Update on Williams Repo...

Well, who would've thunk it?

Here is a little update on that Williams Road pea-green, gem.

As predicted in the More Repos on the Way article, this darling of a shack was repo'ed and apparently no offers were fielded at the auction.

For all of those that want to know - yes, the inside looks as bad as the outside. What were you expecting, a marble tub with brass soap dispensers?

Anyway, for the last of the real estate lemmings that still think this is a deal and the market is about to change, you can now pick it up for less than the previous owner owed: $184,900. Which, if you do the math, is about $56k less than what they were begging for in April.

Otherwise, hang on…I’m betting on the very low $100s…perhaps the mid $90s.

Foreclosures are Country-Wide for Countrywide

It's been a few weeks; sorry for the delay.

A quick update on 10520 Highway 26 in Mokelumne Hill. We first highlighted this in the leviathan article back in early March.

As predicted the prices just keep dropping and this place is no exception.

Here is the history:

Sold 01/20/2006: $425,000
Foreclosed and marketed at 03/05/2007: $348,900 (REO by Countrywide)
3/22/07 Reduced because the reality check bounced: $343,900
4/23/07 Reduced: $338,900
5/12/07 Reduced again: $314,900 (that appears to be over $30k loss back to the lender)

Well, this stuff is not rocket science. A "normal" mortgage of $300k is about $2200 per month of PITI. Those are not "normal" Moke Hill expenses; that $30k loss was probably someone's yearly amador county salary waving bye-bye. It is time to wake up and smell the over-indebted coffee.

BTW, the all knowing Zillow still has this place valued at $434,611. I think they better tell the lender so that they don't get cheated.