This song goes out to my new blog helper, Brittany, who has been emailing me great properties to profile and providing me with mortgage data.
You see my problem is this
I’m dreaming away
Wishing that heroes, they truly exist
I cry, watching the days
Cant you see I’m a fool in so many ways
But to lose all my senses
That is just so typically me
Baby, oh
Oops!…i did it again
Oops!…I Did It Again — Britney Spears
Oops! I profiled another 2004 rollback — an REO no less. I would make some comment on the line “Can’t you see I’m a fool in so many ways,” but I will just let it go…
Income Requirement: $147,475
Downpayment Needed: $117,980
Bank Purchase Price: $500,474
Bank Purchase Date: 10/5/2007
FB Purchase Price: $595,000
Address: 83 Ardmore, Irvine, CA 92602
First Mortgage $476,000
Second Mortgage $119,000
Dowmpayment $0
Beds: 3
Baths: 2.75
Sq. Ft.: 1,638
$/Sq. Ft.: $360
Lot Size: –
Property Type: Townhouse, Attached
Year Built: 1999
Stories: Two Levels
Area: Out Of Area
County: Orange
MLS#: H07158310
Status: Active
On Redfin: 12 days
From Redfin, “Model-like condition, Immaculate, End unit, two bedrooms upstairs-like suites, one bedroom & 3/4 bath downstairs, beautiful new wood floors, new interior paint, new carpet, tile entry, fire place in livingroom, formal dining room, indoor laundry, brand new stove, soaring high ceiling, fenced patio, two car attached garages-direct access, walk in closet, gated cummunity w/ giant community pool & spa, children’s play ground, Sheridan Place at corner of portola & jamboree, make all & any offers!!”
cummunity — I won’t go there either…
.
.
So how much will the lender lose on this one? If they manage to get their asking price (doubtful) they will lose the commissions plus a few bucks. No big deal. The real story is the depth of this rollback. The REO price was 20% off a 2004 price. Let that sink in a moment…
Conventional wisdom is that we are 20% off the peak of Spring/Summer 2006. When we start seeing prices 20% off 2004, how low will we go?
I am starting to think the more likely scenario comes from How Bad Could Bad Get?