Flippers in Trouble Gallery
Just a few of the 300 or so Sacramento flippers in trouble. The pictures speak for themselves:
Saturday, July 15, 2006
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- Sacramento Area Price Level Inventory For July 28,...
- Flippers In Trouble Gallery: New Blog
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- Flippers in Trouble Gallery: Yolo County Edition
- Flippers in Trouble Gallery: Placer County Edition
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- Flipper Hotspots in Sacramento County
- Sacramento Area Price Level Inventory: July 15, 2006
- Sacramento Region Home Listings Inventory: July 15...
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8 comments :
no mercy.
I see a lot of price reductions like this on Long Island as well. And a lot of the houses just sit and sit.
This market is amazing. Today I see Beazer Homes is offering $1,000 down, $1,000/mon loan payment at Fieldstone Meadows in Folsom. I did a quick calculation on this scam. 100% financing with a neg amortization ARM 80% 1st mortgage and an interest only 2nd mortgage. I had to use a MAGNIFYING GLASS to read the fine print and then did the calculations:
In 5-years, your loan payment (including PITI) goes to $3510/mon and your loan balance is $553,298! The first year builder incentive is $30,692. I hope no one really falls for this!
John in Rocklin
I'm just amazed that there's still a secondary market for these loan products (and thus companies still willing to "underwrite" them). Are there still people out there who think you can really buy a $500K house for $1K a month?
Some interesting info on the homes shown above:
2427 Snowy Egret Way - Currently a short sale. 100% financing when purchased
9964 Benevento Way - Bank owned. 100% financing when purchased
9308 Engleside Ct - June refinance at $500K
3320 9th Ave - Bank repo.
626 55th St - 100% financing
3525 Santa Cruz Way - 100% financing
1898 Acari Ave - short sale. Existing loans of about $470K on property.
22 Bimini Ct - $350K loan amount
549 Morey Ave - 100% financing.
You guys are right on top of this. Many thanks for your time and effort. People need to read this stuff. I drive around a new subdivision and see young working couples moving into a new house and I just want to rewind their lives about 90 days and show them where things are headed.
Housing Prices will drop to mid 2002 - early 2003 levels
Look at the property at 2427 Snowy Egret.
Sold by developer in early 2004 for $550,000.
Sale price reduced to $495,000. Still no activity
He will have to reduce price to $450,000 which is what the houses sold for in early 2002 - mid 2002 if he wants to unload the place.
Problem is that the homeowner is underwater with the fishes.
I don't think the bank will accept such a low short sale price and will take the place in foreclosure.
The bank will find that they can't sell it and will drop the price to $400,000 to clear it off the books.
All I have to say is "LOOK OUT BELOW" if the middle east war (aka World War III) heats up
Taking the first picture as an example:
Sold 2004-05-06 for $130,000
Sold 2005-11-03 for $300,000
First listed at $309,000 and now cut down to $274,500.
I'd like to hear some guesses as to what this house could sell for around the end of 2007.
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