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