More of the same in today's September DataQuick numbers. Median prices are now down 34.5% for Los Angeles County from its peak a year ago August. Volumes rose a slight 2% from August and a huge 44% from September 2007 - but still down from the previous three Septembers. (August DataQuick post)
This puts Los Angeles County prices back to February 2004*, Orange County back to July 2003, Ventura County back to May 2003, and San Diego all the way back to July 2002.
*In yesterday's post about south of Washington I estimated that for Chelsea or Washington to sell at $1.2M would represent a rollback to low-end 2004 prices. Very interesting correlation, and so much for Santa Monica being immune!
And anyone know the current loan(s) on 2312 California, last sold 7/12/06?
Monday, October 20, 2008
September DataQuick
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14 comments:
Thanks for the update. Great blog.
Over 50% of these sales are foreclosures. That number keeps increasing each month as the sales volume picks up. Buyers are becoming more savy and waiting for heavily discounted property. It will be no different here on the Westside.
2312 California - Corstar Financial $1,031,340
anon-
you missed one:
Standardized Property Address: 2312 CALIFORNIA AVE
SANTA MONICA, CA 90403-4526
LOS ANGELES COUNTY
Lender Information
Name: CORSTAR FINANCIAL INC
Address: PHOENIX, AZ 85020
Type: FINANCE COMPANY
Legal Information
Assessor's Parcel Number: 4276-004-020
Recording Date: 07/12/2006
Contract Date: 07/03/2006
Document Number: 6-1534764
Loan Number: 206216
Legal Description: LOT NUMBER: 19; BLOCK: 2; TRACT: 5239; CITY/MUNI/TWNSP: SANTA MONICA
Mortgage Information
Mortgage Type: NON-PURCHASE MONEY
Loan Amount: $200,000
Loan Type: CREDIT LINE (REVOLVING)
Due Date: 08/01/2021
Rate Change: MONTHLY
Double stack alert! Someone over 2312 California needs to drop price fast, maybe shoot for break even on the debt, and get the hell out of there before the service costs eat them up.
Me thinks that Corstar Financial's web site (and perhaps more) is defunct or not working well...
Who forecloses when the mortgage broker is out-of-business, the non-conforming jumbo is sold into 50 different tranches (owned by 12 different banks , 4 of which have merged), and the market is falling
And falling
and F A l l i
n
g
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.
.
Its so easy to do a loan modification if you can't afford your mortgage payments....more homeowners that are underwater, lost income, etc. should be pursuing this option with their banks.
No need to foreclose or do a short sale if you truly want to stay in the property.
"No need to foreclose or do a short sale if you truly want to stay in the property."
Yeah, they're so generous and will let you keep your 5% interest rate, IF you're stupid enough to continue making mortgage payments on $800K of debt when your house is worth 600K. Sign me up!
hmmm, I would rather have my mortgage reduced 50% and have a, um, what is it that we all are talking about wanting here???.....a HOUSE, and a tax write off....better than some rental life.
Can you cite to one example of someone whose mortgage (the amount they owe on the house, not the monthly payment) has been reduced 50%? I thought not.
Goldman Sachs just announced they will let 10,000 employees go. Talk about instant karma, Goldman, Lehman and Bear Sterns LA offices were all based in Century City. Those high-paying jobs are all gone and will not come back soon. The outlook for buyers in the Westside looks promising...
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Although spam, this comment speaks to the whole problem of loans that should never have been made.
So I've deleted the comment but quoted the relevant content.
At the end of 2009, everyone will definitely say that this was the lost decade of house prices.
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