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Sunday, February 01, 2009

San Diego House "Deal of the Week"

by Calculated Risk on 2/01/2009 11:02:00 AM

The North County Times has a feature called "Deal of the Week".

House sells at 69 percent discount

This week the featured home is in Escondido (inland north county San Diego). The house is a 1000 Sq Ft, 2 BR, 1 BA, older home built in 1955. The house sold for $146 thousand in 1999.

During the bubble, the house for $420 thousand in 2006 (with 100% financing from subprime lender Argent Mortgage).

After foreclosure last year, the house sold to cash flow investors in November 2008 for $130 thousand (less than the 1999 price) and is currently being offered for rent.

This really shows the round trip in prices for low end properties in California.