My neighbor just listed their home for $170K (Phoenix, Casa Grande: month-to-month, home sales)

[altus2006]

Originally Posted by MotleyCrew

These two homes I am watching across the street that went into foreclosure actually have a pulse now. We are getting new neighbors today!!!! The other home has had some showings, so we hope to have neighbors there soon.

How far down from the previous value did this home fall before it sold? It didn't look like Vistancia was in a free fall like other communities on the west side.

altus2006

[ITChick]

Originally Posted by NewAndLonely

I'm really scared by what is happening. This house is INTEREST-ONLY!!!!!, so it can't even be re-fied. We had everything so well planned out with enough money to retire and live until age 90-95, he retired at 59, then lost his mind and began doing things he'd NEVER done in 32 years.

I guess I'm just venting. I'm worried sick about what I'll live on after about 10-15 years, when my money runs out, and I won't be that old. And it's all because he just HAD to have THIS house on THIS lot IN CG (to the point of threatening my life if I wouldn't sign the papers.) Now I live here alone, he was here all of 8 days before he battered me and was removed on an Order of Protection (and is now playing some scary "games").

Anyone have any ideas? I hate the idea of foreclosing and losing the credit we each have and worked so hard to get so high for so long. But I'm beginning to think that might be the only thing to do. Just let them repossess it, rather than lose another 70-100K.

I really sympathize with your situation. It was mentioned that you seek out a lawyer but also, I think you should find a Real Estate agent to help you sell to get out of this mess. Better to get rid of the property you can't hold onto than let it go to foreclosure and mess up your credit.

You may also want to start thinking about what items you can sell that are in your possession that you don't need anymore on Ebay or Craig's List so you can have extra income to pay the mortgage until you do sell.

Wishing you good luck and hope things get better for you.

[azjack]

"Advising people to sell now??? Here in Scottsdale??? Hell yes. I bought a home in Sept 2004 for 300k that was selling for over 500k in Sept 2005. There was nothing real about that 200k gain. Those same homes are now sitting at 400k and dropping."

Wow, someone who really gets it. Of course someone should sell if there are still bubble gains.

Heck, even if they are a little upside down, they should sell and bring money to the table. They will still be better off than owning (owing on) that house a year from now.

As for Pinal County areas like Casa Grande and other exurban locales, the same thing applies. Of course, few bubble gains remain there and most do not have enough cash to bring to the table when they are 50% underwater. I guess those folks have to decide if preserving their credit rating is worth being $100K or more underwater for years to come. I think that I can guess their eventual answer.

"Our area was not in the huge demand that we thought it was and people were not suddenly making twice the salary in 2005 that they were making in 2004. The price gains were all based on rampant speculation and I know countless investors who bought at the peak, at 500k, are stunned their house is now worth 380k, and are temporarily renting it out hoping that the 500k will come back before their interest only ARM resets."

Yes, yes, yes. They think that they can outwait economic realities. Adjusted for inflation, those bubble prices will never return.

"So sell now???? Hey, getting 380k in 2008 is better than getting 320k in 2009 or 2010."

Indeed it is.

[azjack]

"How far down from the previous value did this home fall before it sold? It didn't look like Vistancia was in a free fall like other communities on the west side.

altus2006"

Here are a couple of interesting closed sales this summer in Vistancia in Peoria:

30336 N 128TH LN - Bank-owned, missing stove and dishwasher, but not completely trashed or anything. 3/2 1,620 sq ft

Sold for $176,500 (including at least a few grand in buyer assistance) in June 2008, previously sold by builder for $295,879 in January 2006.


12719 W DESERT MIRAGE DR - Bank-owned. 3/2 1,814 sq ft

Sold for $192,000 in June 2008, previously sold by builder for $361,537 in February 2006.

[MotleyCrew]

Altus. This home was in the mid to high $300's at the peak. I believe one sold for $255,000 and the other is listed for $255,000 now. The builder has the model home on the market for $323,000.

[altus2006]

Vistancia got hit harder than I thought. Thanks MC and AZJ for the numbers.

altus2006

[joe moving]

Great time to buy that is all I have to say. I do not live here but used to. I'm tempted to buy a house here anyway.

[Stevyp]

Plan on checking out a few houses in the area this weekend. It sounds like it might be just what I'm looking for

[UKFSChick]

Markets always recover eventually:

The highway to market recovery is well mapped. - Denny Grimes and Company: MarketWatch Update (broken link)

I guess it depends where you think your market is, if you are considering selling. I think Casa Grande is in the beginnings of the 'confidence' section so I would say it is a great time to buy and a bad time to sell.

[ArizonaBear]

I still maintain that the early part of 2009 will see the end of the actual downtown---------but, it will take 2-5 years for things to really recover.