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Angry in Azusa: Early Rosedale buyers are ticked off
Regular commenter TakeFive points out another troubled development, in addition to the three covered earlier today: in Azusa, where early buyers are ticked off that a master-planned community development has stalled.
Again from the Pasadena Star-News: "Frustrated over problems at what will be a new 1,250-home community, some residents want a home builder to buy back their homes."
More: "Two of four home builders at Rosedale, Fieldstone Homes and William Lyon Homes, stopped construction this year at the city's first master-planned community in the foothills. Neighbors living in Fieldstone's Arborview neighborhood said they feel cheated, others said being surrounded by vacant
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The big repo: $10 billion worth of foreclosed homes in May
News item from ForeclosureRadar.com, via Bloomberg: "California homes representing more than $10 billion of defaulted mortgages were repossessed last month as more than 97 percent of foreclosed properties failed to sell at auction, research company ForeclosureRadar said."
More: "The firm said 24,831 homes, with $10.4 billion of debt, received no offers higher than the lender's opening bid at auction. Last month was the first time new repossessions surpassed $10 billion, Discovery Bay, California-based ForeclosureRadar said today in a statement. Still, the number of foreclosed properties bought by investors and other third parties rose almost 35 percent."
Analysis: The market is still rolling
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When 'Hot Property' runs cold -- the Teri Polo story
Those of you who don't like celebrity items, move along, this doesn't concern you. Go ahead, move along.
Now then. The best beach read in town, the reliable blog Manhattan Beach Confidential reports that actress Teri Polo had to drop the price quite a bit to sell her Manhattan Beach home.
Once featured in the The Times' Hot Property column as a $2.6-million listing, MB Confidential reports the house sat on the market for months, and the asking price was dropped to $2.09 million before the home finally sold.
MB Confidential further reports that Polo paid $2.5 million for the home in May
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WaMu blues: Stock hits 52-week low
Just a quickie: Washington Mutual shares fell as low as $5.75 today, a 52-week low, on worries that the Fed is done cutting rates and WaMu faces further loan write-offs.
Today's low of $5.75 per share marks an 87% decline from the stock's 52-week high of $44.19, according to CNBC.com stats. Lemme say that again: an 87% decline in market value.
Analysis: This is a company that would otherwise be ripe for a takeover. The problem is, buyers are scarce in today's corporate world. The two relatively strong hands in the game -- Bank of America and JPMorgan Chase -- have their
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