With all the news about falling house prices and specials on the housing bubble, it is obvious to most people that prices are falling, and they will continue to do so. Unfortunately, most people do not do anything about it until the price drop is painful—and it is too late.
Today’s featured property is a high-end short sale. It will be a foreclosure soon enough.
Asking Price: $1,215,000
Address: 46 Crimson Rose, Irvine, CA 92603
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Before the IHB began publicizing HELOC abuse, few realized how widespread the phenomenon really was. Now that we all know, I ask you “Will all the short sales and foreclosures caused by HELOC abuse doom the housing market?”
Today’s property is, of course, a HELOC abuse case. They are easy to find, just pick a listing at random, and it is either a 100% financing deal or HELOC abuse…
Asking Price: $415,000
Address: 65 Olivehurst, Irvine, CA 92602
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Empires rise and fall. The Great Housing Bubble witnessed the creation of many real estate financial empires. These are now starting to crumble.
Today’s featured property is one of 15 owned by the same man. Will his empire survive?
Asking Price: $1,219,900
Address: 30 Foxboro, Irvine, CA 92614
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What will be the enduring legacy of market price supports and HELOC abuse? Will there be valuable lessons learned, or have we tainted the next generation by policies loaded with moral hazard?
Today’s featured property is yet another HELOC abuse case where they more than doubled their mortgage, and now they are walking away.
Asking Price: $499,000
Address: 91 Legacy Way, Irvine, CA 92602
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The few discretionary sellers out there are still living in a bubble fantasy world. Short sales and REOs in their neighborhood are forcing them to face reality. I doubt they like it. HELOC abuse is everywhere, and wherever the problems of excessive debt surface, prices fall.
There are two featured properties that are side-by-side neighbors. One is distressed, and one is not. These properties are nearly identical, except for the $315,000 difference in their prices. The distressed property is also a 2003 rollback.
Asking Price: $1,160,000
Address: 31 Lynnfield, Irvine, CA 92620
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Are you curious how people spent their HELOCs? I am. Let’s see if anyone will share their experiences.
Since this is turning into HELOC abuse week here at the IHB, I
thought I would share yet another one (They are not difficult to find). It is a high-end property in Turtle Ridge with a WTF asking price.
Asking Price: $1,250,000
Address: 53 Sweet Bay, Irvine, CA 92603
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I have written many times on this blog about the upcoming foreclosure problem due to ARM resets.
I have posted the available statistics and presented all the
data-driven arguments about why this is going to be a problem. However,
today I am going to ask you to think about this issue more intuitively.
Based on what you know about human nature, I think you can see how big
this problem is.
Today’s featured property is a median-sized 3/3 condo where the onwer managed to extract almost $300,000 in HELOC money.
Asking Price: $499,900
Address: 38 Daisy, Irvine, CA 92618
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