Surprise...it is still going...

Not much needs to be said here...it is obvious.

Ione 3BD goes for $216K

Here's a place (a foreclosure) in Ione (as opposed to "I rent" - which I think that many will be doing going forward), that appears to have sold for about 31% less than it was bought for in '05. Picked up in the height of the frenzy in 2005 for $310k and recently purchased from SG Mortgage, that is quite a deal lower than when everyone was saying "you need to buy before it is too late".

It is still coming in at about $135/sqft, which seems excessive for prison town, but to each his own or "Ione" as the case may be.

Trulia's Sales History

Sales History
Historical home sale price (1):	$216,000
Prior sale date:	Jul 1, 2008
Change since this sale (1):	NA
Historical home sale price (2):	$198,750
Prior sale date:	Apr 17, 2008
Change since this sale (2):	+9%
Historical home sale price (3):	$310,000
Prior sale date:	Dec 20, 2005
Change since this sale (3):	-30%

Comparison Shopping...

Perusing the foreclosures in the area, Ione definitely stands out as a city that is looking down the barrel of a depreciation cannon. There is a sign on Highway 49 that says "Smart people are buying now." I always laugh when I see that and I always wonder if they know how offensive that statement is; the conclusion being that if you are not buying now and in fact waiting for something that seems reasonable and sensible, then you are a fool and a dolt. We shall see.

Of course, I wonder of those same agents told their clients 12-24 months ago that it was not a good time to buy. Likely, they have never told anybody that it is a bad time to buy.

This house in Ione at 2108 Village Dr. is a great example of why it is such a smart time to buy. According to Amador.WhoBoughtWhat.com this property was last sold in March 2006 for $365k. It was probably brokered through those agents on Highway 49.

So, $365k in 2006...soon foreclosed upon...and now less than 2 years later it can be picked up for $248,900! Wow! $116k off the last sales price and yet the lender is still having a hard time unload this place. Apparently, those in Ione haven't seen that sign on 49.

In fact, NexTag doesn't understand the market in Ione either; they are currently listing the value as "NexTag Estimate: $372,300". Someone better let that lender know that they are pricing it way too low.

NexTag Description

2108 Village Dr, Ione, CA 95640
NexTag Estimate: $372,300 (as of 12/23/2007)
Appreciation Since Last Sale: $7,300 (+2%)
A comfortable 3 bedroom, 2 bathroom single family home in Ione, California. This home, built in 1996, measures 1,232 sq ft on a 47,916 sq ft (1.1 acre) lot. Amenities include central heating, central cooling, and fireplace. NexTag estimates this Amador county home's value to be $372,300.

If smart people are buying now, I figure if I wait long enough to buy, I will be really smart.

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

We are in a Race Now

The foreclosures certainly aren't letting up; nor do I expect them to anytime soon. It is as if the plug has been pulled on some giant tub - you don't recognize at first that the water is actually being let out. But, underneath the calm and placid surface the under current is pulling first at the loose silt that is at the bottom. Boy, is that corny.

Well anyway here is another NOD that just made its first appearance in the Ledger Dispatch.

This one was purchased way back in 05/2005. This is beginning to sound like a broken record. Seems as if the bulk of these places were purchased around 2 years ago. Now let me see (scratch head), I wonder why that could be. Hmm....

Oh, I know! Could it be that it was the time that sheeple were running to and fro seeking real estate and a ridiculous mortgage that they could devour? Remember when your friends said "You better buy now, or you'll be priced out of the market forever"? Seems kind of funny now. I hope you didn't listen.

Anyway, this place was picked up for about $257/sq foot. I am sure it seemed like a bargain back then, but wait a few more months and check again.

Here is the history:

2680 Quiver Drive
Property Features
Interior Area: 1280 ft2
Year Built: 1987
Sales History
Sold: 5/20/2005
Price: $329,000

Currently, Zestimate puts them in at $344,567. Somehow, I don't think that is near accurate, though, I have never known them to be wrong.

PUBLIC NOTICE NOTICE OF TRUSTEE'S SALE T.S. No. FD-105031-C Loan No. 0324325646 YOU ARE IN DEFAULT UNDER A DEED OF TRUST DATED 5/11/2005...Recorded 5/20/2005 as Instrument No. 2005-0006017-00 in Book , page of Official Records in the office of the Recorder of Amador County, California, Date of Sale:8/8/2007 at 12:00 PM Place of Sale: AT THE MAIN ENTRANCE TO THE AMADOR COUNTY COURTHOUSE LOCATED AT 500 ARGONAUT LANE, JACKSON, CALIFORNIA Property Address is purported to be: 2680 QUIVER DRIONE, CA 95640 APN #: 003-752-002-000 The total amount secured by said instrument as of the time of initial publication of this notice is $274,269.68