By substitute on June 30, 2008
Distressed properties are a huge part of the real estate game. As a percent of all listed homes for sale, distressed properties were 40.1% of the market last week vs. 39.6% two weeks earlier.
Note the scary number in that table for the < $500K houses.
Posted in Uncategorized | Tagged mortgage, orange county, recession | 10 Responses
Distressed. Gotta love those RealtorTM euphemisms.
I know the bursting of the housing bubble has economic consequences across the board, but I find it hard to muster up too much sympathy for people who bet the farm on the sustainability of double-digit per annum appreciation on SoCal McMansions. Of course it hits hardest at the bottom at first (oh! for a < $500K house in my shire!), but I imagine those prices will also stabilize sooner, once people stop buying zillion dollar energy-sinks at all. (It’s already happening here, I think.)
More than a few of these people were victims of straight-out commercial fraud. But the speculating “flippers” are just getting what they gave.
There was definitely some advantage-of being taken, you are right. Countrywide/casino. Tomayto/tomahtoe.
“MOTHERFUCKER I WILL CALL YOU ‘REALTOR™’ WHEN YOU CAN SHOW ME HOW TO REALT. WHAT? YES, I’LL HOLD.”
Help me, Ed McMahon…
Lawnchairs are everywhere!
oh that means distressed sellers, not distressed properties?
I’m no expert
Well, maybe not. I don’t think it is uncommon for folks to strip everything from lighting and plumbing fixtures to copper pipes from their house during the course of a foreclosure.
I think banks may even offer payment in some cases as an incentive to keep the home clean/intact.
Re: I’m no expert
It means distressed loans, usually foreclosures.
Right…my only point was that the distressed loan/foreclosure could be the factor that motivates someone to pillage their home, leading to a physically distressed property.
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