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.
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