Housing bubble trouble….

Thanks to Rob Dawg at Exurban Nation for this:

DEED TRADE MY HOUSE NOW

Reply to: hous-393348572@craigslist.org
Date: 2007-08-09, 6:38PM PDT

TERMS WOULD BE:
If you have real estate that appraises today for $90,000 to $105,000. You give me your real estate straight out withOUT me owing you or anyone any cash at anytime. Your Deed would be an even exchange for my Deed.
IN TRADE My house:
The current assumable loan on my home is $298,000 and it is a neg am. loan @ 7%. It’s appraised value today according to the county tax assessor is $280,000. This house appraised at $383,000.00 when I bought it brand new 2 years ago this month. Plus, There is a 2nd on this house for $36,000. not assumable. Or you could negoiate a short sale with my lender. This house will easliy be a million dollar home in 20 years! In 7 years it should come back at $450 $500 when they complete building the stores gas stations and freeway access! I lost my job a year into it and can’t make the payments …… TRADE NOW! See pics of home below.

992 LAKEPORT WAY at Hyway 70 google map yahoo map
Location: 992 lakeport way 95961 plumas lake ca
it’s NOT ok to contact this poster with services or other commercial interests

PostingID: 393348572
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Insane. To think this idjit spent the time to make the add. He’ll trade his $280k house for $105k if you assume his $298k loan and pay off his $36k loan. That’s $141,000 upfront and $298,000 in debt, $439,000 for something worth maybe $220,000 and eventually $160,000.
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Comment:

And you think our problems are all about who is in power….

Sure – there’s the larcenous bunch at the top who’ve turned the economy into a gambling den…but look at what they’re working with…

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