Arroyo Place...

There must be gold in them there hills.

According to whoboughtwhat.com, this place was purchased 2/7/2005 for $402k. Built in 2003, this 1600 sq ft house went for about $250 psf. Not bad...or was it?

Previously sold on 6/2003 for much less...$320k. Why do I get the feeling that it may get down to that price again? Maybe it's just me.

Anyway, if you feel like you want to spend more than $320k, the auction will be on 5/1 at the court house.

PUBLIC NOTICE TSG No.: 3200123 TS No.: 20079070800113 FHA/VA/PMI No.: Notice Of Trustee's Sale YOU ARE IN DEFAULT UNDER A DEED OF TRUST, DATED 7/28/2005 UNLESS YOU TAKE ACTION TO PROTECT YOUR PROPERTY, IT MAY BE SOLD AT A PUBLIC SALE. IF YOU NEED AN EXPLANATION OF THE NATURE OF THE PROCEEDING AGAINST YOU, YOU SHOULD CONTACT A LAWYER. On 5/1/2007 at 12:00 PM First American Loanstar Trustee Services, as duly appointed Trustee under and pursuant to Deed of Trust recorded 08/09/2005, as Instrument No. 2005-0010415-00, in book , page , of Official Records in the office of the County Recorder of Amador County, State of California.

The street address and other common designation, if any, of the real property described above is purported to be: 175 Arroyo Place , Jackson, CA 95642

The total amount of the unpaid balance of the obligation secured by the property to be sold and reasonable estimated costs, expenses and advances at the time of the initial publication of the Notice of Sale is $370,321.16.

No Peace in the Valley...

If you feel sheltered living way up here in the foothills, here is some news on what is happening to our friends down in the valley.

...........................
California Foreclosure Notices at 10-Year High

On primary mortgages, homeowners were a median five months behind on their payments when the lender started the default process. The borrowers owed a median $10,784 on a median $331,200 mortgage.

On lines of credit, homeowners were a median six months behind on their payments. Borrowers owed a median $3,580 on a median $60,000 credit line. However the amount of the credit line that was actually in use cannot be determined from public records.

The default numbers reflect wide regional differences. The first-quarter numbers were a record in San Diego, Sacramento and Contra Costa counties. In Los Angeles County it was almost 60 percent below the first-quarter 1996 peak, reflecting the depth of the recession in the mid-1990s as well as relative strength in today's market.

So, I am sure all of you out there trying to sell your home are comforted by the "relative strength" of the today's market.

On a loan-by-loan basis, mortgages were least likely to go into default in Marin, San Francisco and San Mateo counties. The likelihood was highest in Sacramento, Riverside and San Joaquin counties.
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Sacramento Near Top in National Foreclosure Activity

Some 3,400 Sacramento County property owners faced foreclosure in the first quarter of 2007, up nearly 200 percent from the same period last year.

In sheer volume of defaults, Sacramento County is in the top ten nationwide. Hey, nationwide status - we're not just a cow-town anymore!
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FOR ILLEGAL IMMIGRANTS, HOUSING SLUMP TAKES TOLL

The housing boom has ended. The slump is clearly evident in the multitude of For Sale signs on lawns around the nation. Illegal immigrants used to work in the construction field but now are finding jobs harder to find.

"From Fresno to Sacramento, big tangles of wire and PVC pipes clutter vacant lots in silent subdivisions, waiting for houses to be built — some day. Dozens of “For Sale” signs already dot the lawns across new residential communities. And right next to the ubiquitous billboards from builders are fresh signs offering homeowners help to avoid foreclosure."

Amazing, the mortgage industry profits going up and down the real estate boom from the same sheeple. Can someone say, "Baaaah"?
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Foreclosures still rising

Mortgages were most likely to go into default in Sacramento, Riverside or San Joaquin counties. The likelihood was lowest in Marin, San Francisco and San Mateo counties.

Most homeowners don't lose their home, but about 40 percent of homeowners who found themselves in default last year lost their homes in the first quarter, up a year ago from 9 percent, DataQuick reported.

Trustee's Deeds recorded, or the actual loss of a home to foreclosure, totaled 11,033 during the first quarter, up 802 percent from 1,223 in the first quarter of 2006.

Oh, well, that's good...only 11,033. That can't affect much. So, if the median price of the homeowner that is in trouble is $331k, well that is only about $3,651,923,000. Don't worry, nothing to see here...remain calm, all is well.

If that trend continues for the next year, that is only 14.6 billion back to the lender. 14.6 Billion...hah! We scoff at you Mr. Billion with your capital B. No worries.

$2 Billion Per Month, and Rising...

Well, here comes the flood. I hate to say "I told you so". So, I won't. Man that is so smug!

Anyway, from the Central Valley Business Times: California foreclosure sales near $2 Billion in March

FCs in CA reach $2 Billion, with a "B", in a single month.

There are a few keys to this article that I would like to point out. I know you were waiting for that - my articulate and in-depth analysis.

Key #1

Of the $2 billion worth of properties sold in March, 4,796 went back to the
lender after receiving no bids, representing $1.82 billion...

Did you catch that? 91% of all of the homes that were foreclosed on were not sold at auction time on the courthouse steps. Casey Serin knows all about that.

What that means is that the lender took the assets back as REOs and now not only needs to service its pool of existing paying "customers" (which in the industry, we call “performing”), but now they also need to manage and market its ever-growing list of unsold and stagnant properties. Time is money - and someone is going to pay for that. Likely by foregoing coming into their brick-and-mortar office space and sacrificing themselves on the altar of unemployment.

Key #2

Four of the state’s top five counties for foreclosure sales last month, on a per
capita basis, are in the Valley.

As in, “the valley” that we in Amador look down on from our lush, green, lofty heights. That should really prop up values in the high-country with dropping appreciation (some call depreciation) just a few miles down the hill.

Key #3

Foreclosures sold at auction now account for 15 percent of all home sales in
California and continue to rise...

This is the kicker! Do the numbers - you don't have to be a NASA engineer to figure this one out. If the 8% of FCs that actually sold at auction represent 15% of all of the sales in CA for the month, then you can see that it only takes a few months to reveal that there is a bulging glut of unsold properties out there.

Somehow, I don't imagine that it will be the buyer that gives in first. Tick-tock, tick-tock - so goes the clock. Who will cave from the pressure of time?

Amador Average Prices...

I will have to give kudos to John Lockwood for putting this together at El Dorado and Amador County Real Estate

Average Sold Price



Average Sold Price Per Square Foot

More Repos on the Way...

14385 Williams Road Pioneer, CA 95666MLS ID#: 105458
$240,0002 Bed, 1 Bath748 Sq. Ft.0.51 Acres

Wow! There are some dream homes out there...er...uh...and a few very desperate sellers.

Here is an example; you decide dream home or desparate seller.

This home in the lovely Pioneer area is a very classic sun-bleached forest green tone and maintains both over half-an-acre of useable property and the tools to create your own garden. (See image lower right)

At the low asking price of $240k, who could pass up this treasure? And considering that the price per square foot in the Amador County area has dropped to just about $200 psf at $320 psf, who could complain?

But wait, there's more...you better hurry, because apparently the lender wants their property back and soon. This gem is set for auction on 4/18/07 - 12:00 PM sharp!

See below:

PUBLIC NOTICE NOTICE OF TRUSTEE'S SALE TS No. 06-30052 Doc ID #000715156772005N Title Order No. 3184810 Investor/Insurer No. 1000228175 APN No. 031-120-023 YOU ARE IN DEFAULT UNDER A DEED OF TRUST, DATED 02/14/2005. UNLESS YOU TAKE ACTION TO PROTECT YOUR PROPERTY, IT MAY BE SOLD AT A PUBLIC SALE. IF YOU NEED AN EXPLANATION OF THE NATURE OF THE PROCEEDING AGAINST YOU, YOU SHOULD CONTACT A LAWYER." ...will sell on 04/18/2007 at 12:00PM, At the main entrance to the County Courthouse, 108 Court Street, Jackson, CA at public auction, to the highest bidder for cash or check as described below, payable in full at time of sale, all right, title, and interest conveyed to and now held by it under said Deed of Trust, in the property situated in said County and State and as more fully described in the above referenced Deed of Trust. The street address and other common designation, if any, of the real property described above is purported to be: 14385 WILLIAMS ROAD, PIONEER, CA, 95666. The undersigned Trustee disclaims any liability for any incorrectness of the street address and other common designation, if any, shown herein. The total amount of the unpaid balance with interest thereon of the obligation secured by the property to be sold plus reasonable estimated costs, expenses and advances at the time of the initial publication of the Notice of Sale is $203,627.87. It is possible that at the time of sale the opening bid may be less than the total indebtedness due. In addition to cash, the Trustee will accept cashier's checks drawn on a state or national bank, a check drawn by a state or federal credit union, or a check drawn by a state or federal savings and loan association, savings association, or savings bank specified in Section 5102 of the Financial Code and authorized to do business in this state. Said sale will be made, in an ''AS IS'' condition, but without covenant or warranty, express or implied, regarding title, possession or encumbrances, to satisfy the indebtedness secured by said Deed of Trust, advances thereunder, with interest as provided, and the unpaid principal of the Note secured by said Deed of Trust with interest thereon as provided in said Note, plus fees, charges and expenses of the Trustee and of the trusts created by said Deed of Trust.