Wednesday, October 1, 2008

Before and After shots

Remember the good ole days. When everyone had a big house, a convertable vette and a Hummer?


Then something unheard of happened. The banks actually expected people to pay for it. The nerve! Well paying for it was out of the question for most average folks. And that brings us to the "after" picture.


The home looks so sad now. No Vette, no Hummer, no occupants. This house, 6347Peach Ave in Corona was purchased new in 2002 for $291K. In 2004 it sold for $560K and now it's owned by the bank. REO price is $355K. Still about $80K too much in my book. I wonder if the home paid for those fancy cars via HELOC or refis??

4 comments:

tyrone said...

of course they used it to pay for those cars..... just like practically everyone else in the IE driving a fancy car......

Poor people drive fancy cars to try to look rich.... Rich people drive normal cars and don't need to put on a show.

ArtLatin said...

this is right near my in-laws'
house. too funny!!!

Sara said...

I agree that this house is overpriced by about 80,000 dollars--maybe more. We drove by it yesterday, & it doesn't look in a great condition. It has some broken windows. Who knows what else inside!
On Pinegrove street, 2 of the same model were listed last week, one for 380,000 & the other for 335,000--practically no yard. They're both inactive now. I don't understand how they sell so quickly. They're still overpriced--aside from the fact that this street has strong cow smell, views of electricity towers, & the highest mello roos in the area.

golfer_X said...

The ones with the low listing prices are still selling fast. There are still a lot of people that think these are cheap and will soon shoot back up in price. I hear it every day at work from people smart enough to know better. But they've been brainwashed over the last few years into thinking that houses were really worth the bubble prices. Now they think they are a steal. Even though every fundamental ratio clearly shows them to still be over priced.

It's just like gas. How many times a day do you hear "gosh I saw gas today and it was only $3.49 a gallon. ONLY $3.49?? If there had been no housing bubble, there would have been no collapse of the value of the dollar and gas would be $2 a gallon. Only $3.49.....