Archive for November 7th, 2007

Sell Your House Or Go To Jail

Just when I think I’ve heard it all…. Many thanks to J.R., who emailed me last night and shared the following story: I just got a call from my brother a few hours ago, from jail.  My brother has never been in trouble before, so I was totally shocked when I got the automated collect call message.  The reason he is jail is even more shocking- he failed to sell his house.  He just went through a nasty divorce which left him cash poor but equity rich, so as part of the divorce, there was a list of debts that…
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A Preview of Housing Armageddon?

L occasionally sends me something from IMAPP, a program available through ARMLS. [Arizona Regional Multiple Listing Service] Using IMAPP, you can look up a property and see a map showing listings and foreclosures in an area.  Listings are shown with green signs, foreclosures are represented by gavels.  Foreclosures can be at any stage from having received a "Notice of Trustee’s Sale" to being a REO.  When L sent me this one from El Mirage, [a Phoenix suburb] it really caught my attention: