92879
REO (6)
Short Sale (43)
Standard (27)
Unknown (9)
92880
REO (11)
Short Sale (91)
Standard (36)
Unknown (21)
92881
REO (5)
Short Sale (38)
Standard (27)
Unknown (9)
92882
REO (28)
Short Sale (60)
Standard (31)
Unknown (21)
92883
REO (8)
Short Sale (81)
Standard (37)
Unknown (9)
As of today 3/1/10...there are 598 homes on the market in Corona.
Short Sale - 313 (52.3%)
Standard - 158 (26.4%)
Unknown - 69 (11.5%)
REO - 58 (9.7%)
We have a new category. The unknown category. This is due to the fact that some Realtors do not input the homes correctly into the MLS; therefore, the correct category is unknown. In fact these homes (which total more than all of the REOs on the market in Corona) could be in any of the four categories listed above.
Showing posts with label Corona homes. Show all posts
Showing posts with label Corona homes. Show all posts
Monday, March 1, 2010
Thursday, May 14, 2009
Thursday, May 7, 2009
Distressed Properties
The downturn in the economy has been incredibly hard on homeowners. The real estate bubble has burst in Southern California (actually across the nation, but I am familiar with So Cal). The stock market bubble has burst (not just a dot.com burst, but a wide spreading burst). The effects has been incredible. The average home in Corona has dropped under $350,000. Just three years ago this number was nearly $600,000.
Where does this leave us?
This is where we meet John and Mary...they bought a home in Corona in 2006. They paid $625,000 for their home. It is the house of their dreams - 3,000 square feet, enough room for all of their kids. John and Mary were living the American dream...just maybe a little in fast forward. They have 3 kids between the ages of 5 and 13...soccer, little league, etc...occupy their weekends. He drives a Cadillac CTS and she drives a Chevy Tahoe. They make over $100k per year...and probably overpaid for their home. However, the hot summers of Corona caused them to take out a second mortgage to put in a swimming pool in the summer '07.
John and Mary could not see what (most American citizens could see this coming, but all data points to the fact that our government KNEW) was coming. John's 401(k) has taken a beating...Mary's 403(b) has been likewise taking a beating. What's worse is that they owe well over $700,000 for an asset that is worth approximately $400,000. Wait, it is about to get worse...Mary and John bought their home with an option ARM mortgage. Their monthly payment is manageable now, but it is consistently ratcheting up.
Later - I am going to explain the options that Mary and John have, then we will see if we can do anything to help them.
Where does this leave us?
This is where we meet John and Mary...they bought a home in Corona in 2006. They paid $625,000 for their home. It is the house of their dreams - 3,000 square feet, enough room for all of their kids. John and Mary were living the American dream...just maybe a little in fast forward. They have 3 kids between the ages of 5 and 13...soccer, little league, etc...occupy their weekends. He drives a Cadillac CTS and she drives a Chevy Tahoe. They make over $100k per year...and probably overpaid for their home. However, the hot summers of Corona caused them to take out a second mortgage to put in a swimming pool in the summer '07.
John and Mary could not see what (most American citizens could see this coming, but all data points to the fact that our government KNEW) was coming. John's 401(k) has taken a beating...Mary's 403(b) has been likewise taking a beating. What's worse is that they owe well over $700,000 for an asset that is worth approximately $400,000. Wait, it is about to get worse...Mary and John bought their home with an option ARM mortgage. Their monthly payment is manageable now, but it is consistently ratcheting up.
Later - I am going to explain the options that Mary and John have, then we will see if we can do anything to help them.
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