Tracy Press

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written by chirs , July 21, 2007

All these get rich quick schemes for real estate are bottoming out. home values are spiraling downwards. better sell and get out of dodge while you still can. Tracy is going to see stockton like real estate values pretty soon.

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written by sonora , July 22, 2007

With all the talk of open air explosion, has the area been tested?

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written by Tom Benigno , July 22, 2007

We can bolster this depressed market by not allowing these auctions to be advertised. As we have seen in the past, many farmers went under and the way their fellow neighbors helped was not to buy the depressed equipment and ranches.

What occured was the deficiency balance or equity of the equipment. It was then taken over by the equipment company and resold again. No credit was given to the prior owner of the equipment.

The same logic was used on repossessing houses and land. No consideration was given to the owner who may have put 25% or as much as 50% down on the property. That could be as much as $200,000 in a case where someone bought a house for $400,000 and put 50% down.

There needs to be some accountability to the builder, and the banking system. In some of these forclosures less than 90 days passed when the homes were sold at auction prices. That is the main point here, who gained the equities in these properties? And how does buying a home for $359,000 that was appraised for $700,000 just months before balance the books.
If those homes are sold that way, the new owner should be responsible to pay the whole amount to satisfy the other note holders. The first note gets paid, where do the 2nds or 3rds come in. I know many will say that's the way the business works, but think of it this way in a bankruptcy those equitys could pay off indebtedness to the creditors.

Benigno

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written by sharonbrock , July 22, 2007

Great advertising to show other people we just can't sell houses here. He had to do what he had to to get his house sold, last resort, it appears.

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written by Tom Benigno , July 23, 2007

The news media is now saying it is better to let the solvent buy these homes at reduced prices so, so that they can make a profit. Rather than have the banks try and sell them. What happens to the lost equity who pays for that, if the homes go up next month to $700,000 again. I know one mans loss is another mans gain. How sad?

Benigno