What the Hey?

Another amazing colossal failure of a real estate purchase.

I continually shake my head in disgust and absolute amazement at what is being revealed by all of this - greed, greed, greed...ignorance...I don't know. I guess I'm just a bitter renter (with no debt - ha!)

Another T.S. notice filed on 02/27/08 in the Amador Ledger-Dispatch.

• NOTICE OF TRUSTEE'S SALE T.S No. 1120311-04
• 11656 New York Ranch Road Jackson CA 95642
• Deed of Trust recorded May 25, 2007
• Notice of Sale is: $747,339.77

What in the world? 9 months and it is now being scheduled for auction?!!! Truly incredible. Is that a record?

WhoBoughtWhat has the last sale recorded as $940k. Apparently, the only ones that profited on this were the sellers and the real estate agents. That is a heck of a commission - at 6% that is just about $56k. Wow! Good work if you can get it.

But, wouldn't you know it, NexTag has the value currently at $893k, which, as they say is -$47k "appreciation". I'm sorry, wouldn't that be depreciation? Whatever. Of course, that was as of 12/23/07, so it might have changed a bit since then. Uh...lower, I believe.

Now, check this out. Currently, it appears that the home is for sale (imagine that) for $899k through Sondra Ammons.

However, according to this link, Sondra already sold this once before: Sold for $940k. Will she double dip? Like I said, great work if you can get it.

But, I am not sure if this is an old link or what. It could be...and we don't want to cast any disparaging judgments toward somebody if we don't have all of the facts. So, for now, I will say that this is probably an old link.

Regardless, if you want the real deal (right) you need to get a hold of Thomas Blackman. He's got it listed at $799k.

Will the real steal/deal place stand up?

Drowning in Plymouth...

Here is an interesting home currently on the market. The Amador Ledger-Dispatch has a Notice of Default filed on 2/27 with the following information:

• NOTICE OF TRUSTEE'S SALE T.S No. 1119221-04
• Date of Sale: 03/18/2008
• 14661 Shenandoah Road Plymouth CA 95669
• Notice of Sale is: $440,155.01

Interestingly, the now much-relied-upon Amador.WhoBoughtWhat .Com (thanks guys) shows this property last sold on 3/11/2005 to James & Deborah Ferguson for $310,500. This was confirmed by NexTag as well.

Currently, NexTag has the estimated value for this home at $355k.

Notice the difference between what is listed as the "Notice of Sale", which is approximately what is owed on the property (the UPB - unpaid principal balance) plus some estimated fees, and what the Fergusons actually paid for the home.

$355k vs. $440k - hello! Can someone say "refi with cash back"? How about the word "underwater"?

Laughably, the home is currently for sale at $489k through Kappel and Kappel. Good luck with that.
14661 SHENANDOAH Rd
Plymouth, CA, 95669 County: Amador
Bd: 3 Ba: 1 1314 sqft.
MLS#: 60119124 Status: W
Price: $489,000

There does seem to be some discrepancy on the number of bedrooms. Kappel and Kappel have it recorded as a 3/1, while NexTag and WhoBoughtWhat have it down as a 2/1.

So, would this person qualify for a Bernanke sponsored suggestion for the lender to reduce the principal amount to match what is fair market value? How and who would analyze each of the millions of these types of situations? If the lender didn't do the due diligence when they gave the loan to begin with, what makes you think that they will provide the due diligence to the FHA, Fannie Mae or Freddie Mac when they try and hock this loan?

Clearly, a person that took out equity from their homes when values were soaring and now find themselves upside down and underwater should not be propped up by any government sponsored legislation or strong "suggestions" to the Mortgage Banker's Association. The government needs to stay out of this! The lenders need to take their lumps, the borrowers need to feel the pain, and the market will absorb the downside appropriately.

Why we as a society want to sponsor and advocate reckless behavior at taxpayers expense is beyond me.

Foreclosure Lane...

It must really stink for all those that actually bought their homes with the idea of living in them and being able to afford them, only to see that the frenzied, post Dot Com bust, housing bubble is impacting your American dream.

Foreclosures are hard for the people that are going through them, hard for the economy, but they are just as difficult to deal with for the people that are left in neighborhoods surrounded by them. The impact of this bust for the average person that didn't seek to dive in the deep end past the safety nets of financial prudence is heavy indeed. There is one in my neighborhood that has been vacant for several months which casts a negative light on the whole block.

I noticed in the post from Monday "New Trustee Sale Announcements", that there are actually 2 streets that have 2 future REOs on them apiece.

Preston Ave.
424 PRESTON AVENUE IONE, CA
445 PRESTON AVE, IONE, CA

Church St.
219 South Church Street, IONE
311 S. CHURCH STREET, IONE

What a deal! As one man said, "Life is a deal. It is either a big deal or a little deal, but it is a deal!"

New TSAs...

A few new Trustee Sale Announcements today with some sleuthful commentary. All announcements courtesy of the Ledger Dispatch.

PUBLIC NOTICE NOTICE OF TRUSTEE'S SALE TS # CA-07-110924-JB
940 Carbondale Rd Ione, CA 95640
Notice of Sale: $267,153.38
Date of Sale: 2/28/2008

PUBLIC NOTICE TSG No.: 2866068
15031 Maranatha Way , Sutter Creek, CA 95685
Notice of Sale: $221,661.03
Date of Sale: 2/28/2008

PUBLIC NOTICE NOTICE OF TRUSTEE'S SALE TSG No.: 3504915
16050 Meadow Lark Lane, Sutter Creek, CA 95685
Date of Sale: 2/28/2008
Notice of Sale is: $567,555.33
-----------------------------------------------------------

The place on Meadow Lark Lane in Sutter Creek has an interesting background and fairly recent history. According to Amador WhoBoughtWhat, this place was most recently purchased less than a year ago for $680k. Wow, now that is a bust and a half at lightning speed!

Consider that someone approximately 10 months ago actually negotiated a deal to purchase a home in which they are currently in default. 10 months!

Apparently, they thought they were getting a deal at the time by paying $680k, since the previous owner had purchased it 2 years earlier for $715k. Ouch!

Check out the history at: 2BD in Sutter Creek sells for $680K

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

You Are on the Default Train in Grizzly Flats

All aboard - you're on the Default Train! Hang on, it may be a rough ride!

I know, you may be saying to yourself, "Where in the heck is Grizzly Flats?" Here is a map in case you feel the need to tell somebody, "Yes, I really was there, honest."

Well, apparently the lender knows exactly where it is even if nobody else does - and they want their money.

From the Mountain Democrat (Public Notices Section), here is the official Trustee Sale number and notice for the following gem in the rough:

NOTICE OF TRUSTEE'S SALE T.S. No. 5386Loan No. 08-702182-00 YOU ARE IN DEFAULT UNDER A DEED OF TRUST DATED 4/17/2006.

(Notice the Deed of Trust Date - hmmm.)

So, the story goes that waaaay back in October of 2006 (do you remember back that far?) the asking price was $365k as seen here:

4xxx Creekside Dr, Grizzly Flats, CA 95636MLS ID: 40170088
$365,000.004 beds, 2 baths, 2224 sq. ft., 1 acres

Well, in chapter 2 of this epic novel, one thing led to another...a payment was missed...a vacation purchased...and they decide to sell in this "hot" market to get out of their dilemma.

Uh oh, it turns out that living way out in the sticks is not as popular as one may have formerly believed and gee, it may have been asking a bit much for someone to fork out over $2k per month to live in that metropolis.

It is now down to $270k and look at all you get - think of about that...since October, that is about $23k savings per month. I wonder what the price will be next month.

February 7, 2007
Price $270,000
Type 1 House on Lot
4xxx Creekside Dr
City Grizzly Flats, 95636
Subdiv Grizzly Park
Stories 1 Story
Sq Ft 2224
Cost / Sq Ft $121
Faces Northeast
Year 2006
Lot Size - Acres 1.130
Bed 4
Full Baths 2
Half Baths 0
Fireplace(s) Family Room,Gas Burning Log
Heat Central,Natural Gas
Garage No Garage,Other
Laundry 220 Volt Hook-Up,Gas Hook-Up,Inside Laundry Room
Landscape Low Maintenance
Remarks Wow Best Value. Brand New way under market value. Secluded in a gorgeous area of Grizzly Flat with great views. Open/Spacious floor plan with custom details. 25 minutes from Placerville, 45 mins from Folsom, 59 miles from Kirkwood Ski Resort. Manufactored home on a permanent foundation. Won't last, bring all offers!

But you better hurry, because the auction date for this "manufactored" home has been set for 2/21/2007 at 10:00 AM.

Place of Sale: At the main entrance of the County Courthouse - 495 Main Street Placerville, CA.

All aboard!

Sutter Creek Living just got a whole lot cheaper

Here is another great listing I found. Back in September of 2005, this home was on the market for $520k. They have since become a little more cognizant of the market or perhaps a little more desperate to sell - you can't but help notice that the house is discernibly empty. Hmmm...

It is now down to $475k.

Anyway, the write-up on this home says that it has "all city amenities". What is that supposed to mean? Does it have running water and an indoor lavatory? I guess that is for all of you out-of-town bluebloods and retiring metropolitan nobility that could not consider living more than 5 miles from a Starbucks. Oooh, how aristocratic...

Let the bidding begin: Sutter Creek Living

New Years Resolution - Pay Your Mortgage

With all of this “bubbly” talk about real estate, it appears that Amador County has also been feeling its share of the transition from the out of your mind price increases and "irrational exuberance" party to the "I should have sold sooner" regrets.

The denial of the inevitable hard landing in real estate prices and over-appreciation makes the entire ordeal a little more painful and drag on with every seller kicking and screaming along the way. There were those that cashed in early and got that last burst of sales from the few suckers left that were willing to part with their non-earned money and overly stretched credit. But I digress…

We will kick this thing off with a note about “Notice of Trustee's Sales” that seem to be shamelessly exposing themselves in some of the local newspapers. I will investigate further and provide some links and additional information regarding this when it is well researched.

From the future leading office of many home sales, let’s see what is shaking up on the steps of the Amador county Courthouse, 108 Court St. Jackson, CA.

The auction is beginning soon: Legal Notices Filed for Notice of Trustee's Sales