Talk about chasing the market down for over a year now...

NEW -> Contingent Buyer Assistance Program
My theroy is when Fannie and Freddie blow up, they will make them a government agency, much like the USDA does for certain farmers:



<a href="http://www.usda.gov/wps/portal/!ut/p/_s.7_0_A/7_0_1OB?navid=FARM_LOANS&parentnav=PRODUCERS&navtype=RT">http://www.usda.gov/wps/portal/!ut/p/_s.7_0_A/7_0_1OB?navid=FARM_LOANS&parentnav=PRODUCERS&navtype=RT</a>



<blockquote>Farm loans are provided to family-size farmers and ranchers who cannot obtain commercial credit from a bank, Farm Credit System institution, or other lenders. These loans can be used to purchase land, livestock, equipment, feed, seed, and supplies, and construct buildings or make farm improvements.</blockquote>


How this program came about I don't remember, but I knew at one time. I want to say it has its roots in the Great Depression, but I'm not 100% positive.



For the record, I thought this was the future before Maria Bartiromo channeled Greenspan via CNBC on 8/1, when he esentially said the same thing.



<a href="http://www.cnbc.com/id/25978603/site/14081545/">http://www.cnbc.com/id/25978603/site/14081545/</a>
 
Check out this listing: <a href="http://www.redfin.com/CA/Santa-Ana/118-Edgewood-Rd-92706/home/3051975">www.redfin.com/CA/Santa-Ana/118-Edgewood-Rd-92706/home/3051975</a> - 104k -

This house has been on the market for about 2 1/2 years in my neighborhood. It is currently in escrow for the third time. The original price listing was 1.1 million and the last listed price was 595K! They did a huge amount of work to the house before listing it at that ridiculous price. Since going into escrow this time they have had to install all new windows. These people were incredibly stupid. Refin lists it as 320 days but I've been driving past it for over two years with the same agent (I'm thinking maybe even closer to 3). I'm not sure what it is in escrow for but it's obviously close to 50% off. It has a lovely view of Main Street and every cop pulling people over off of the freeway parks in front of the house to give out tickets (maybe 4 or 5 times a day). Horrible location and terrible layout but for some reason they thought they could get the same price as some of the nicer homes in the neighborhood at that time.
 
Can you post the link again, without text, or by using the little button on the top marked <A> ?



Or, post the street address and I'll link it for you.
 
[quote author="no_vaseline" date=1219324727]Can you post the link again, without text, or by using the little button on the top marked <A> ?



Or, post the street address and I'll link it for you.</blockquote>


You have figured out that the <A> button creates a link, but copy and paste still eludes you huh?



Well, I fixed the link for ya.
 
No, I tried to screw with the link but I pasted in the - 104k - part and it junked the link. I tried to put the address in, no love.



No excuses, but I'm not running very well today.
 
[quote author="tmare" date=1219313262]Check out this listing: <a href="http://www.redfin.com/CA/Santa-Ana/118-Edgewood-Rd-92706/home/3051975">www.redfin.com/CA/Santa-Ana/118-Edgewood-Rd-92706/home/3051975</a> - 104k -

This house has been on the market for about 2 1/2 years in my neighborhood. It is currently in escrow for the third time. The original price listing was 1.1 million and the last listed price was 595K! They did a huge amount of work to the house before listing it at that ridiculous price. Since going into escrow this time they have had to install all new windows. These people were incredibly stupid. Refin lists it as 320 days but I've been driving past it for over two years with the same agent (I'm thinking maybe even closer to 3). I'm not sure what it is in escrow for but it's obviously close to 50% off. It has a lovely view of Main Street and every cop pulling people over off of the freeway parks in front of the house to give out tickets (maybe 4 or 5 times a day). Horrible location and terrible layout but for some reason they thought they could get the same price as some of the nicer homes in the neighborhood at that time.</blockquote>


Troop - This is the house I was telling you about last night.



We walked this house during an open house. It is seriously freeway adjacent, and *way* overpriced. "The value is in the land," the Realtor says. Mmm hmm. There is an office building across the street, but this sort of sits in a residential neighborhood. About all it would be good for is a small sandwich and coffee shop. Some of remodeling was really odd.
 
[quote author="EvaLSeraphim" date=1219357873][quote author="tmare" date=1219313262]Check out this listing: <a href="http://www.redfin.com/CA/Santa-Ana/118-Edgewood-Rd-92706/home/3051975">www.redfin.com/CA/Santa-Ana/118-Edgewood-Rd-92706/home/3051975</a> - 104k -

This house has been on the market for about 2 1/2 years in my neighborhood. It is currently in escrow for the third time. The original price listing was 1.1 million and the last listed price was 595K! They did a huge amount of work to the house before listing it at that ridiculous price. Since going into escrow this time they have had to install all new windows. These people were incredibly stupid. Refin lists it as 320 days but I've been driving past it for over two years with the same agent (I'm thinking maybe even closer to 3). I'm not sure what it is in escrow for but it's obviously close to 50% off. It has a lovely view of Main Street and every cop pulling people over off of the freeway parks in front of the house to give out tickets (maybe 4 or 5 times a day). Horrible location and terrible layout but for some reason they thought they could get the same price as some of the nicer homes in the neighborhood at that time.</blockquote>


Troop - This is the house I was telling you about last night.



We walked this house during an open house. It is seriously freeway adjacent, and *way* overpriced. "The value is in the land," the Realtor says. Mmm hmm. There is an office building across the street, but this sort of sits in a residential neighborhood. About all it would be good for is a small sandwich and coffee shop. Some of remodeling was really odd.</blockquote>


Sorry I'm so lame at posting a listing, but I thought this one might interest some of you because it's been listed for so long. The owners apparently inherited the property and got really greedy. It could never be a business because of zoning. I'm really interested to see if it actually closes this time. They probably could have sold it for 700K when they first listed but they insisted on 1.1 million, pure stupidity.
 
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