How a realtor demonstrates that they do not care about a listing.

Irvine Home Address … 57 ROCKWOOD 14 Irvine, CA 92614

Resale Home Price …… $275,000

'Cos I've been talking to the people that you call your friends

And it seems to me there's a means to and end.

They don't care anymore.

And as for me I can sit here and bide my time

I got nothing to lose if I speak my mind.

I don't care anymore I don't care no more

I don't care what you say

We never played by the same rules anyway.

Phil Collins — I Don't Care Anymore

Housing Market News

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Fri Nov 12 2010

House Values Near Unprecedented Decline as Hints of Stabilization Wane (zillow.mediaroom.com)

House Prices Fall in Half of US Cities (bloomberg.com)

Million dollar house owners unable to pay mortgage (doctorhousingbubble.com)

Million-dollar houses: Massive discounts (money.cnn.com)

80% of Las Vegas houseowners underwater on mortgage (lasvegassun.com)

Courts Helping Banks Screw Over Houseowners (rollingstone.com)

October Foreclosure Didn't Really Drop; Lenders Just Slowed Down (realestatechannel.com)

William K. Black: Lenders Put the Lies in Liar's Loans, Part 2 (huffingtonpost.com)

FDIC pretends to crack down on officials of failed banks (but only small banks) (latimes.com)

Outrageous CEO Perks: This Year's Top Picks (dailyfinance.com)

Victims and Martyrs of the Housing Bubble (irvinehousingblog.com)

Ireland 10 Year bond yields go vertical as default looms (bloomberg.com)

Ireland on Brink as Beggar' for Aid After Losses by Fingleton (bloomberg.com)

In a tough economy, old stigmas fall away (news.yahoo.com)

Wall Street Collects $4 Billion From Taxpayers as Swaps Backfire (bloomberg.com)

The Recklessness of Quantitative Easing (hussmanfunds.com)

Chinese credit risk group not happy with QE2 (PDF – dagongcredit.com)

Rumblings of inflation grow louder (latimes.com)

Gold as a safety net (nytimes.com)

How to Survive the Great Depression of 2011-2012 (politicalgateway.com)

Thank You Denise S. ($5) for your kind donation.

What's it really worth?

---

Wed Nov 10 2010

Uneasy future for Mass. housing market (boston.com)

At Legal Fringe, Empty Houses Go to the Needy (nytimes.com)

Foreclosure Case May Set Anti-Bank Precedent; Restoring Equity vs. Penalization (Mish)

Banks' mortgage practices reap more lawsuits (news.yahoo.com)

Over 7 Million 'Shadow Houses' May Take 40 Months to Clear (realestatechannel.com)

Mortgage-servicing conflicts baked right into the cake (voices.washingtonpost.com)

Close Fannie and Freddie, liquidate bubble debt (housingstory.net)

Banks Had A Plan To Create The Housing Bubble and Foreclosuregate (businessinsider.com)

Fed: Banks expect tight lending standards for foreseeable future (calculatedriskblog.com)

New ways bankers are spying on you (finance.yahoo.com)

A Superpower in Decline: Is the American Dream Over? (spiegel.de)

Government, Scars from Housing Bubble Both Raising Unemployment (theatlantic.com)

Rising prices not seen through the consumer price index (mybudget360.com)

To Hell Through QE (ritholtz.com)

This Is How a Dollar Bill Lives and Dies (gizmodo.com)

More Americans opt for high-deductible health insurance plans (latimes.com)

Hooters Shows Why Deflation May Never Go Away (bloomberg.com)

A Recipe for Fascism (truthdig.com)

What's it really worth?

---

Tue Nov 9 2010

The Housing Market Is Officially Split (patrick.net)

How Texas avoided the worst of the real estate meltdown (thebigmoney.com)

First-Time Mortgage Defaults in U.S. Rise for 1st Time in Year (bloomberg.com)

The Boiling Frog: Effects of QE2 On Bottom 80% of U.S. Population (gonzalolira.blogspot.com)

No, $600 Billion of Quantative Easing Won't Make Your House Price Go Up (bayarearealestatetrends.com)

Our Fed-Inspired Bubble, Crash, Bubble, Crash, Bubble (zerohedge.com)

The 9 Reasons Why Quantitative Easing Is Bad For U.S. Economy (businessinsider.com)

Ireland Debt Swaps at Record High as Allied Signals 62% Chance of Default (bloomberg.com)

If you thought the bank bailout was bad, wait until the mortgage defaults hit (irishtimes.com)

Swiss property market may be a bubble about to burst (fly-2let.co.uk)

Housing Bubble and Currency Controls in Poland (Mish)

Rejected for a mortgage because of a house's shape (washingtonpost.com)

Fannie Mae Is Now The Largest Landscaping Company In The U.S. (dailybail.com)

Foreclosure crisis reveals shocking unfairness in how law treats houseowners (slate.com)

Video Deposition of Dhurata Doko of Nationwide Title Clearing (4closurefraud.org)

Ex-regulator: Obama 'cover up' prevents toxic loan losses from being recognised by banks (gfsnews.com)

BNY Mellon CEO Says U.S. National Standards Are Needed for Mortgages (bloomberg.com)

Regulators flawed in foreclosure oversight (washingtonpost.com)

Regulations? We don't need no stinkin regulations! (dvorak.org)

What's it really worth?

---

Mon Nov 8 2010

Housing will rebound when jobs do (sfgate.com)

Condo, co-op and townhouse owners could end up paying their neighbors' bills (latimes.com)

Big Isle, Kauai housing hits bumpy spell (staradvertiser.com)

Palo Alto high speed rail to burst Silicon Valley housing bubble (stanforddaily.com)

House Prices in Chicago and the Suburbs (chicagomag.com)

Is Economics a Science? (american.com)

Bernanke's Solutions Are the Problem (mises.org)

Morgan Stanley's Flanagan Expects QE3 (yes, number three) (bloomberg.com)

German Finance Minister calls Fed "Clueless" (Mish)

America's Two Economies, and Why One is Recovering and the Other Isn't (robertreich.org)

Wall Street still hasn't taken responsibility (cjr.org)

Bankers Gorged On Record $144 Billion Bonuses And No One Noticed (dailybail.com)

It Was the Banks (commondreams.org)

Bank of America Fights Pressure To Buy Back Mortgages (nytimes.com)

French website advocates bank runs as protest (sos-crise.over-blog.com)

Faithful mortgage payments may hobble economy (contracostatimes.com)

Houseowners Say Loan Mods Led Them To Foreclosure (npr.org)

Taking on a Second Mortgage to Pay the Foreclosure Lawyer (nytimes.com)

Obama's Asian Trip – $200 Million per Day? Actually, no. (snopes.com)

Maine Seeks U.S. Waiver for Blackstone's "Junk" Health Insurer (bloomberg.com)

Thank You Steven B. ($20) for your kind donation.

Variable processing times

The banks play Russion Roulette with borrowers. Some are allowed to squat for years, and some are processed quickly. Lenders do this to terrorize the herd and keep them guessing. If everyone knew they would get years of free housing, everyone would accelerate their defaults, and many would truly stategically default to take advantage. By random violence against delinquent borrowers, lenders hope to keep borrowers paying.

• The owners of today's featured property paid $335,000 on 1/24/2004. They used a $268,000 first mortgage, a $33,500 second mortgage, and a $33,500 down payment.
• On 9/23/2005 they refinanced with a $309,000 first mortgage.
• They didn't get to squat long.

Foreclosure Record

Recording Date: 09/23/2010

Document Type: Notice of Sale

Foreclosure Record

Recording Date: 06/21/2010

Document Type: Notice of Default

This property was sold at auction to a third party for $230,000 on 10/13/2010.

Irvine Home Address … 57 ROCKWOOD 14 Irvine, CA 92614

Resale Home Price … $275,000

Home Purchase Price … $335,000

Home Purchase Date …. 1/24/2005

Net Gain (Loss) ………. $(76,500)

Percent Change ………. -22.8%

Annual Appreciation … -3.3%

Cost of Ownership

————————————————-

$275,000 ………. Asking Price

$9,625 ………. 3.5% Down FHA Financing

4.21% …………… Mortgage Interest Rate

$265,375 ………. 30-Year Mortgage

$51,933 ………. Income Requirement

$1,299 ………. Monthly Mortgage Payment

$238 ………. Property Tax

$0 ………. Special Taxes and Levies (Mello Roos)

$46 ………. Homeowners Insurance

$316 ………. Homeowners Association Fees

============================================

$1,899 ………. Monthly Cash Outlays

-$117 ………. Tax Savings (% of Interest and Property Tax)

-$368 ………. Equity Hidden in Payment

$14 ………. Lost Income to Down Payment (net of taxes)

$34 ………. Maintenance and Replacement Reserves

============================================

$1,463 ………. Monthly Cost of Ownership

Cash Acquisition Demands

——————————————————————————

$2,750 ………. Furnishing and Move In @1%

$2,750 ………. Closing Costs @1%

$2,654 ………… Interest Points @1% of Loan

$9,625 ………. Down Payment

============================================

$17,779 ………. Total Cash Costs

$22,400 ………… Emergency Cash Reserves

============================================

$40,179 ………. Total Savings Needed

Property Details for 57 ROCKWOOD 14 Irvine, CA 92614

——————————————————————————

Beds: 2

Baths: 2 baths

Home size: 917 sq ft

($300 / sq ft)

Lot Size: n/a

Year Built: 1980

Days on Market: 40

Listing Updated: 40449

MLS Number: S634008

Property Type: Condominium, Residential

Community: Woodbridge

Tract: Pr

——————————————————————————

Short Sale $$$ Great Starter Home in the Hurt Of Irvine, close to the 405 frwy, very close to U C I and I V C, also walking distance to swiming pool and parks, Woodbridge High school just down the street. great ivestment or a home to live in.

The Hurt of Irvine? LOL! I wonder if that is a Freudian slip?

ivestment? swiming?

Based on the photo and description, I surmise this realtor diidn't care much about this listing. I don't blame him. This had little chance of selling as a short sale, and the bank processed the foreclosure quickly.