Bruce and I have looked at more than 20 homes over the last two weeks here in Tucson and yes there are deals to be had, but most of these need work or they are high-end homes, >600K now being sold at 400K or lower. The homes in the 200K range are being gobbled up pretty fast but the homes over 400K are now in the 200K range and really need work so they are sitting...and sitting. These bank repos, short sales and foreclosure homes may have been previously occupied by irresponsible owners that got into a home for $500USDs and had no problem walking way....from what we hear sometimes with the fixtures.
We've seen large 2500sq.ft homes with pools badly neglected, floors stained, doors falling off and the roofs....some need total replacing. We've visited homes that were on the market for 800K in 2006 - 2007 and now the banks are asking 400K. We saw one home today and they wanted 1.2 mil in 2006, someone took out a loan for 840K in 2007, the bank bought it at auction in Jan 2009 for 577K. It's a straw bale home with shoddy workmanship, Formica counter tops and cheap cabinets on one of the most beautiful 5 acre lots in west Tucson. If they would take 100K for it, I'd have to think about it. We have seem some high-end homes with multiple loans that are in good shape and well cared for but you can't help but feel sorry for the owners that got themselves in the "slave-to-your-home" mess in the 2005-2007 time-frame and now they have to step down with a new bad credit history.
For Bruce and I, steppin' down is easy...we rent nice places and in the interim, live out of the van...if the weather is cool enough.
On a lighter note. This is actual raw, archived footage from our Soul Train days.
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And more rare dancing footage. Hey, we had to make a living:
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