– GSR – I was trolling Trustee’s Deeds this morning, and an odd one caught by eye. A unit at the GSR was bought by – get this – the GSR! It got me curious, so I pulled up the YDT stats from the Assessor, and they have bought 23 other units either as REOs or short sales. Average price is about $12,000 per room. 11 other rooms have sold, averaging about $16,000. There may be more in the queue, since the Assessor s’s data lags a bit. True believers!
– Magna Charta – A new tactic in trying to void default is the Magna Charta Defense. Can anyone explain this mumbo jumbo to me? You bought a house at the peak of the market with 50% down, got hosed by your bad decision, and invoke the friggin’ Magna Charta? This is a new low.
– Montreux- Just how much trouble are they in? Enter Jacksick into Recorder’s site and watch huge list of personal defaults generate, Montreux Development LLC just got a NOS on a $700,000 loan on a few lots. They also seem to have been selling off some small blocks of lots for about $100,000 each (sometimes to related entities).
2745 Lake Ridge Shores is one of the incredible hulks behind the rarefied gates of Lake Ridge. Purchased for $675,000 in September 2006, and refied with a $1,360,000 construction loan in October 2007, the liens started getting recorded by July 2008. The listing history on Zillow is pretty interesting, starting at $2.3M in April 2008. The NOD was recorded in August 2009 on a missed February 2009 payment (the owner was still paying the bank while stiffing the contractors). The NOS was filed in March 2010 and the TD recorded in March 2011. It just listed for $180,000.
– NODs were up more than 50% to 641 in August from 427 in July and 414 in June, the highest level in a year. That can’t be good. NOS were way down to 363 in august from 457 in July and 452 in June. TDs were also down to 284 from 226 in July and 385 in June. Double click on this chart for the data set.