Foreclosure Woes Hit Pair Who Moved from WI to CA

Madistan.com ^ | June 2, 2008 | Peter Hong Los

[hunter112]

Interesting. The house that appraised at $865,000 three years ago (although it might have been what we called a "three-martini appraisal" back in the late 1970's) cannot find a buyer at $490,000. I wonder what it will eventually sell for when the bank takes it back, and puts it on the market.

My lady heard a story from a friend in CA who was talking about $800,000 properties now selling for $300,000, but I told her that things had not fallen THAT far, yet. Maybe I was wrong?