$186 per square foot in Mission Viejo

Here's yet another bank property looking for offers. This time, it's one in Mission Viejo. Perhaps the former owners would have been perfect beneficiaries of Hillary's ludicrous housing "proposal."

25472 Maximus St, 92691

Asking price: $599,000

Asking price/ sq ft: $186
Income requirement: $149,750
Purchase price: $799,000
Purchase date: 3/15/2006
Size: 5 beds, 3 baths, 3,224 sq ft (built in 1969)

MLS: S512354

ZipRealty price tracker: Price Reduced: 12/03/07 -- $699,900 to $699,000
Price Reduced: 12/17/07 -- $699,000 to $650,000
2006 property tax: $3,637
Type: Single Family Residence

Style: Contemporary

Stories: Two Levels
Lot size: 9,739 sq ft
From listing: Bank Wants to See Offers Now! 5 Bd, 3 Ba Home with over 3200 square feet of living space on a Large Lot with a Huge backyard that includes a Private Spa, perfect for Entertaining! This is the perfect home to put your personal touches on and at a steal of a price! Located within close proximity to shopping and restaurants! Hurry, a deal like this will not be around long!
68 days on Redfin later, and this exact same deal is still around. Notice the high, clear wall in the backyard photo? Let's just say that this place is exceedingly freeway close. As in it overlooks the 5.

Like the house itself, the lot size is also quite big. But does anyone care? Hello...you'd be living virtually on top of the freeway!

Assuming this property somehow sells at the current asking price, we're looking at a nominal decline of $200,000 or 25% off the peak 2006 price. And most not working for real estate sales commissions are saying the real estate slump is not nearing an end?