From CNN
Nearly 23,000 homes in Riverside County alone are listed as “bank owned” on RealtyTrac. One in 80 homes is now in the foreclosure process, according to the county assessor’s office.
“Riverside County is in the middle of the mortgage meltdown,” says county assessor Larry Ward. “It’s really tough on people, the foreclosures and prices that dropped below $100 a square foot.”
Next door to the Lepleys are Frank and Leslie Aceves. They are in the midst of a different situation. They are trying to “short sell” their house in order to avoid foreclosure and lose everything to the bank.
The couple has two children, ages 10 and 3, and they bought their 3,500 square-foot home for $620,000 a few years ago. A house about the same size across the street recently went for $267,000.(more…)
This is about a 10 min drive from our home, but the percentage drop in value is about the same.
Yesterday, my wife found out about a home practically around the corner from us that was once selling between $550k to $575k. Today that same house is selling for $207k.
My wife took a walk to check it out herself and found that the previous owners stripped the house bare (fixtures, cabinets, etc.). This has been a big problem for many of the homes out here that are on the market. Folks who know they are about to loose their house do this crap not caring that their actions are going to make it difficult to resell. As a result, the surrounding property value (including yours) continues to fall.
