May 24, 2007

Sacramento Housing Bust: Anyone want a house at 50% off? Anyone? Anyone?

Unintended housing crash consequence #1843: Lots of weeds growing in yards

42 comments:

Anonymous said...

lol "The Meadows". Those front lawns really state the tract doesnt it?

Anonymous said...

50% off in Sacramento......nah

Adam Smith said...

Sacramento is hurting big-time, and there's a great blog that shows it all happening in real-time, with data compiled from MLS integrated with Google Earth:

http://flippersintrouble.blogspot.com/

You can see some serious haircuts being given ($200k price drops from price the fliptard paid), and realize these are ASKING prices, not even sales! It's not getting prettier any time soon....

Anonymous said...

$526,000? Why was the house so cheap? I thought California was expensive. In Honolulu, it would go for 3 million.

TM said...

I actually feel bad for that last family. Sure, putting $10k down on a lease-to-own is stupid... but they were probably the only family in the whole tract to actually bring some cash to the table. Pity they gave it to a flipper.

A fool and his money are easily parted, true, but like Mr T. I pity that fool in this case

TLC said...

Those places are perfect candidates for that show "Curb Appeal."

Anonymous said...

weeds outside, weed inside.

Anonymous said...

this is impossible, californis is different, real estate never goes down

Anonymous said...

But everybody wants to live in California. They're not making anymore land out there, I'm told.

christiangustafson said...

You bet! I see signs around Seattle for a condo development made my "Noland Homes".

Maybe the firm is owned by a "Frank Noland", I dunno. I instantly read this as No-land homes, of course. Too funny.

Anonymous said...

In 1983 I bought an REO on Prentiss Dr. I could not get decent renters, could not sell that POS for years. I don't even remember how I got rid of it: so much for those real estate lectures I attended in Pleasant Hill CA. JK you are a jerk.

Anonymous said...

George Carlin says it correctly when he quips, "They call it the American Dream because you have to be asleep to believe it."

Anonymous said...

I bet there's lots of weed growing inside the houses too.

Mark in San Diego said...

And people think the worst is over. . . .right . . ."new home sales soar" . . .right, at 50% off, new homes should sell!!!. . .

Anonymous said...

Wow, wonder how much income those folks documented for that home.

And wow, I can't believe they put down $10K! That is so much money. I can see why they are complaining.

Please!

Anonymous said...

Grew up about 20 minutes from there. 5 years ago, those houses were selling for 150K max. Sacramento has no industry, no military bases anymore, just state jobs. Area was pumped up by the REIC, now it will be drug down by foreclosures.

jymkata said...

94832

Welcome to the newest slum in California!

Frugal said...

I wish the 50% off comes faster. Still waiting.

Anonymous said...

New Today! Housing Bubble Hits Home

http://www.paperdinero.com/BNN.aspx?id=198

Segment chronicles some of the aspects of the housing mania and subsequent decline that we now know all too well. Features a series of anecdotal stories of personal gloom and doom while tracking a series of “homeowners” from 2005 to today.

Originally aired on: 4/27/2007 on NOW

Running Time: 11 minutes 18 seconds

Anonymous said...

That was one bitter renter, uh, lease optionier at the end of the clip.

Anonymous said...

well let's see......you go from the projects to a $550,000.00 home and now you can't make the payments. so now she says we are going fight for our rights......what is funny about it is that the bank now, has to go to court to get these squatters to move off of the property and when they leave, they will destroy the property, a place that they should never had been able to buy in the first place. what is it in amerika, about home ownership? is it a right of amerikans to own homes? well first off, we never really own our own homes. for if we did , we would not have to pay property taxes for them. so who does really own the houses?....the state of course. i can see why no one wanted any of those houses at auction even at half price......i ask you......would any of you want to live next to these ghetto types in that neighborhood....? well hell no ........who would want that?

Anonymous said...

i wonder who the builder was that built those homes in that zip code...? hmmm....

well look at the good side....with no work to do, i guess all those illegal wetback carpinteros, will drag up and go back to mexico.......ah, won't they? NOT!!!!!!!!!!!

Anonymous said...

the coming depression is a equal opportunity bubble buster....

Anonymous said...

Adam Smith said...


i like your name for some reason. can't figure out why though....

Anonymous said...

you know it is amazing that with all of the medicaide, unemployment insurance payments, ssi, social security, welfare and foodstamps, those fine folks still could not come up with the money to pay those monthly payments on that nice home. and to think, they paid that bank 10k of their hard earned money which they worked their tails off in 2006 robbing the stop and robs in northern california.......its a damn shame , damn shame i tell ya....

kenduffelsniffenspotzen said...

Lots of weeds growing in yards of single family homes here in Green Bay. I have mowed my lawn 5 times already, but some people have not mowed once. Some homes look empty. Others have 4 and 5 cars in the driveway.

Anonymous said...

Wow, now that is a sight, a car up on blocks in the "burbs".

Anonymous said...

good crop of English Ivy works as well as a lawn maintainer as does pacasandra, and much better if surrounding a fruit tree, although the verdantnesses are sometimes called non maintence and enforced as such by preseverationists and govts who prefer to steal those lands for redevelopment schemes to profit their corporate pay masters and insider cronyists

jymkata said...

Do you notice how there aren't any trolls on this post calling us stupid and saying there is no housing bubble.

I guess it's hard with irrefutable evidence like this.

Anonymous said...

all those poor people are living in opieville and regretably it dont exist here anymore?????????????/ but with no gas it may be on its way back, only now the sheriff has got tanks and sub machine guns and stinger missiles

Anonymous said...

and probably will use them to defend the labor laws, while being paid by multinational corporate businesses

Kurt said...

Looks like my family's house we bought from HUD back in the mid-seventies, in Bellevue WA. (Bill Gates taught me how to play video games at an X-mas party as my dad's work was in the same building) Anyways, we had seven/eight foot high weeds in back and the house had sat empty since the Boeing bust in the late sixties. When we cut the weeds down, there was a beautiful little cherry tree out back. Dad paid $23,350 in 1975 dollars. These Sacramento asshats will be lucky to get that someday.

King of the Bitter Renters

Agent #777 said...

Geez, so many anons without a clue - 3 in 2 hours from 320 to 520...

The family is not losing the home because they aren't honoring their agreement, they are losing it because they paid the current "owner", who now appears to have stopped paying the bank, causing a default. Capeche?

NO MORE ANONS PLEASE!!
My second biggest rally behind Ron Paul for Prez! :)

Anonymous said...

The first interviewee sure looks and sounds well-off to me, despite the purple velour running suit. Five 'll get you ten she has bucks and never would have done a rent-to-own deal. Then again, maybe she's impoverished and the last interviewee is loaded.
You can't judge a book by it's cover, folks.

Shakster said...

If I kick an FB in the left nut,that would be a 50% reduction in nuts kicked,or a 50% increase in nuts not kicked.Spinnnnin it

Anonymous said...

Wow, now that is a sight, a car up on blocks in the "burbs".
-----------------------------

A nice, but overpriced house in my $500K suburban neighborhood finally sold. I happened by and there are two old junkers parked outside (one in front of the two-car garage).

Anonymous said...

Over $500K for a house in the Sacramento ghettos? So who's throwing their money away?

Anonymous said...

Yes, I'm a Realtor (or Realwhore as some of you would call us).
Just helped a client sell his Sacramento home. Bought it in 2004 for $400,000. Just sold it for $479,000, 28 days on the market.
Yep, sounds like he really got screwed in this market! Too bad he didn't sit it out and "save" his money.
He is laughing all the way to the bank, and happy with the marketing services I provided to get his home sold.

The morale of the story - not every sale is what the "sky is falling" msm portrays. Yes, there are problems. There are also plenty of sellers doing just fine!

Anonymous said...

The problem here is not the abundance of overgrown lawns. It's a lack of Mexicans.

Anonymous said...

SURE THERE IS

Anonymous said...

Anonymous said...
Yes, I'm a Realtor (or Realwhore as some of you would call us).
Just helped a client sell his Sacramento home. Bought it in 2004 for $400,000. Just sold it for $479,000, 28 days on the market.




and I am the Easter Bunny

Anonymous said...

Anonymous said...
Yes, I'm a Realtor (or Realwhore as some of you would call us).
Just helped a client sell his Sacramento home. Bought it in 2004 for $400,000. Just sold it for $479,000, 28 days on the market.

If everythings great why the hell would you even be looking at a bubble blog let alone posting on one?