The above house is located in Pasadena zip code 91104. Listing records indicate that it 1852 square feet with 3 bedrooms and 2 baths on an 8100 square foot lot.
The house was sold in August of 2005 for its full asking price of $650,000 according to MLS records and was on the market for 63 days. The financing was 100%.
From looking at the chain of title it appears that the property was foreclosed on in June 2006. It was relisted according to i-tech and is showing “pending” at a listing price of $474,900.
What makes a house worth almost $200,000 less in just two years? Unfortunately, it is just one more example of how loans were being carelessly funded without the proper research and documentation and the predominant thinking that home prices would continue to defy expectations and keep on going up.
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