2100 N OCEAN BL # 7-B, Fort Lauderdale, FL 33305
- 2 Bed, 2 Bath Condo
- Bought in July 2007 for $1,197,000
- On the MLS for $559,900
- Loss before the Realtor® commission: $637,100
- Loss after the Realtor® commission: $670,694
I need your help with this daily feature. Do you know of a F@cked Buyer? Just add the MLS number or the FSBO link in the comments section and I will add it to an this daily update in the future.
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7 comments:
WOW! Great stuff, this is back to 2000 pricing!
Glad your posting again Sure.
Hope you enjoy your trip.
The flippers and RE agents hate me for posting these on the Sun forums!
Keep em coming, the momentum is growing weekly!
Home foreclosures soar in August, up 36% from July
Posted 50m ago | Comments 7 | Recommend 2 E-mail | Save | Print | Subscribe to stories like this
By Alex Veiga, Associated Press
LOS ANGELES — The number of foreclosure filings in the U.S. last month more than doubled from August 2006 and jumped 36% from July, a trend that signals many homeowners are increasingly unable to make timely payments on their mortgages or sell their homes.
Once again, Ohio was among the states with the highest foreclosure rates.
Nationwide, 243,947 foreclosure filings were reported in August, up 115% from 113,300 in the same month a year ago, RealtyTrac of Irvine, Calif., said Tuesday.
There were 179,599 foreclosure filings reported in July.
The filings include default notices, auction sale notices and bank repossessions. Some properties might have received more than one notice if the owners have multiple mortgages.
FIND MORE STORIES IN: July | August | Realtytrac
August's total represents the highest number of foreclosure filings in a single month since the company began tracking filings two years ago.
The national foreclosure rate last month was one filing for every 510 households, the company said.
"The jump in foreclosure filings this month might be the beginning of the next wave of increased foreclosure activity, as a large number of subprime adjustable rate loans are beginning to reset now," RealtyTrac Chief Executive James J. Saccacio said.
The mortgage industry has been rocked by a surge in defaults, particularly among borrowers with subprime loans and adjustable-rate mortgages that initially had attractive "teaser" interest rates but then adjust upward.
Many of the loans, some of which adjust in as little as two years, were issued in 2005 and 2006, at the height of the housing boom.
Lagging home sales and flat or falling home prices have also left homeowners hard-pressed to find buyers.
The latest figures also reflect an increase in the number of homes going into foreclosure that are not being picked up in estate sales and are ending up going back to lenders.
The number of bank repossessions jumped to 42,789 in August, compared with 20,116 a year earlier, the RealtyTrac said. In July, there were 26,842 bank repossessions.
Nevada, California and Florida had the highest foreclosure rates in the country last month, the firm said.
Nevada reported one foreclosure filing for every 165 households — more than three times the national average. The state had 6,197 filings in August, up 21% from July and more than triple the year-ago figure.
California's foreclosure rate was one filing for every 224 households. The state reported the most foreclosure filings of any single state, with 57,875, up 48% from July and more than 300% above August 2006.
Florida had one foreclosure filing for every 243 households. The state reported 33,932 foreclosure filings, up 77% from July and more than twice the year-ago total.
Georgia, Ohio, Michigan, Arizona, Colorado, Texas and Indiana rounded out the 10 states with the highest foreclosure rates.
http://www.usatoday.com/money/economy/housing/2007-09-18-foreclosures_N.htm
Something fishy happened with this condo. This may not be as bad as it seems, or something fraudulent happened here. Notice on the property tax link that it sold a month before the $1.2 million sale for half the price. It couldn't have doubled in a month. Does anyone have any idea what could be the story?
331 SE 5 TE
POMPANO BEACH, FL 33060
MLS ID# F838148
Bought April 2006 for $745k
Listed now for $649k
116 DOM
Ocean access 2400 Sq Ft 4br 3 baths
CHECK OUT MLS # F866643
Just sold in February 07 261K now on market for $245K Big loss for 7 months!
CHECK OUT MLS # F866643
Just sold in February 07 261K now on market for $245K Big loss for 7 months!
Interest for $261k for one year=$15k (6%)
Taxes =$5k
Insurance =$4k
Realtor Fee =15k
Price Reduction =$16k
Total Money Lost at asking price=$55k
BUT WAIT!!! THERES MORE!!!!!
They will likely have to reduce their price another $45k to sell this year,$100k to sell next year.
The property is bank owned by Ohio Savings Bank. They foreclosed on the property.
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