My Real Estate Blog

The market continues to do what it did last week but you can see a slow increase in the inventory for 20171. There are 43 single family homes on the market with 11 new listings - which is more than what we have had for the past couple of months. To see the new listings, click http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=524916XJRPL&p=DE-90379148-235.  One of the new listings is a foreclosure and one is a short sale. The one on Bradwell is a foreclosure that was purchased in 2003 for $270,000 and is now on the market for $418,000. It is obvious that the owner must have refinanced the home in the up market and taken all the cash out. He then found himself upside down when the market fell.  I once went on a listing appointment in 2007 where the seller had refinanced his home two or three times in the up market. He took the cash out so that he could use the money in the stock market. His home then sold as a short sale in 2008. He was not concerned about his credit, he said to me "I will live with my son for 7 years until my credit improves". 5 homes sold this week. Click http://mrislistings.mris.com/Matrix/Public/Portal.aspx?ID=33261599358. One of the the listings sold was a foreclosure that originally was purchased in January 2006 for $619,900 and was listed at $424,000 when it got a contract. It was on John Milton and the loss is upwards of $200,000.

Posted by Angela Mitchell on September 28th, 2009 8:11 AMPost a Comment (0)

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