Tuesday, August 10, 2010


what goes up.... must come down....click

mcmansion ville horror??click we love the comments

Foreclosure fun:click

appeal deadlines:click


Anonymous said...

Here is a tract home McMansion horror story. Brand new 2 years ago and now over $200K loss.

ON MLS: Asking $400K http://www.realtor.com/realestateandhomes-detail-alt/4997-Southwest-183rd-Avenue_Miramar_FL_33029_M51926-10451

Purchased: 3/2008 for $610K

2500 sq ft Max.

Anonymous said...

Well it is official, Death of The tract home Mcmansion, the era of huge homes is over.

Here is an excellent article on the american dream.


Anyone that got sucked into buying a 4000 sq ft behemoth thinking they have "arrived" is now in serious trouble as only 9% of people now would consider a home over 3200 sq ft. This leaves a very small buyer pool that is further reduced by the new credit standards and down payment requirements.

2500 sq ft Max.

140 dollars per sq foot said...

Martin Crutsinger, AP Economics Writer, On Friday August 20, 2010, 10:18 pm
WASHINGTON (AP) -- Nearly half of the 1.3 million homeowners who enrolled in the Obama administration's flagship mortgage-relief program have fallen out.

The program is intended to help those at risk of foreclosure by lowering their monthly mortgage payments. Friday's report from the Treasury Department suggests the $75 billion government effort is failing to slow the tide of foreclosures in the United States, economists say.

More than 2.3 million homes have been repossessed by lenders since the recession began in December 2007, according to foreclosure listing service RealtyTrac Inc. Economists expect the number of foreclosures to grow well into next year.

"The government program as currently structured is petering out. It is taking in fewer homeowners, more are dropping out and fewer people are ending up in permanent modifications," said Mark Zandi, chief economist at Moody's Analytics.

Besides forcing people from their homes, foreclosures and distressed home sales have pushed down on home values and crippled the broader housing industry. They have made it difficult for homebuilders to compete with the depressed prices and discouraged potential sellers from putting their homes on the market.

Approximately 630,000 people who had tried to get their monthly mortgage payments lowered through the government program have been cut loose through July, according to the Treasury report. That's about 48 percent of the those who had enrolled since March 2009. And it is up from more than 40 percent through June.

Another 421,804, or roughly 32 percent of those who started the program, have received permanent loan modifications and are making their payments on time.

RealtyTrac reported that the number of U.S. homes lost to foreclosure surged in July to 92,858 properties, up 9 percent from June. The pace of repossessions has been increasing and the nation is now on track to having more than 1 million homes lost to foreclosure by the end of the year. That would eclipse the more than 900,000 homes repossessed in 2009, the firm says.

Lenders have historically taken over about 100,000 homes a year, according to RealtyTrac.

Zandi said the government effort will likely end up helping only about 500,000 homeowners lower their monthly payments on a permanent basis. That's a small percentage of the number of people who have already lost their homes to foreclosure or distressed sales like short sales -- when lenders let homeowners sell for less than they owe on their mortgages.

Zandi predicts another 1.5 million foreclosures or short sales in 2011.

Anonymous said...

Another tract home McMansion horror story. This baby sport a rather modest 3750 sq ft, but has a major price pounding.

ON MLS: D1414291 asking $382K
Purchased: 5/2007 for $857K


$475K (55%) loss in just 3 years.

2500 sq ft Max.