Bad home loans

[Ron61]

Scott,

I know of 5 homes in a mile or so of me that have been foreclosed on. All were bought within the past 6 years and they gave about 4 times what the houses were actually worth in this inflated market.
I just took the dogs for their morning walk and there is a brand new house just built about 4 weeks ago for sale so I stopped and got one of the papers the Realty company left in the holder on their sign. My God, I can't believe what they want for it. Here is what they have: Lot Size 50' by 135'. House 1,204 square feet. Three bedroom 2 bath. Has central heat & air, dish washer, gas stove, city water and power, PG&E gas. A 24'by 24'garage.

Now I know that I built my little house is 1976, but I have kept it up and had vinyl siding and triple insulation on it, plus double windows and insulated garage. My lot is 150' by 140'. House is 1,288 square foot as my Mother didn't want the sunken den so I left it open and that took 235 feet off the living area. I also have the T installed in the street sewer line for the upper lot in case I ever built a garage there. And I couldn't begin to get that much for this place. I also have central air and heat and no gas as my electric bill is about the same as my friends when he adds his gas and electric together. I have a place for the built in dish washer, just never got one. Also have washer and dryer in garage so you don't have to go out in the weather to use them. My garage is 22' by 24' so that one is a couple of feet wider.

In Redding the repossessed houses aren't moving at all and the neighbors have started an adopt a house program and work weekends cutting the brush and weeds that have grown up in the yards and trying to put wood over the broken windows.

Ron