hope in an ocean of dead lawns

Okay so if you look at the whole map of eastvale on RealtyTrac or Trulia or the like, it is littered with all kinds of pre-foreclosures, foreclosures, REOs, auctions, etc, etc, yadda, yadda…. I know it looks bleak. But if you drill down you will see some of the neighbourhoods are doing okay. In fact, in my little neighbourhood which is part of Providence Ranch, we had 6 REOs just sitting there for months. They had been empty since late 2007. Then, in these past few weeks signs of life returned to 4 of them. 4 of them were sold at a pretty hefty discount (essentially 2004 price levels) and people have moved in. The lawns are getting watered and the neighbours (myself included) are a little happier. It’s hard to look at empty homes and dead lawns every day when you drive home from work. It is a constant reminder of the situation we are faced with here in Bubbleland, USA. It’s just nice to see that prices have finally got to a point where the vultures have stopped circling and have actually finally decided to land and peck around a little.

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~ by razor on May 27, 2008.

3 Responses to “hope in an ocean of dead lawns”

  1. I’ve noticed an uptick as well. In my tract I had assumed my home would be in the low 300’s by now but the same model just sold in early May for 390k. So I actually still have some good equity since I bought late 2003 at 350k with 15% down.

    Also, I think most of the listings on http://www.redfin.com in Eastvale are short sales and nobody wants to bother purchasing those. All of the short sales in my tract have been sitting for quite some time. REO’s sell fairly quickly if it is priced competitively.

  2. Hi Bolky

    I bought exactly when you did for pretty much the same price. What tract are you in? I’m in the Hearthside Homes Phase 1A.

    You’re right about the short sales. The problem is that the banks are so backed up they are taking months to even respond to good solid offers from people if at all. There have even been stories about banks failing to accept short sales and then selling the same house to investors for much less than the short sale offers were for. Then those investors subsequently flip the home immediately to the people who were interested in the short sale. (See http://money.cnn.com/2008/05/28/real_estate/short_sales_long_waits/index.htm?section=money_latest) Its sad but its a reality given most mortgage servicers don’t have the resources to do true loss mitigation on all the flood of properties they’ve been taking posession of.

  3. I’m in the Orchards North.

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