Saturday, March 21, 2009

This can't be happening

So you buy a beautiful home in 2006 for $975,000. I mean, why not? Jacuzzi, swimming pool, massive backyard, lovely Saddleback mountain area.
You've got the means. You've got the financing. Home prices appreciating everywhere you look by double-digits. Now's the time. Get in, or be priced out forever.

A few years later things go pear-shaped financially. Foreclosure. Short sale. And suddenly all the granite in the world no longer justifies the scenario where the asking price means double-digit appreciation over the previous buy price.

Asking Price: $749,900

Address: 8 Puerto Nuevo, Foothill Ranch (Lake Forest),CA 92610

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