Home > House SOLD!!

House SOLD!!

June 17th, 2008 at 01:08 am

Tales from Foreclosure-ville...

Our immediate neighbor's house foreclosed a couple of months ago (will have to peruse my blog for the exact date).

Anyway, was notable because was the first "personal" foreclosure. Certainly the BEST neighbor ever, and were sad, and shocked, to see him disappear into the night.

Likewise, was also an original neighbor whose house foreclosed for way more than the current value. Was notable as a large percent of foreclosures seem to be people who used their homes as ATMs as opposed to the few who bought too high. This is the first one of note in our immediate neighborhood. (EVERY single home that was bought for more than $600k is now bank owned. So those are expected).

Anyway, this morning I noticed a car in front of the house, and looked closer noting the "for sale" sign was gone (hmmmm, I think it had been gone for a while though I just didn't notice). The key lock box was gone from the front door.

On my return home from work there was a new neighbor putting fertilizer on the dead yard.

Well, that is a nice start.

Didn't see them move in, but was 2 cars tonight. I assume they are in process.

Dying to know the sales price.

As I perused the web in hopes the sale was old and on record (no luck) I noticed quite a few of the same model homes still for sale. Some of the other ones have been listed for YEARS. I noticed three that were asking upwards of $375k. For the smallest model. Don't ask me the size, but 3 bedrooms and the small ones of the neighborhood.

This one was asking $280k or so. It will be interesting to see what it sold for.

Since we owe $209k for a house twice the size, I am not shaking in my boots yet.

We're also still just glad we didn't have to pay $500k+ for a starter home (back home). so the value of our house really means little to us. The payment is quite reasonable. That is what matters!!

But it is still nice to know we have some decent equity, all the same...

(I am just recapping for new readers - I am aware I am a broken record. Wink )

So, anyway, I am very happy with our brush with Foreclosureville. There are a few houses sitting around, but so far that is the only one on our street and I am glad the bank had the sense to price it well and turn it around FAST.


Some neighbors mowed the lawns a couple of times, but otherwise it wasn't much problem.

I worry that there will be more. I did a search on something like (not sure exactly where). I put in my zip code and there were just THOUSANDS of homes - REO. I zoomed in on our little community and it was something like 10% home bank owned and 10% pre-foreclosure.


The good thing is our immediate neighborhood is holding out well.

Then again, even in our community, looking at the map, I saw a couple of streets with whole ROWS of homes in foreclosure. Egads.

I think some of our immediate neighborhood is faring on the better side because we were the BOTTOM phase. Meaning we were one of the first few to move in, in 2001. I forget a lot of the houses around here weren't even finished until much closer to the peak in home prices. Those neighborhoods are going down in flames.


So we are lucky a large percentage of our neighbors bought before house prices went too crazy.

It remains to be seen how many didn't borrow more or take on more than they could handle.

I have the feeling there will be much more to come.

Looking at that map, I am thankful our street is hanging on though. I don't want to live on a street with a bunch of foreclosures in a row. I won't rule out the possibility though. Unfortunately.

ETA: Our neighbor foreclosed about 60 days ago. Found the original entry in my blog.

Not bad.

2 Responses to “House SOLD!!”

  1. greengirl Says:

    hmm. prices are around the same in my area. a two bedroom unit goes for around $250-$310k. a three bedroom house can go anywhere between $330-500k and if it's got more than 4 bedrooms you'll be looking at a million. Big Grin

  2. monkeymama Says:

    Well, people are still trying to ask those prices, but they aren't SELLING. PRiced have dropped about 35% this last year, not sure where they will land.

    HAving come from an insanely HCOLA, I welcome the change though. IT wasn't all roses having a house appreciate 100% in 3 years. That's what we were trying to get away from... I have the feeling as long as we live in California though, affordable housing will always be a large issue.

    We really just wanted to raise our kids somewhere where they could afford to buy a house some day. We weren't please that a lateral move would mean our large property taxes would double, etc. It limited our own freedom and mobility when prices went sky high.

    I worry how low it will get before it all evens out though... It's going to swing the other way for a bit. Then hopefully it just settles down!!!

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