Of course, the current "owner" pruchased the house with 100% financing. Only 8 months after the purchase, the owner received a notice of default. Now, it's being offered as a short sale at a 35% discount off its last purchase price.
13021 SW 40TH ST, Davie, FL 33330
- 5 Bed, 4 Bath SFH
- Bought in May 2007 for $1,225,000
- On the MLS for $800,000
- Days on the Market: 201
- Loss before the Realtor® commission: $425,000
- Loss after the Realtor® commission: $473,000
Stumble It!
43 comments:
It's not too difficult to figure out what was going on here. Read the following:
Federal Indictment
These folks probably had the exact same scam going.
LOS ANGELES -- U.S. homeowners increasingly failed to keep up with their home loan payments in November, as the number of foreclosure filings surged 68% nationwide compared with the same month a year ago, according to a mortgage research company.
In all, 201,950 foreclosure filings were reported last month, compared with 120,334 in November 2006, Irvine-based RealtyTrac Inc. said Wednesday.
Last month's filings fell 10% from October's 224,451.
The last time there was a sequential drop in foreclosure filings was between August and September, when they fell 8%.
"It's a little bit of good news in the otherwise murky real estate market right now," said Rick Sharga, RealtyTrac's vice president of marketing. "The fact that we're seeing a 10% decrease is significant. It's a good thing."
God forbid you would read any positive news on this blog!
Wait until after the holiday's when people really have no money - Let's say by April they will increase?
This one looks like mortgage fraud to me. There is no way this house was ever worth $412k. Although, it is possible that I'm underestimating the cluelessness of some buyers:
Parcel ID: 52424212010690240
MLS: R2879753
4486 GARDENIA DR
PALM BEACH GARDENS FL 33410
"Foreclosure-Act Quick" in the broker's remarks.
Bought: Feb 06: $412,000
Now Asking: $259,000
Braziliano,
It's called a dead cat bounce
Braziliono said "God forbid you would read any positive news on this blog!"
Those are national figures B. What about local S Fla figures?
Besides my little cheerleader, who says that's 'good' news? LOL
12041 SW 79 TER, Miami, FL 33183
* 4 Bed, 3.5 Bath SFH
* Bought in Feb 2006 for $850,000
* On the MLS for $770,000 (REO)
* Days on the Market: 8
* MLS # R2878969
Here is some positive news
http://www.reuters.com/article/ousiv/idUSWNAS491120071220
Saw this come through on the MLS hotsheet today:
Abacoa Townhouse 3/2.5/2-car, 1824 sq ft living area
PCN: 30-42-41-14-03-000-0690
1607 W FREDERICK SMALL RD
Jupiter, FL
Bought May 2006: $408,000
Re-Sold Dec 2007: $210,000
Almost half off last price, and $30k lower than the 2003 price.
This was as good a deal as I've seen recently. Abacoa is a coveted area. $408k was a ridiculous price, but I did see even smaller townhomes go for that much when things were really booming.
In this market, however, I'm not confident that the value won't go even lower.
Just to illustrate, an identical unit to the one posted above (a few units down from it) just sold for $300k in May of 2007:
PCN: 30-42-41-14-03-000-0640
1627 W FREDERICK SMALL RD
pb,
That sounds encouraging.
Mortgage-fraud indictments announced in Summit
By Beacon Journal staff report
POSTED: 03:28 p.m. EST, Dec 20, 2007
Ohio and Summit County authorities today announced indictments against more than a dozen people involved in alleged mortgage-fraud schemes.
The 147-count indictment outlines the alleged schemes involving a group of Evergreen companies in Akron, and Carnation Banc, a local mortgage-banking company.
The victims number more than 500.
``We all read about predatory lending and the problems that practice causes to our communities. Today's indictments reveal predatory borrowers,'' said Summit County Sheriff Drew Alexander in a prepared statement.
``They are the financial criminals who over value homes, borrow money under false statements and sell securities backed by worthless second mortgages,'' Alexander said.
Alexander said that more than two years ago sheriff's detectives began investigating financial crimes involving inflated home appraisals and false statements on loan applications.
At the same time, he said, Cuyahoga Falls police sought assistance from the Sheriff's Office concerning ``financial crimes'' by principals of Evergreen Properties and Evergreen Investments, he said.
Authorities learned that the Akron Police Department was involved in a related investigation and a task force was formed, Alexander said.
``The scope and size of the financial crimes was far reaching,'' Alexander said.
A captain from the Sheriff's Office was assigned to lead the investigation. The state provided financial assistance. The Ohio Attorney General's Office provided an investigator and a forensic accountant. The task force also included Sheriff's Office detectives, Summit County prosecutors, Cuyahoga Falls detectives and an Akron police detective.
Local authorities seized Carnation Banc records in January and at the time, confirmed that the search was related to an ongoing mortgage fraud investigation that involved Evergreen.
In June 2006, the Ohio Department of Commerce alleged that Evergreen Investments violated state laws in its sales of high-interest rate investment certificates. The state alleged that the company sold investment certificates worth more than $6.1 million when it was insolvent.
The state alleged that the company's debt exceeded its assets by $267,000.
The company also has defaulted in paying back investors and filed for bankruptcy protection.
Ohio and Summit County authorities today announced indictments against more than a dozen people involved in alleged mortgage-fraud schemes.
The 147-count indictment outlines the alleged schemes involving a group of Evergreen companies in Akron, and Carnation Banc, a local mortgage-banking company.
The victims number more than 500.
``We all read about predatory lending and the problems that practice causes to our communities. Today's indictments reveal predatory borrowers,'' said Summit County Sheriff Drew Alexander in a prepared statement.
``They are the financial criminals who over value homes, borrow money under false statements and sell securities backed by worthless second mortgages,'' Alexander said.
Alexander said that more than two years ago sheriff's detectives began investigating financial crimes involving inflated home appraisals and false statements on loan applications.
At the same time, he said, Cuyahoga Falls police sought assistance from the Sheriff's Office concerning ``financial crimes'' by principals of Evergreen Properties and Evergreen Investments, he said.
Authorities learned that the Akron Police Department was involved in a related investigation and a task force was formed, Alexander said.
``The scope and size of the financial crimes was far reaching,'' Alexander said.
A captain from the Sheriff's Office was assigned to lead the investigation. The state provided financial assistance. The Ohio Attorney General's Office provided an investigator and a forensic accountant. The task force also included Sheriff's Office detectives, Summit County prosecutors, Cuyahoga Falls detectives and an Akron police detective.
http://www.ohio.com/news/top_stories/12665796.html
This is just a classic case of mortgage fraud.
I hope that we had a website where you can report these suspicious activities quickly so they don't spread around.
Maybe a reader working for a lender will suggest that. Something like www.reportmortgagefraud.com where we put an address and the lender can investigate. Everybody will benefit from that.
Thanks for the information on this blog. Best regards.
FD @ Condo Hotel South Beach - Condo Hotel Miami Beach - Condo Hotel Fort Lauderdale
http://money.cnn.com/2007/12/19/real_estate/steeper_price_slump/index.htm?postversion=2007122109
cnn reports an additional 30% drop in prices thru 2008
$100 a SQFT
re fred small, thats just around corner from me but what isnt mentioned is that every available space is still under construction with builders still building and therefore putting more and more units on the market. who is going to buy all those houses plus the ones still unsold?????
"who is going to buy all those houses plus the ones still unsold?????"
You're right. Prices will probably drop further. However, given that a few other identical units to the one I posted above sold in the $300-375k range this year, this was an unusually low price. I haven't seen too many sales that are 50% off their peak in desirable neighborhoods. Most of them have been in the crappy subdivisions.
"1607 W FREDERICK SMALL RD
Jupiter, FL
Bought May 2006: $408,000
Re-Sold Dec 2007: $210,000
Almost half off last price, and $30k lower than the 2003 price."
That's approaching the price range I'm predicting for a bottom in this market- 2000-2001 prices.
Getting closer.
I wish everybody a Merry Christmas and a happy New Year! I hope in 2008 we will have: less foreclosures, better RE market, more $$ in our pocket, no hurricanes, less taxes and lower insurance premiums, lower gas prices.
LightHouse point, in point this week.
New this week!
$995,500
3 Bed, 3.5 Bath
3,455 Sq. Ft.
0.2 Acres (with dock)
2530 NE 47Th St
Lighthouse Point, FL 33064
MLS ID# F892397
purchased: 7/25/2006 $1,900,000
re: F892397, Steve Vento, is a bad egg so to speak. RICO charges in 05, 3 different banks have filed mtg default/foreclosure.
Aurora loan svcs, People, Wash Mu, etc. plus is Big Pussy going to show up at the front door????
re: F892397
plus the city of LHP wants 30k/yr tax, back tax 16k. gee I want to live there.... not...
re: owner of 47th st lhp:
interesting reading:
http://sheriff.org/about_bso/admin/media/newsdetails.cfm?pk=1505&sType=M
anon said,
re: owner of 47th st lhp:
interesting reading:
http://sheriff.org/about_bso/admin/media/newsdetails.cfm
What are you referring to at this link? I didn't see anything pertaining to this guy?
re: interesting reading.
I just looked. Steve Vento, is
first para "suspects" second
line from bottom to right.
search here: http://www.clerk-17th-flcourts.org/
online services, search vento, steve.
Neither of those links get me to what you guys are reading. Have to hate this html format.
Brazilliano,
Merry Christmas!
And judging by this article it looks like a HAPPY New Year!!
Pain Street USA: '08 housing outlook
The forecast is for a longer, deeper home-price slump than previously expected, with double-digit declines in many markets.
CNNMoney.com RSS FEEDS (close)
By Les Christie, CNNMoney.com staff writer
December 21 2007: 4:56 PM EST
http://money.cnn.com/2007/12/19/real_estate/steeper_price_slump/index.htm?postversion=2007122109
Brazil!
Since my link did not work, here is the article for you, Merry Christmas!!
NEW YORK (CNNMoney.com) -- The United States is deep in its worst housing slump since the Great Depression, and according to a new report, it's not going to get better any time soon.
In a new survey, Moody's Economy.com says many metro areas will record losses of 20 percent or more during the downturn, with the national median price for single-family homes dropping 13 percent through early 2009. Factoring in discount offers from sellers, the actual price decline would be well over 15 percent.
Eighty of the 381 metro areas covered by the report will record double-digit losses, according to the report. Most of the worst-hit markets are in once high-flying areas, such as California and Florida.
The steep losses were bound to arrive sometime. Throughout the housing slump, which began in the summer of 2006, experts kept expecting prices to tumble, but it wasn't until recently that they dropped substantially, according to Mark Zandi, chief economist for Moody's Economy.com.
"There has been a sea change in seller psychology since the subprime shock this summer," he said. "Sellers now realize they have to drop their prices to make a sale and prices are coming down very rapidly in some markets."
One such place is Punta Gorda, Fla. In Moody's outlook, prices there will undergo the steepest correction of any U.S. market. From their peak during the first three months of 2006, to their bottom, forecast for the second quarter of 2009, prices will decline 35.3 percent. That's in nominal dollars; adjusted for inflation, the loss will be even greater.
Other metro areas expected to go through crushing price drops include: Stockton, Calif., where prices are forecast to drop 31.6 percent, Modesto, Calif. (-31.3 percent), Fort Walton Beach, Fla. (-30.4 percent) and Naples, Fla. (-29.6 percent).
The worst hit market outside the Sun Belt is expected to be Ocean City, N.J. where prices will fall 24.9 percent, according to Moody's. Prices in St. George, Utah (-21.8 percent), Grand Junction, Colo. (-18.9 percent) and Atlantic City, N.J. (-18.6 percent) will also suffer. In the Washington, D.C. metro area, Moody's forecasts a decline of 18.4 percent.
Home prices are being pulled down by an even more severe decline in home sales, which Moody's expects to bottom out in early 2008, when unit sales will be down more than 40 percent from their peak.
Home builders continued to add to inventory even as the slump got well under way, contributing to what is now an 11-month back-log of homes for sale, according to the National Association of Realtors.
Many of these homes are sitting completely empty: The Census Bureau reported a total of 2.1 million vacant homes for sale. Vacant homes add pressure on prices because owners of these houses are usually more willing to slash prices to move the properties. They cost out-of-pocket cash each month while providing neither income nor shelter.
Even though home construction has now contracted severely - the Census Bureau reported Tuesday that new housing starts were down to an annualized rate of 1.187 million units in November, the lowest in 16 years - it will take time to work through the excess inventory.
The housing slump will have a substantial impact on the overall economy, according to Moody's, which says it will depress real gross domestic product by more than a percentage point this year and by 1.5 percentage points in 2008.
Speculative investment in the mid-2000s helped fuel the current slump. Zandi pointed out that 16 percent of mortgage originations during 2005 were for non-owner-occupied housing, twice the number of a few years earlier.
"And that's a very conservative estimate of investor demand," he said. "Many home buyers lied on their mortgage applications." That's because interest rates are lower for owner/occupied dwellings.
Buying for investment was especially prevalent in many resort areas, such as Ocean City, N.J. Many buyers were betting they could hold onto the property for a short time and sell it for a quick profit, a difficult feat to finesse, considering the high transactional costs. Many speculators came late to the party and got caught in the slump. Now their properties are adding to mountainous inventories.
Another factor was excessive new home construction, especially in once hot markets. As prices skyrocketed, builders rushed to take advantage of the increases, contributing to the now high inventories.
Also adding homes to markets was the increase in foreclosure filings. When lenders take back properties, they put them back on the markets. Foreclosures have just about doubled this year.
For the slump to end, much of the excess inventory will have to be worked through. Zandi doesn't envision that happening much before 2010, which he forecasts to be a very modest recovery year with low, single-digit growth. To top of page
re:47th st. article
BSO’S “OPERATION MONEY CAR” SLAMS BRAKES ON STOLEN CAR CLONING RING
BSO Case Number: BS05-01-1185
PIO Number: 05-6-23
Date: Tuesday, June 21, 2005
Place of Occurrence: Nationwide
Victim(s):
United States of America
Suspect(s):
Mark Apicella, 6/24/76; William Aristeo, 3/5/68; Joseph Avino, 6/15/71; Charles Barone, 2/12/78 (AT LARGE); Richard Bauer, 2/7/72; Steven Cutler, 6/18/60; Darren Fiske, 4/16/74 (AT LARGE); Richard Kenyon, 4/29/66; Gregory King, 9/12/68; Keith Kordich, 4/11/72; Joseph Lefflbine, 12/8/70; Hector Muniz, 11/4/73; Eric Peters, 5/22/69; Anthony Sasso, 8/25/70; Mark Solomon, 8/13/61; Samuel Steer, 4/3/58; Robert Sullo, 9/28/64; Kurt Tobin, 4/16/62; Miguel Vazquez, 1/2/71; Steve Vento, 4/20/68; Cornell Welds, 11/5/75 (AT LARGE); William McLauglin, 8/29/63
Description of Incident:
“Operation Money Car,” a more than two-year-old Broward Sheriff’s Office undercover investigation into an auto theft and VIN (Vehicle Identification Number) cloning ring, culminated yesterday with the arrest of 19 suspects wanted for racketeering and dealing in stolen property. Three suspects, Cornell Welds, Darren Fiske and Charles Barone, are still at large. BSO detectives also recovered dozens of luxury vehicles the ring either stole from legit car dealerships or obtained via “insurance give-up” scams.
LOL,
He apparently had multiple streams of income.
$1.9mil for that house???? Come on now, thats mortgage fraud for sure!
re: 47th st. I wouldn't want to be the used house salesman who has this listing. He owes according to records if I read them right almost all of the 1.9 he paid.
including 250k to the guy he bought the house from. He entered a plea for racketeering etc. the federales are probably in the process of seizing the house anyways.
Here a great example for Today's F@cked Buyer
3016 SW 129 TERR # 3016, Miramar, FL 33027
MLS#: F695948
Check out the ZipRealty listing on this one, 718 days on the market and 19 price reductions. Incredible!
Braziliano!!
Here is MORE GOOD news for the New Year!
Miami worst in nation as U.S. housing prices drop 6.7%
Associated Press
9:50 AM EST, December 26, 2007
NEW YORK - U.S. home prices fell in October for the 10th consecutive month, posting their biggest monthly decline since early 1991, according to the Standard & Poor's/Case-Shiller home price index. The record 6.7 percent drop marked the 23rd consecutive month of price deceleration.
``No matter how you look at these data, it is obvious that the current state of the single-family housing market remains grim,'' said Robert Shiller, who helped create the index, in a statement Wednesday.
The previous record decline was a drop of 6.3 percent, recorded in April 1991.
http://www.sun-sentinel.com/sfl-1226homeprices,0,2983367.story?coll=sofla_tab01_layout
How about a nfb Boca waterfront for $669k?
mls# f2882155
Where's our fearless leader? Did i miss something? Is he on vacation?
Fearless leader was sighted briefly on Topix this morning.
Here's an interesting one.
He just RAISED the price, are we looking at a creative financing sale?
He owns 4 waterfront homes, all purchased since 2004. One homesteaded.
mls # F875762
Bought in 2004 for $840
Was $879
Now $899
Sorry Mr. 140, but more foreclosures, more families loosing there home, maybe recession in the US is NOT a good news to me! Maybe in your perverted mind that is a good news, but not in mine!! Shame on you!
Braziliano,
Think of the market as a being who was drunk with euphoria.
Now he is drying out and sobering up.
It is painful, his head hurts and stomach is sick, but that is the cost of excess....too much.
The adjustments are a good thing for most, and housing will be available for many more people who are now priced out of the market.
I would say shame on YOU Braz, for wanting homes to remain so high that millions of your brothers and sisters cannot afford them.
BTW, MORE good news today!!! Prices ARE crashing!!
Life is good.
re: David Godshall, last entry
# F875762
, deerfield bch; what a joke!!
Union Planter bank filed default for real property foreclosure on
11/29/97 I didnt look see which property but I suspect its this one.
Ms. Jupiter
correction should read: 2007, not 97, also looks like IRS line for
600k plus, ouch....
for mr. owns 4 houses.
Ms Jupiter,
LOL I knew if I threw him to the lions, you guys would get the dirt.
LMAO
Another interesting S Fla character.
Supposedly he sold a teardown E of Sample to a builder for $1.1 mil several months ago.
I looked at the house before he sold it.
Also looked at the one in Deerfield several times when he was stuck at $999k.
I see about $600k in the future on that one.
Re: David Godshall, that is if the IRS doesnt grab it first !!!
600 plus k, they tend to lose their sense of humor !!
140, re last entry. godshall, problem is he like everyone else I have found owes more than the house is worth. I see a mtg for
1.250 this is probably a short sale, maybe. until the lender/s get real its going to be on the market. will the house be a good deal, not till the lender gets real and sure not the IRS is filing a lien. got any more good deals???
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