From KGET.com. “There’s a new problem with real estate foreclosures as some residents have resorted to stripping everything from appliances to door-knobs from foreclosed homes before the houses go back to the bank.”

“17 News has uncovered two cases where the homes that have belonged to former members of the Crisp and Cole Real Estate team. The first home was owned by Jeriel Salinas, a current agent with Crisp Realty.”

“‘When we came in, we noticed that the appliances were missing,’ said real estate agent Susan Ferguson, who said, after walking into a Seven Oaks home, ‘Oops, there’s no stove. Oh wait a minute, there’s no dishwasher. No hang on a minute, there’s a microwave missing.’”

“Salinas stopped making payments on the home, so the lender took it back. Workers at another home said what occured at the Seven Oaks home is a drop in the bucket, saying door handles have been taken before.”

“‘My boss just spent $1,300 replacing the door handles,’ said construction worker Robert Velez.”

“Velez walked 17 News through a million-dollar home formerly owned by Crisp and Cole Real Estate broker Jayson Costa. Velez said business is good.”

“‘We’ve done a lot of foreclosures, and yeah, a lot lot of houses,’ he said.”

Latest numbers for September 2007 are out. From DQNews.com:

Bakersfield DOWN 16.23% Year over Year.

Keep in mind this does not include incentives. If the incentives were included, prices would be down over 20%.

Another measure to use is price per square foot. Based on the numbers from KernData.com, we are now down 20% from the peak on price per square foot. Also, prices are now back to the level they were in early 2005.

All of you who chose to listen to the REIC and were told "it was a good time to buy", "they are not making anymore land", "real estate only goes up", etc... Remember this during the next speculative mania. If you ask barber if you need a haircut...

Finally, things are not going to get any better. Right now we are seeing 150-200 notices of default per week, sales are down 85% from the peak and credit has tightened. All of these things were predicted here on this crappy blog at the beginning of the year and over the last few years on all the other bubble blogs. Those who listened, you have been spared the misery and all those who didn't listen, good luck.

http://bakersfieldbubble.bl...