 | 9217 Cotton Creek Ct Sacramento, CA 95829 | Total Loss: $29,600 Percent Loss: 8.4% | Asking Price: $324,400 Bedrooms:3 Baths: 2 Sq. feet:1525Price Changes: Down 17.9% from $394,900 On 05-25 Down 16.8% from $389,900 On 06-01 Down 12.3% from $369,900 On 06-09 Down 9.9% from $359,900 On 06-16 Down 7.3% from $349,900 On 06-22 Down 4.6% from $339,900 On 06-30 Down 4.0% from $337,900 On 07-08
Previous Sales: Sold on 2004-10-29 for $354,000
MLS# 60054844 Google Maps |
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16 comments :
Max, This is great work and should teach people to be aware of this no down, teaser rate, world we have been living in. Many of these people will have to go into foreclosure, or perhaps bankruptcy, which will effectively keep them from buying ANY real estate for many years.
One thing you did not mention: The losses will be greater than the stated amount after paying commissions and closing costs. This could take 6-8% off the proceeds. And if the homes are vacant now, they may be losing more in carrying costs, approximately 1/2% per month.
This market is more brutal than the weather, and it is 112'F today. And I still maintain the pain has not even started yet.
John
Impressive work.....to imagine we'll have this situation going on throughout the country is oh so scary.
This is great info, Max.
I will be particularly interested to see the "Total Loss" and "Percent Loss" for many of these grow over time.
Perhaps there's a way to statistically capture or aggregate those changes for this group over the time period.
I came here from The Housing Bubble Blog. The Showcase of Homes catalogue for our area is thick...and I live in West Alabama!
I agree with Gwen. Scary indeed.
it's hard to believe someone would overpay 300k for a home. Sounds like a money-laundering scheme.
Great useful work.
Great ideas those handy links to the google maps,
and the MLS listing
Any hope that you would give the methods that you
use to build the sale history of each of those
houses?
Thanks again.
Great job - nothing like real data. You know what would be really interesting -to see the size of the mortgage on each of these properties. But we should be careful as we don't want to upset too many people. This could get ugly
Wow! I am new to understanding the whole real estate bubble fiasco. My hunt to become educated on my options as a first time buyer led me to http://nnjbubble.blogspot.com which then led me here. Truly mindblowing stuff. I don't understand why the media doesn't do a better job at informing the public. But then again, the only thing keeping our economy afloat is this freakish over-mortgaging of those amongst us who can least afford it. Sad.
Just wanted to thank you for putting this together. You helped save me thousands if not hundreds of thousands of over inflated, real estate dollars.
Nice Job.
Does the loss include the carrying costs from those forked out flippers?
You rock! Keep it up. Thanks for the very informative data.
I wanted to say that out of all the hundreds of housing blogs that now exsist full of angry, venting, frusturated people, this forum goes the furthest to show the naked truth of the fiasco housing has become in california, how it has brought down everyone's quality of life, and how absurd people will act if they are overtaken by greed and the promise of easy money. This has happened over and over in hisroty, and will probably happen again. It helps to speed up the process by publishing the raw data like the data that exsists here.
Good job man. I have a site kinda like this for so cal.
Hessj
http://www.forsakencraft.com/proof.htm
This is excellent idea and I would love to see a 'flippers in trouble' series for San Diego.
it's hard to believe someone would overpay 300k for a home. Sounds like a money-laundering scheme.
Sounds more like a Ponzi scheme to me. Out here in "America's Finest City", real estate investors/flippers are more than happy to overpay $600K+ for a home and the banks/mortgage lenders are just as happy to loan out the 'funny' money to anyone that has a pulse!
Nice info, but kind of meaningless unless you include properties where the flipper made a profit.
Also, many of these people that are now taking a hit have probably done very well overall over the last several years.
Matt
Great info! Thanks for publishing!
I had owned a home in Antelope (bought in early 2001) and sold out in summer 2004 because I relocated out of state for a better employment opportunity.
I couldn't believe the runup that occurred. Funny thing, I can buy my old home back for about 15k more. The opportunity cost has been greater than that over the past two years. And, there seems to be pressure on pricing that doesn't seem to be letting up anytime soon.
My brother left out of state too in summer 2004. I remember there was almost zero inventory, now, inventory is everywhere. I think Sac may not experience as much hardship due to the large "safe" government workforce versus a place like Riverside county.
Keep up the good work!
"Nice info, but kind of meaningless unless you include properties where the flipper made a profit.
Also, many of these people that are now taking a hit have probably done very well overall over the last several years.
Matt "
Matt are you retarded? It shows where the market is heading in real time vs little YOY declines. If all the loss homes sold all at once you would see huge declines in these areas. Since it takes a lloonngg time to sell homes now, it takes longer for declines. Who cares how much people made last year. That was 2005. This is 2006. Fun starts late 06 into 07.
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