Jim TV Squishdown

Another group of homeowners getting hit with the foreclosure bug, and not just those losing their house. The neighbors are feeling it too. I mis-spoke on the second house shown, the short-sale that closed quietly in the night after 8 months in process - it closed for $1.019 million.

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[cb90006]

Jim,

You have to know that the market is eroding. Anyone that buys now loses.

Its all going down.

[jeremiahjacobs]

That's what I wanted to know, too....

[AlcoholLevel]

who were all of those people hanging around the edge of golf course ?

[BringBackCapitalism]

That's not cheap enough for that POS bomber.

[manicbuyer]

also, some of the REO bpo's specifically ask for "distressed" comps and so those would be used over the fair market value comps. I'm up in Monterey County and we're seeing a rise in court house negotiations with buyers and more homes selling on the court steps. Example, opening bid is 600k and in the past it was 600k or it goes to bank, now some of these are being negotiated and not listed.

[manicbuyer]

The banks go off of comps and they don't have a clue that the homes across the street "without" a view aren't comparable, especially in the same neighborhood. The homeowner, if upside down, has little to lose if it sells for 1.4 or if it sells for 1m.