Hell, you find a home in housing-crash-central-Phoenix listed at $220,000 below appraisal, just go get yourself a loan for the appraised amount with no down and no doc (IndyMac might be able to help you there if you hurry), move in, then do the American thing and NEVER MAKE A PAYMENT.
Meanwhile, take the $220,000 and transfer it to your Swiss bank account, and just walk away.
Sweet!
Or if you really want to "own" it, go ahead and buy. And see how quick you can lose another $220,000. Or try to rent it out, and ask yourself why renters would only pay 30% of what your cost to "own" would be.
Welcome to HousingPANIC.
$900000 $220k below RECENT appraisal, builder desperate
Priced to move, this WEEK! Not in MLS. No agents please. This is a Pre-foreclosure.
This home is really just one of about 11 other high-end foreclosure or pre-foreclosure homes in the Desert Hills, Cave Creek, or Carefree areas. What is it you are exactly looking for? We can send you a detailed list of all “instant equity on the buy - value purchases” in the area.
24 comments:
.
.
.
.
I have been closly watching the MLS in the east valley. Most of the homes prices are still in the 2005 territory. A few sellers have slashed the prices thousands below the others 70K or 30% difference between identical houses in one neighborhood. Guess what, even the cheaper house is still sitting on the market after 45 days. From what I have seen here mose people are still in denial.
But Greg Swann says homes in Phoenix are undervalued and it's time to buy!
$30,000 millionaires buying $1 million homes in Phoenix caused this crash
OK ,I'm in
I just qualified for a loan for this property and I pick strawberry's for a living.
phoenix sucks. who wants to live there? its too damn hot...but its a dry heat....yeh right.....
They better stay on top of pest control - nothing like a few dead scorpions to spoil a showing.
This home features a "panic room"!
scoop it up keith, it looks like a steal!
Nobody can get a jumbo loan anyway, so tough luck.
Here's another dead body found in the desert.
Mortgage Lender Lays Off Nearly 6,000
Friday August 17, 11:22 pm ET
First Magnus Lays Off 99 Percent of Its Nearly 6,000 Workers, Closes More Than 300 Offices
TUCSON, Ariz. (AP) -- First Magnus Financial Corp., a national mortgage lender that is suspending operations, says it has laid off 99 percent of its nearly 6,000 employees nationwide and closed all of its more than 300 offices.
ADVERTISEMENT
According to a notice filed with the state Friday, the Tucson-based company that originated home loans and then sold bundled loans into the secondary loan market expects to retain only about 60 of its employees.
First Magnus officials said a bankruptcy filing was possible.
On Thursday, First Magnus announced that it had stopped originating new loans and was suspending operations.
Company officials said the lender was caught in the credit liquidity crunch now causing a meltdown in the mortgage industry, even though First Mangus was not engaged in selling "sub-prime" mortgages that sparked the crisis in recent months.
First Magnus, which calls itself one of the largest privately held mortgage banking operations in the country, funded more than $30 billion in loans in 2006.
The company's retail outlets include Great Southwest Mortgage and Charter Funding, recently renamed First Magnus Home Loans.
They are not in denial. They are upside-down and cannot afford to cut prices. They lender will end up cutting the prices when the FDIC steps in and tells them to get the NPA's off the books.
It's deal time with 55,000 homes listed
Aug. 17, 2007 05:44 PM
Home sales and building are down in metropolitan Phoenix, but there are other indicators to track where the housing market is headed.
Here's a look at some.
• Home listings in the Valley climbed to almost 55,000 during the past few weeks. That's a new high. The number of houses that are marketed for a short sale to avoid foreclosure or are bank-owned is also up. That's good news for buyers looking for deals.
• About 85 percent of the Valley homes foreclosed on in July went back to the lender, according to the Information Market. That means fewer investors bidding on foreclosure properties on the courthouse steps. In many cases, more is owed on the home than what it's worth now.
• Nationally, there are 500,000 to 700,000 new homes built but not sold, according to real-estate consulting firm Robert Charles Lesser & Co. Metro Phoenix's share ranges from 10,000 to 20,000, depending on who's counting.
• Housing analyst RL Brown has revised his 2007 Valley home-building forecast downward to 34,000. He's calling for the same number of new homes in 2008 with the market starting to grow again in 2009.
• The median price of an existing metro-Phoenix home was $265,000 in July, according to the Realty Studies center in Arizona State University's Morrison School of Management. The figure has been hovering between $263,000 and $265,500 for the past two years. Helping the figure from falling is a bigger percentage of Valley homes selling for $300,000 or more.
• The median square-footage for a used home to sell in July was 1,750 square feet, according to Realty Studies at ASU. Last year, the median square-footage of resales was 1,650 square feet.
It's another sign that bigger and pricier homes are selling.
• Metro Phoenix drew 61,600 jobs during the year ending June 2007 for a growth rate of 3.3 percent. However, it's a decline from the 100,000 new jobs created in both 2005 and 2006. Approximately half of this decline is related to the slowdown in the construction industry, said Ben Sage, director of real-estate consulting firm Metrostudy's Arizona division.
• New-home prices in metro Phoenix fell an average of 6 percent this year, according to Phoenix-based Belfiore Real Estate Consulting. The firm says new-home prices have dropped 21 percent in the past 18 months. Recently, West Valley cities saw the biggest decline in new-home prices. Avondale's cost for a new house fell 11.9 percent, and in north Buckeye, prices are down 9 percent.
• The median sales price of a home sold in the Las Vegas area decreased to $295,000 in July, according to the Greater Las Vegas Association of Realtors. That's down 5 percent from a year ago. It's also the first time Sin City's median-home price has dipped below $300,000 since April 2005. A record 20,273 homes are for sale in Las Vegas.
The housing market is slowing nationally. In some cases, metro Phoenix is faring better. Real-estate analysts were calling for the market to start to rebound or at least hit bottom this year.
Now, many are looking to mid-2008.
Reach the reporter at catherine.reagor@arizonarepublic.com.
The ad uses the expression 'instant equity' - hilarious. More like 'instant underwater'.
People are so dumb. I am a person. In what way am I as dumb as people who don't see this a mile away?
Kieth, I find i strange you dont own a house considering your income, or is it the lack there of?
For $900,000 I will not live in Phoenix.
I will live in...
Santa Barbara
Aspen
The Hampton’s
That place is worth $265,000 and I wouldn’t move there at that.
I live in Phoenix and own property in Phoenix. Two things:
1. This is not the greatest reduction around, only one of many. On one of my foreclosure service feeds, this Friday I saw a multi million dollar home in Desert Mountain in foreclosure and offered at well below it's value in even somewhat normal times. Nice buy if you have that kind of cash. This home is worth more than any $30,000 millionaire could afford even with the MOST creative financing. Trust me, anyone else that lives in Phoenix knows what is in the Desert Mountain area. Old money, lots of it period.
2. The problem right now is not pricing, it is liquidity because of the mess on wall street. The people selling right now need a cash buyer, or private financing.
Public banks are NOT writing loans right now. Things will not be selling at any price anywhere, not just Phoenix, until Wall Street or the fed blink. Looks like the Fed has blinked, which means some upside in the future in housing. That means probably some more lowering of prices, but things are probably on a small level field now. The old adage is: you can't fight the fed. I don't agree with them loosening quite frankly, but I think that the fix is in, and we are going to have to live with a weak dollar for a while.
What the hell is an acre of "lush desert"? I guess if you come up with 900K they can conjure up some lush desert......
Anyone want to buy my JDSU stock for a cool $1000/share? Really, it's a good deal and I encourage you to make an offer before another buyer snaps it up.
Seven years ago, these JDSU shares were "appraised" at $1140.00 (before the 10:1 reverse split), so you will have more than 10% "Instant Equity".
Smart buyers know that they aren't making any more JDSU shares, and when they appreciate even more, you may get priced out forever.
So act now. Pick up the phone and call me at 1-877-EAT-SHGT and make me an offer on these JDSU shares. Remember, stocks (especially JDSU) always go up!
It is worth 220K and that is about it.
The market is so dead that you can't even get people to catch a falling knife . Because the "marked to market"price is so far from the listing prices at this point ,the result is a dead market where nothing is moving .
Lenders and builders will eventually be the parties that will bring the prices to a" marked to market" to move them .
if it was the 30,000 dollar millionaire that bought those "million" dollar houses, they need the crash..if they want to keep the property tax low....solar powered graPEFRUIT AND ORANGE VILLE
That means probably some more lowering of prices, but things are probably on a small level field now. The old adage is: you can't fight the fed. I don't agree with them loosening quite frankly, but I think that the fix is in, and we are going to have to live with a weak dollar for a while.
August 19, 2007 6:49 AM
------------
The rate won't help the matter. If the fed dumps the rate in lss than 2.5 seconds, the Greedy Sellers will skyrocket their asking price. Nobody will buy and the same problem will persist with no way out. It will be a wash. The market needs to take hold and shake all the speculation out of the system.
stuckinthecity said...
That means probably some more lowering of prices, but things are probably on a small level field now. The old adage is: you can't fight the fed. I don't agree with them loosening quite frankly, but I think that the fix is in, and we are going to have to live with a weak dollar for a while.
August 19, 2007 6:49 AM
------------
The rate won't help the matter. If the fed dumps the rate in lss than 2.5 seconds, the Greedy Sellers will skyrocket their asking price. Nobody will buy and the same problem will persist with no way out. It will be a wash. The market needs to take hold and shake all the speculation out of the system.
August 20, 2007 1:29 PM
-----------------------------------
Agreed. The real fix would be to simply force the banks to change the terms on the toxic paper. Sure Wall Street would not make a 6% margin to the fed funds rate and may get sued by investors, but hey, they are the dolts that loaned money on ridiculus terms to people that could not afford it, and the investors are the ones that just poured money at them. Let them eat the loss, and stop forcing those of us who made good decisions pay for the greed of the banks hawking commissioned crap. Finally - with the same law that fixed the terms on the toxic paper, make all of those exotic loans extinct so this never happens again.
Post a Comment