bubble in Israel, no mortgage meltdown, and no foreclosure wave.”
People blow bubbles, but lenders provide the air. With 50% downpayments, it is very unlikely there would be a real estate bubble. With 100% financing like we had, it is very easy to inflate a bubble.
Exactly. It seems to me that lender behavior is the most crucial link here, and the part of our system that most needs reform. We can complain about borrower psychology all we want, but if the financing isn’t available, people can’t take it.
colleen,
that’s so sad!!!
Sigh.
Then again my parents were total credit addicts and I lived my whole childhood with them on maxed out CCs every summer (mom had a 9 mo job), and this is what has made me so incredibly debt-adverse, even though everything worked out fine for my parents in the end.
You do the best you can to raise your kids, but in the end, they will be who they are.
This sounds like my upbringing. Mine were teachers, and, convinced that the state retirement system would always have them covered, spent everything and kept large credit-card balances.
They finally paid off their mortgage, but if their pension system collapses, I’ll be helping them out in a few years.
I ran credit-card balances consistently from 1992 through this last month, but finally paid off all credit cards, as well as my car loan, a few weeks ago. I had an attitude that it didn’t matter what balances I carried, as long as I could pay off the worst ones in a few months and keep bouncing debt around to another card with a teaser offer.
I learned debtor habits from my parents. Not really an attitude of instant gratification for its own sake, but more the idea that debt is nothing to be concerned about.
What changed me? The Internet! I began reading forums similar to this one a few years ago, and the well-founded alarmism of doomsayers, since proven correct by events, scared me into paying down debts.
My parents are still oblivious to these issues.
MalibuRenter,
Selling short on houses was done by having zero to negative equity loans. If the market goes up, pay off the loans. If the market goes down, pocket the money and walk away.
I don’t think the RE market will change in the long run. Short run, people are angry on the equity bandits (loan officers, REA’s, walk aways with money in their pocket), so credit will tighten. Long run, those bandits, especially the professionals, are those making the political contributions, so they will remake the bubble under some different terms. As long as they can play the sympathy and meltdown/crisis cards to the public and the global consolidation advances, the bailouts and bubbles will continue in different area, but will eventually return to RE..
I agree. I would venture to say that right this moment, some one in the Finance industry is already dreaming of a new Midasesque product and sowing the seeds of the next bubble.
That’s not quite selling short, though it could result in a short sale.
If you are selling short, you profit more from a larger drop in price. What you describe is a put option. If prices drop below a certain level, you don’t lose any more money.
In a financial market, there is a big difference. If a number of people can take genuine short positions, and directly make money when prices fall, the smart short sellers get very rich on a bubble.
I am considering doing this on Case Shiller futures. The prices are too high, however the trading is very thin and the bid asked spreads are quite wide.
If I had this all to do over again, I might have shorted or bought put options on certain mortgage backed securities. However, my employer at the time had lots of trading restrictions, and I’m not sure if I would have been permitted to do it.
Riverside County is being flattened:
City………………….Sales…Median…2008median…% drop
Riverside County 4,390 $179,000 $295,000 -39.32%
AGUANGA 2 $125,000 $277,000 -54.87%
BANNING 38 $105,500 $217,500 -51.49%
BEAUMONT 96 $199,250 $287,500 -30.70%
BLYTHE 4 $187,500 $190,500 -1.57%
CABAZON 8 $42,500 n/a n/a
CALIMESA 7 $194,000 $275,000 -29.45%
CATHEDRAL CITY 83 $150,000 $245,000 -38.78%
COACHELLA 62 $140,000 $235,000 -40.43%
CORONA 447 $300,000 $395,000 -24.05%
DESERT HOT SP 154 $90,000 $174,500 -48.42%
HEMET 271 $115,000 $193,000 -40.41%
HOMELAND 3 $60,000 n/a n/a
IDYLLWILD 7 $220,000 $233,500 -5.78%
INDIAN WELLS 23 $500,000 $830,000 -39.76%
INDIO 172 $170,000 $290,000 -41.38%
LA QUINTA 99 $340,000 $566,000 -39.93%
LAKE ELSINORE 215 $170,000 $285,000 -40.35%
MENIFEE 133 $195,000 $275,000 -29.09%
MIRA LOMA 41 $276,000 $416,500 -33.73%
MORENO VALLEY 458 $135,250 $235,000 -42.45%
MURRIETA 296 $225,750 $310,000 -27.18%
NORCO 30 $394,500 $450,000 -12.33%
NUEVO 9 $140,500 $241,000 -41.70%
PALM DESERT 145 $278,000 $354,000 -21.47%
PALM SPRINGS 125 $210,000 $238,250 -11.86%
PERRIS 237 $136,000 $226,250 -39.89%
RANCHO MIRAGE 52 $355,000 $537,500 -33.95%
RIVERSIDE 505 $175,000 $300,000 -41.67%
SAN JACINTO 159 $130,000 $220,000 -40.91%
SUN CITY 154 $140,000 $246,500 -43.20%
TEMECULA 223 $257,000 $333,000 -22.82%
THERMAL 3 $171,000 $85,000 101.18%
THOUSAND PALMS 14 $110,500 $187,500 -41.07%
WHITE WATER 2 $111,000 $173,000 -35.84%
WILDOMAR 64 $224,000 $327,000 -31.50%
WINCHESTER 45 $244,000 $329,000 -25.84%
San Berdu Co 3,060 $138,750 $265,000 -47.64%
ADELANTO 91 $84,500 $179,000 -52.79%
APPLE VALLEY 169 $115,000 $207,250 -44.51%
BARSTOW 38 $55,750 $157,500 -64.60%
BIG BEAR CITY 24 $132,000 $257,500 -48.74%
BIG BEAR LAKE 34 $262,000 $329,500 -20.49%
BLOOMINGTON 50 $136,250 $220,000 -38.07%
CEDAR GLEN 2 $63,000 n/a n/a
CHINO 72 $316,500 $431,000 -26.57%
CHINO HILLS 76 $395,000 $455,000 -13.19%
COLTON 72 $115,000 $227,500 -49.45%
CRESTLINE 14 $115,000 $184,000 -37.50%
FONTANA 430 $188,136 $315,000 -40.27%
GRAND TERRACE 11 $237,500 $263,000 -9.70%
GREEN VALLEY 2 $146,250 $172,750 -15.34%
HELENDALE 21 $140,000 $260,000 -46.15%
HESPERIA 232 $106,000 $215,000 -50.70%
HIGHLAND 65 $120,000 $325,000 -63.08%
JOSHUA TREE 22 $90,000 $123,000 -26.83%
LAKE ARROWHEAD 33 $260,000 $437,500 -40.57%
LANDERS 4 $67,500 $65,000 3.85%
LOMA LINDA 12 $299,500 $349,500 -14.31%
LUCERNE VALLEY 6 $66,500 $174,500 -61.89%
LYTLE CREEK 2 $79,250 n/a n/a
MENTONE 17 $165,000 $315,000 -47.62%
MONTCLAIR 31 $215,000 $350,000 -38.57%
MORONGO VALLEY 3 $70,000 $155,000 -54.84%
NEEDLES 6 $46,500 $53,000 -12.26%
ONTARIO 150 $180,000 $305,250 -41.03%
PHELAN 15 $130,500 $230,000 -43.26%
PINON HILLS 8 $202,500 $230,000 -11.96%
RANCHO CUCA 172 $315,000 $400,000 -21.25%
REDLANDS 44 $200,000 $322,500 -37.98%
RIALTO 158 $133,000 $240,000 -44.58%
RUNNING SPRINGS 2 $111,500 $180,250 -38.14%
SAN BERNARDINO 370 $73,000 $190,000 -61.58%
SUGARLOAF 13 $140,000 $142,000 -1.41%
TRONA 2 $44,750 $45,000 -0.56%
29 PALMS 23 $82,000 $110,000 -25.45%
TWIN PEAKS 4 $102,500 $215,000 -52.33%
UPLAND 67 $379,000 $450,000 -15.78%
VICTORVILLE 376 $111,500 $222,000 -49.77%
WRIGHTWOOD 5 $290,000 $137,000 111.68%
YUCAIPA 51 $222,000 $287,000 -22.65%
YUCCA VALLEY 49 $95,500 $154,500 -38.19%
Golfer X does a great job on that blog; his readership should be much higher.
For those of you who have never been to his IE blog, be sure to search “certified ass-clowns”.
You’ll be glad you did.
How did this happen:
WRIGHTWOOD 5 $290,000 $137,000 111.68%
THERMAL 3 $171,000 $85,000 101.18%
I see that it is over 5 sales but still! I know, off topic. But you started it 🙂
I saw this place. There’s a load bearing beam in the middle of the living room. Not to mention the washer/dryer is in the bathroom. For those that like watching their laundry while #2, this is the place.
What I don’t understand is why the FDIC paid so much for it in the first place. Was it just to make the bank feel better? Did the FDIC rep not look at the sales records that IR has access to?
I don’t think you get the use of FDIC in this post. Think about what happened last year.