Wednesday, July 16, 2008

More signs of the times

We live in a geographically isolated part of Cameron Park, in an area with about 70 newer homes.

In early 2005, if a home listed, it went pending within 24 hours. By autumn 2005, there were 18 homes for sale, of which 14 were vacant.

Now, there are 9 homes for sale, 2 vacant. Four homes are in some stage of foreclosure.

One neighbor used to have magnetic signs on their cars advertising his/her mortgage company. The signs disappeared some time back, and yesterday, so did the neighbor, driving away behind two big moving company vans. The loan has been in default since May 2008 but the house hasn't been listed and like most REO's that I see, no one even attempted to sell it before they let it go back to the bank.

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