Nah, the hold sold for $550000, but the seller went along with the buyer's plan to call it $640000 with a cash back. The 'buyer' then never made a payment after collecting the $90000.

What are people thinking in April, 2008? $449,900? Ouch!!!!!"

I'd give'em a dollar fer it.

That's a WWII era hovel. $449K? LOL! $100K is WAY too much.

Oh come on guys, it's totally worth that much! I mean, look at the lot. It's totally surrounded by cement so you'll save on landscaping costs. It's maintenance-free, and look at the shade from the tree, A/C bills will be much lower.

Very funny! @ $426 per sq/ft, what a deal..LOL

The original $607 per sq/ft must have taken into acct nearby shopping or some really cool nearby thing that aint at this shack...LOL

I'm trying to find comps:

The page cannot be found

Here is nearby area, 1342 sq/ft @ $575K built 1973

they had the same mentality as people who are buying stock now.
we are all people, you know.

It hasn't sold because there is currently a fool shortage.

Plenty of fools still around they just need a greater fool.

The lender doesn't care 'cause they sold the paper to the Fed. Everybody wins. What a great country.

Buy now or be priced out forever.

Did anyone notice this:

Median Price Per Sq. Foot went from:

$469 between Oct - Dec 2005

dropping "down" to: $456 Jul - Sep 2007

What's that, maybe a 3% (asking price) decline by the end of 2007?

What the heck were people thinking in Feb 2007?

Lets see, I can pay rent or buy a house w/ 0 down neg arm...guess what free rent for 12 or so months. God Bless this country where you can live free and die in debt!

Dennis Kneale sporting monster wood today. Can't wait to see Maria's hr long orgasm.

Fear vanished in 1 day.

I'll tell you what I was thinking in 2005 when my fiance and I paid $400k for a similar-sized house in Seattle: "I'm going to lose a bunch of money on this." But...there are other reasons to buy a house.

please, no one pay any attention to $116 Oil.

that the "value" of that got through underwriting is the real crime here...

Appraisal fraud doesn't begin to do it justice...
Ciao
MS

That house is worth 30K but the garage puts it up to 35K.

Ok suckers,

I can get you in this for:

MORTGAGE RATES IN LOS ANGELES, CALIFORNIA
5/1 ARM (IO) 0 Points

Quicken Loans\t

04/18/08\t5.875 (rate)

Fees @ $5,570

Monthly( @ $1,958

Find Mortgage,Home Equity,Auto and Savings Rates on Yahoo! Personal Finance

Hurry, we have callers on hold and there is a long wait list and we are now taking back up offers.......LoL bawhahahaaahahaha

Maybe they need to throw in a colection of Beanie Babies.

Ok, one last item, how is you credit?

Job ID\tEG SanMarGlendal ELM
Company Name\tChuck E. Cheese's
Job Category\tRestaurant/Food Service; Hospitality/Travel
Location\tSanta Maria, CA • Glendale, CA
Position Type\tFull-Time, Employee
Experience\t1-2 Years Experience
Date Posted\tMarch 7, 2008 (Reposted Apr 17)

Thank you for visualising the mess every once in a while. Looking at these offers gives one a grasp of just how big the problem is. In this case the price asked for in 2008 is still way to high. How much will the homeprices fall eventually? 40-50%?

Can someone please tell me where a nice cheap place to live is? Yah know, the flip side of this coin, where you have a nice place under $200K

Re: Glendale home cost per sq/ft @ $456

@ $2000 per month, one would need a double income at a min net of $4000 to survive...

Glendale is a city in Los Angeles County, California, United States. It lies at the eastern end of the San Fernando Valley, is bisected by the Verdugo Mountains, and is an important suburb in the Greater Los Angeles Area.

Glendale, California - Wikipedia, the free encyclopedia 

The median income for a household in the city was $41,805, and the median income for a family was $47,633. Males had a median income of $39,709 versus $33,815 for females. The per capita income for the city was $22,227. About 13.6% of families and 15.5% of the population were below the poverty line, including 20.7% of those under age 18 and 11.9% of those age 65 or over.

There were 71,805 households out of which 32.9% had children under the age of 18 living with them, 52.3% were married couples living together, 11.8% had a female householder with no husband present, and 30.9% were non-families. 25.7% of all households were made up of individuals and 8.7% had someone living alone who was 65 years of age or older.

Here is the last owner info -- maybe someone can give him a call and ask him what the hell he was thinking about?

Robert is a Glendale, California Real Estate Agent who is licensed in the State of California and works out of the Regency Real Estate Services Office in Glendale, CA. Currently Robert has not left a welcome message or submitted a photo, so please feel free to leave a review of Robert or email Robert Minassian to ask them to sign up and update their profile.

Name: \tRobert Minassian
Office: \tRegency Real Estate Services
Address: \t2915 Graceland Way
City, State & Zip: \tGlendale, CA 91206-1332
Phone: \t818-240-0777

please, no one pay any attention to $116 Oil."

That nice man Mr. Bernanie is blowing a new bubble don't tell anyone.

To maintain the same standard of living, your salary of $41,805 in Los Angeles-Long Beach-Santa Ana, California could decrease to $20,764 in Arkadelphia, Arkansas
Stated another way, it's 50.3% cheaper to live in Arkadelphia, Arkansas than Los Angeles-Long Beach-Santa Ana, California

Cost of Living Comparison: compare Los Angeles-Long Beach-Santa Ana, California to Arkadelphia, Arkansas

"Then put over 200 large (of what's left over from the transaction) into some guns, ammunition, silver, gold, salted snack foods, tequila and porn."

Is there a mutual fund out there that will package this all together for me? I need someplace to park my IRA and I'm too busy to make the effort to buy individually....

The population density of Glendale was 2,456.1/km² (6,362.2/mi²).

The population density of Arkadelphia, Arkansas was 1,486.2 people per square mile (574.0/km²).

FYI: The U.S. headquarters of International House of Pancakes are located in Glendale.

Recent advertisement campaigns have featured slogans such as "Just For the Fun of It", "Why not eat breakfast for dinner tonight?", and most recently "Come hungry. Leave happy."

I agree with the notion that prices are still insane.

People went from having limited buying power to unlimited buying power with no down payment (Stated).

Demand isn't effective unless it is backed up by purchasing power. Anyone willing to commit financial suicide had unlimited purchasing power.

Now we are slowly getting back to limited purchasing power based on AMORTIZATION and documented income. It is a huge shift and people haven't made the adjustments yet.

It is insane to me how many people are still willing to buy at these prices. The SFV might get positive YoY numbers this next april (due to an easy comparison and a jump in pendings). People are funny in how they think of prices. They see 20% off of a number that bore no relation to reality and they think they are getting a deal. I know a very smart scientist that just bought a CONDO for investment in So Cal. That floored me.. he got such a great deal at the time.. now 6 months later that deal is last years overpriced sale.

People are going to get destroyed by thinking they can call a bottom on this thing.

"looking at that tree from an arborist point of view"

Looking at the tree from a practical point of view, you could easily construct a treehouse in it nicer and bigger than the one featured in the picture and live in that, while collecting 1/2 the note in rent on the primary hovel, and probably pirate wireless broadband off the tenants. Get a little exercise climbing up & down to boot!

Glad I don't libe in CA. What a mess, and a lot of capital destruction to come...

sold in 2001 for $129,000.

Selling @ $400,000 in 2008!

A 300% profit in 7 years....this bubble has never come close to popping and with The Fed running up the stock market into the next bubble, oil headed to $125 and inflation out of control with an insane President....does it matter if these people have a clue? They just wanna be in the casino and cash in on retardation -- can you blame them?

True story: a friend is filing for Chapter 7 - owns three houses, including the one his family resides in fell behind in payments - do they have to give them all up?

While the middle class struggles, the market for Estates is very hot!

...yes some people live for displaying that can afford more then others = another empty pursuit, I actually feel sorry for them.

Money should help you be free, instead they are slaves, just like those who buy "stuff" because everybody else has them, they buy stuff because no one else (they hope) can have them.

Beautiful remodeled house on zero traffic tree lined street.

That zero traffic thing (in LA) really makes me suspicious. Was the street shut down due to sinkholes or something?

People are going to get destroyed by thinking they can call a bottom on this thing.
Cal | Homepage | 04.18.08 - 2:09 pm | #

Cal,
As a FYI,rents have fallen in Cape Coral,Fl to 1997/98 levels. We have filled all our units at that price. Now for all the other rental properties bought since 2001/02,have fun! If prices overcorrect to the downside,I could see SFR falling to that point. It's a big waiting game...

Chris

skeptictank,
Sat photos show the house is on a cul de sac...right next to a freeway.

That house in the post looks better than you get in Vancouver. this house costs C$558K. No mortgage interest or property tax deduction, either.

See full post at here.

When the broad house price index declines by X %, you will find a small area in which prices are declining by 2X %. And, you will find some individual houses that experience 2.5 to 3X % declines.

Scott "I went short at the really wrong time"

I have been neutral long/short in my acct for the past 2 months. Too tough to win. Just pick the losers and go short and pick up the unfairly clobbered longs after a severe beating. Playing the indexes, it's just best to day trade... and not carry position overnight. Specially if you're stubborn.

OIL $117....$4.00 here we come.

East Side, West Side, homes hit 1.6M avg.
BY OWEN MORITZ
DAILY NEWS STAFF WRITER

Friday, April 18th 2008, 4:00 AM

Manhattan home prices zoomed to a record average of $1.6 million in the first three months of 2008, the Real Estate Board of New York reported Thursday.

The board said the prices of co-ops, condos and townhouses were up a staggering 41% over the $1.1million in the first quarter of 2007.

Trendy SoHo and Tribeca led the pack. The average apartment there went for $2.3 million and $2.2 million, respectively.

Thinking of buying something on the posh upper West Side? Think again.

The average apartment price on the upper West Side soared 96% to $2.1 million, followed by Murray Hill, where the average price rose 92% to $1.1 million.

In releasing his agency's quarterly report, REBNY President Steven Spinola said it "shows that Manhattan's luxury market for high-end properties continues to remain untouched by the slowing national economy."

Citywide, the average sale price of a New York City house, condo or co-op rose to $853,000, a 28% increase over the $669,000 reported in the first quarter of 2007.

The outer boroughs are beginning to show signs of softening. In Queens, the average price of homes was down 5%, to $458,000, and in Brooklyn average home prices fell 3%, to $582,000. In contrast, apartment prices in both boroughs increased 10% and 13%, respectively.

The REBNY report tracks the sale of residential property, including one- to three-family homes, condominiums and cooperatives.

omoritz@nydailynews.com

East Side, West Side, homes hit 1.6M avg.

I think that listing has the wrong photo.

The house in the photo looks like Glassel Park...but the address is on the other side of Glendale.

The address in Google Maps shows a bigger place than the house in the photo.

Either way, the deal is bad.

Oh, as one who knows such things, I'd be willing to bet that tree won't be around too much longer. It looks reasonably healthy now, but it's probably suffered WAY too much root-zone damage over the years. There's a reason those little boxes that trees are planted in by the street curbs are called "tree coffins."

So, imagine this little hovel without the tree in front, but just an ugly stump. I guess that would let one finish paving over everything in the front yard... Argh - what were people thinking?!?!

Did anyone notice that the front door of that house is not even usable ?
Someone would have to PAY me $449,900 for me to live there.

Barley writes:
Cobradriver - Can you give us an idea of the rates. Good location/neighborhood, 2b, view?

thx
Barley | 04.18.08 - 3:00 pm | #

The last unit to go went for 600/mo.
2br/1ba. Run of the mill apartments. Well kept/updated somewhat. Just a good solid place to keep the rain off ya. When dad bought in 94 the rents were 475-525. I could possibly see rents even collapsing to that point.

The guy who rented moved from 6 places down from us. He was paying 950/mo and the landlord was going to raise the rent May 1 to 1050. Brand new place. Even if he got 1050 it probably still cash flows negative. We haven't even started the whole larger rental property fallouts yet. There are way more people upside down on larger units than people realise. I can take you by 4,50+ unit complexes all bought by a guy with 3% down...

Chris

To answer the question about where are the reasonable, affordable homes?...Dallas-Fort Worth. The Metroplex has some pockets of foolishness and the winds are getting stiffer, but there are plenty of old and new suburbs with 1500-2000 sq. ft for $140-200K, 3-2-2, nice yard, near highways for commute. Not too badly built either.

I grew up in LA in the East Valley, so I know about Glendale. Despite fond memories and the luscious weather, geography, and babes, the basic fact is that none of it justifies these prices. None of it! Several commenters here over the years have noted that these home prices are essentially unaffordable when taking into account family incomes, median, average, whatever. People simply cannot afford to pay for this real estate no matter how the loan is rigged. Until home prices come into line with incomes, rationally, we will be dealing with this crisis.

I don't pity the idiots involved in this debacle, I just feel sad. The criminals in this need to go to jail, rules need to rewritten or simply enforced, the fools need to be redirected into less dangerous pursuits. Meanwhile, the adults in the room get their pockets picked...again. I am my brother's keeper, but baby it's getting hard.

The property backs right up to the foothill 210 freeway. The last sale was probably overvalued by the appraiser. There were sale comps in the area ranging in the 450k to 480k range. 640k comps are located miles away and in much nicer neighborhoods. Today’s list price is no deal. Try 350k and maybe I’ll be interested.

Apropos of this stupid house highlighted in CR's post, here's a link to an article decrying current efforts by the British government to keep squeezing citizens into W_A_Y overpriced homes and, making sure that the rest of us continue bailing these bozo buyers and lending institutions out:

Scandal of luring first-time buyers | Alice Miles - Times Online

It also fits the US situation perfectly. And it's nice to see the whole problem finally confronted directly in the MSM.

Just looked at the neighborhood in Google. Houses that are far too large for the plot they sit on, with a six-lane elevated freeway 100 meters away.

Man, you would have to pay me to live there. What are people on that the asking price is USD 450000?

Where is the front door?