Tuesday, October 24, 2006

Desperate Times?

Update 10-26-2006: This looks like a legitimate foreclosure. One of many to come. A reader did some checking on this property for me and here is an excerpt from his email:
Here's what I found. Deliquent on their property tax too. Wonder what the lien was for. This should be a recurring pattern. With $511k as the middle of the road ( roughly ). She owes $480+150=$630k. This will probably show up as an REO...unless someone shorts it at the bank. Which is maybe why she's asking $575 ( the second usually does to limit loss).
This was left for me under my car's windshield wiper the other day while I was out doing some errands:

14 Comments:

Blogger Rob Dawg said...

3/2.5 for $75k? This is gurellia marketing, collecting info from greater fools.

Oct 24, 2006, 3:29:00 PM  
Anonymous marinite said...

It's $575K.

Oct 24, 2006, 3:46:00 PM  
Blogger Rob Dawg said...

So sorry, I squinted and saw a $ instead of a 5. Thus the "?" On reconsideration I'll stick with the original theory. They are trolling to get names.

Oct 24, 2006, 4:32:00 PM  
Anonymous Hanover_Fist said...

When people have to resort to putting fliers on windshields things are getting really bad.

Sunday I drove around in Santa Maria and Lompoc with my wife in some brand new subdivisions and saw long tracts of vacant homes (nothing inside) with fresh lawns.

It's a really kinda creepy in a sorta 'stepford neighbors' kinda way...Sometimes I think I'm the one that's crazy for not buying into it all.

Someone tell me I'm not crazy.

Oct 24, 2006, 4:34:00 PM  
Anonymous marinite said...

RC -

You may be right. All I know is that I've never had a flier like that before.

OT: I got a kick out of the comments left on your "Planner Victim? Deserving Idiot? Realtor Fraud?" thread.

jack mehoff...isn't that the person who has a grudge against Ben Jones and who tried to spoof his blog?

Oct 24, 2006, 4:40:00 PM  
Anonymous Anonymous said...

WHATS THE ADDRESS!!!!
~Caddis

Oct 24, 2006, 4:49:00 PM  
Blogger Rob Dawg said...

Reverse order:

jack mehoff...isn't that the person who has a grudge against Ben Jones and who tried to spoof his blog?

Good memory. Yes. Jack is pissed off because I won't get mad at him and Ben won't even give him the time of day.

2nd:
Wow, you read my cr@p? Again, I apologize. I "blog" to document my random mind f@rts, nothing more. For your own sake, stop reading!

3rd:
We can expect lots of "creative" marketing as the last bagholders get increasingly desperate. I'm laughing and crying. the dissemiation of information is so fast and so widespread these days there is no reason to be caught short of stupidity/laziness. I had the cold water poured down my spine in Oct '05 and was entirely out by Apr '06 for all except personal use real estate. Fraud will be rampant in the next 2 years. Catch the last greater fools. sell to the would be knife catchers, misrepresent to the bottom feeders, etc. We saw all that 80 years ago too. The fliers are but a taste of things to come. Watch "Paper Moon" and then comment.

Oct 24, 2006, 5:16:00 PM  
Anonymous Anonymous said...

Heh..
I remember about 3 months ago I was just getting off of work when I saw these papers all over the sidewalks. It was a crude B/W copy of a house for sale just down the street from me.
This house has sat for sale forever. Probably over a year now since it first went up. Anyhow, the paper had the original price of 1.2 million with crude marker crossing it out and writing the new "steal" of a price of 990k.
I guess the theory was that by littering, people would notice and pick them up.

Oct 25, 2006, 7:51:00 AM  
Anonymous tom stone said...

robert cote' is right about the fraud,however what puzzles me is why anyone would buy the securities "secured" by real property after looking at the underwriting criteria.(think "military intelligence x .5,at best) these products would have excessive risk in a rising market.marinite,if you would like,i could forward some of the e-mailed offerings i get from lenders,just some standard stuff.DO NOT HAVE A MOUTHFUL OF COFFEE WHEN YOU OPEN THESE!

Oct 25, 2006, 10:03:00 AM  
Blogger vfsv said...

Here in Silicon Valley, Santa Clara County y-o-y volume was negative for the 22nd straight month (since December, 2004) and 25th out of the last 26 months.

For more data, please visit:
http://www.viewfromsiliconvalley.com/id273.html

We also track housing permits issued at:
http://www.viewfromsiliconvalley.com/id66.html

In the last 12 months, new permits issued represent a 4.3-month supply, regardless of other houses for sale. Since the "bottom" in late-2002, total permits issued represent a 16.6-month supply.

During that same time, jobs & population are essentially flat.

For more Silicon Valley-related news, please visit:
www.viewfromsiliconvalley.com

Thanks!

Oct 25, 2006, 9:40:00 PM  
Blogger 4MySales said...

The flyer is either from a group of flippers looking for clients, or somebody is trying to move their home as fast and aggressivly as possible. Either way, there may be an opportunity; depending on the motivations of the paperer.

BN
4MySales.com

Oct 26, 2006, 12:05:00 AM  
Anonymous tom said...

Aaron Russo's

AMERICA: FREEDOM TO FASCISM

"FOUR STARS (Highest Rating). The scariest damn film you'll see this year. It will leave you staggering out of the theatre, slack-jawed and trembling.”

Watch the entire film Here!!

Oct 26, 2006, 5:06:00 PM  
Blogger B. Durbin said...

The other day, I was driving down the freeway and got a report of a large fire near the side of the road. "East Stockton and Bow... now, why does that sound familiar?"

I'd remembered the location from a low-cost MLS listing (which, since you could see the freeway, was not precisely desireable.) The fire in question took out a house.

Now, I have no idea whether it was that house, or whether it was purely random, but it started me wondering: When things get really bad, and people are desperate and unable to walk away or anything, will arson increase?

Oct 28, 2006, 8:21:00 PM  
Blogger marinmaven said...

I have been watching 195 Blackstone Drive that originally went up for $899k earlier this year after being bought in 2005 for 730k and sorta fixed up. It went from $899k to $869k to $829k. It is now down to $799.
I finally got to take a look inside since it has been "upgraded". All I have seen so far was the photos and the photos definately made the place look better than in reality. This property has had some upgrades, but the place doesn't really have the finished look of a home that should go for this price. It doesn't have a garage, a number of people commented that the backyard was soggy (probably bad drainage with neighbors overwatering), and the bedrooms are a bit small even in comparison to houses in the neighborhood and most likely in comparison to the size newer houses have. I am thinking that they will need to go down further.
There was a realtor there even though it wasn't his listing. He was telling people that the time to buy was in Spring 2007. He was also trying to lure potential clients with a GPS gadget that can show where all the listings are.

Oct 30, 2006, 8:59:00 AM  

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