Freefall in Santa Ana

There's no nice way of putting this: It royally stinks to be a homeowner trying to unload property in Santa Ana right now that was purchased in the past couple years.

Does this meltdown have anything to do with the fact that four of this city's ZIP codes rank in the top seven of the lowest average household incomes in Orange County, and we're currently in the midst of a subprime mortgage meltdown and tightening of credit standards that is cutting off many buyers with modest budgets? Could be.

There's not much else to say, since these practically speak for themselves. Nevertheless, I've got a few comments mixed in:

609 South Rosewood Avenue, 92703
Size: 4 bed, 2 bath, 1,055 sq ft (built 1951)
MLS: P557630 (153 days on Redfin)
Current price: $519,000
Redfin sales history:

Date	Price	Appreciation
08/16/2006	$650,000	17.3%/yr
03/22/2005	$520,000	34.1%/yr
04/14/2004	$395,000	36.5%/yr
05/07/2003	$295,000	15.6%/yr
04/07/1999	$163,000	1.3%/yr
11/02/1988	$143,000	--

ZipRealty price tracker:
Price Reduced: 03/01/07 -- $599,900 to $589,900
Price Increased: 03/19/07 -- $589,900 to $599,900
Price Reduced: 04/09/07 -- $599,900 to $569,000
Price Reduced: 04/13/07 -- $569,000 to $529,000
Price Reduced: 06/09/07 -- $529,000 to $519,000

From listing: Short Sale!! make an offer and take it before the bank does.

Little curb appeal just isn't cutting it these days. Four price reductions hasn't done much yet. And I don't want to know how they managed to cram four bedrooms into 1,055 square feet.

1058 West 3rd Street, 92703
Size: 3 bed, 1 bath, 1,033 sq ft (built 1910)
MLS: P557756 (152 days on Redfin)
Current price: $565,000; $600,000 on ZipRealty
Redfin sales history:

Date	Price	Appreciation
02/06/2006	$690,000	14.1%/yr
11/05/2004	$585,000	58.5%/yr
03/15/2004	$435,000	24.3%/yr
11/19/1999	$170,000	--

From listing: LARGE 3 BEDROOM W/ 1BATH SMALL MOTHER-IN-LAW QUARTERS PERFECT OPPORTUNI TY FOR FIRST TIME OWNERS TO LIVE IN ONE AND RENT THE OTHER. GREAT RENTAL INCOME. FINAL PRICE SUBJECT TO BANK APPROVAL * *

The owner paid $668 per square foot for this house...sickening. This may be the only "large" 1,033 square-foot, three-bedroom place ever. And what's with the no picture?

615 South Sycamore Street, 92701
Size: 3 bed, 1 bath, 1,116 sq ft (built 1911)
MLS: P565685 (105 days on Redfin)
Current price: $450,000
Redfin sales history:

Date	Price	Appreciation
04/20/2006	$595,000	145.3%/yr
09/16/2005	$350,000	28.3%/yr
06/10/2002	$155,000	--

ZipRealty price tracker:
Price Reduced: 03/16/07 -- $670,000 to $550,000
Price Reduced: 03/19/07 -- $550,000 to $500,000
Price Reduced: 04/16/07 -- $500,000 to $450,000 ($220,000 in reductions)

From listing (my emphasis in bold): This hose has 4 bedrooms and 2 full baths!!!!!Seller needs to sell fast, seler will consider all offers. Property has been remodeled in and out, has a huge driveway, you can fit 10 cars!!!, basement for extra storage, easy to show, please see remarks.

Oh, now I get it! That $450,000 asking price is really for that hose out front. So how much is the rest of the house? And who exactly are you trying to target by saying that the driveway can fit 10 cars? When was the last time you wanted to fit that many cars in your driveway?