Charming...

Thanks to amador.whoboughtwhat.com for the update on the Charmstone Way home that was FC'd back in April.

According to WBW, this place was picked "acquired" by US Bank for $368,100.00 in April. The big problem for the shareholders at US Bank is that they turned around and sold it 4 months later at a $69k loss for $299k. Ouch!

If this does not give you any indication on where this market headed, you must still driving around with a Kerry/Edwards bumper sticker on your car.

The description for this place is below:

3705 Charmstone Way, Ione, CA
Usable Acreage for Shop or Animals
New light & bright open plan 3 bedroom, 2 1/2 bath, approx 2000 sq. ft. w/high ceilings, French doors to front & rear yards, 2x6 walls, tile & laminate floors, gridded windows, pantry & island, ceiling fans & tile hearth plumbed for pellet stove. Double door entry to master w/walk-in closet, jetted tub, shower w/seats & double sinks. Oversized finished garage w/220 & 2 auto openers. Usable 1.6 acres w/mature oak & separate driveway for shop or barn in cul-de-sac.

Did you catch that? This place is 2000 sq. ft. and is on 1.6 acres! Disregarding the acreage, that works out to be around $149 per sq. ft. Hello!

The professionals at All Power Brokers were trying to hock this place prior to the repo for $415,000 - not a bad take by the new owner. The all knowing Zillow, put this place at $393,759 - makes me warm and cozy knowing that I can trust in their accurate estimate.

Still, something tells me though that we are not quite done with the overall downturn - what do you think?

Credit-card defaults on rise in US

Subprime Mortgage Woes Spreading

Forrest Oak...

Maybe it is the spelling...the double "r" in "Forrest" can throw people off when they are searching on the street name. I have a feeling though, it is because this place is a dump. As I have said before, "You can't polish a turd."

Back in February we profiled this unseemly abode (link).

The owner was trying to get $305k in December; by February the new owners (Fannie Mae) tried to extricate themselves of this box for $279k. I laughed at the time - in fact, I am laughing right now.

I believe I made the comment, "Good luck with that."

I know, I know, it is all Bernanke's fault...or was that Greenspan. If Bernanke had bailed out the investment bankers yesterday by cutting the rates, we would all be sitting pretty. (Sarcasm)

Well anyway...as predicted...it remains in the hands of the last sucker to hold the devalued note.

Currently being offered at Fannie Mae for $235k - ouch.

Let the Feeding Frenzy Begin...

Don't worry nothing to see here...everything is alright...nothing to see...

Gee, all we need now is for the government to get involved and to try and "fix" the issue.

Let the blood-bath begin...

Bear Stearns Halts Redemptions on Third Hedge Fund
July 31 (Bloomberg) -- Bear Stearns Cos., manager of two hedge funds that collapsed last month, halted redemptions from a third fund after a slump in credit markets prompted investors to demand their money back.