Photo courtesy to Tucson MLS Everyday I'm amazed when I see another "bank owned" property come on the market. It's not the fact that so many homes are bank owned, but that quite a few of them are million dollar custom homes.
Just check out this one that's located in The Gallery at Dove Mountain. In Tucson there's currently three short sales, one bank owned and one foreclosure property that are listed with prices over one million dollars.
Just check out this one that's located in The Gallery at Dove Mountain. In Tucson there's currently three short sales, one bank owned and one foreclosure property that are listed with prices over one million dollars.
7 comments:
Hey Valorie - I just saw a recent report that stated that 70% of all "ALT-A" Purchase Money loans originated in 2007 are currently 90 days or more late. There are two things that make this interesting... 1) 2007 is when we began to see price dips and the "mortgage meltdown" began and 2) the majority of high end homes, like this one, were purchased with "ALT-A" money.
Just some food for thought!
Paul Dunn
Hi Paul,
Thanks for your comments and those great stats! Have you got a link to the report you mentioned? I'd like to investigate a little more. Thanks!
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Amazing to think that those that home price bracket would have difficultly. Makes you realize how many people bought more than they could afford and did so with such little documentation.
It's not the fact that so many homes are bank owned, but that quite a few of them are million dollar custom homes.
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Julie
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