Falling back in Laguna Hills

Today we're checking out an upscale Laguna Hills property that could change hands for the third time since early 2005. Each time since that peak price three years ago, it appears the next sales price will be progressively lower.

26682 Bridlewood Dr, 92653
Asking price: $757,900
Asking price/ sq ft: $246
Purchase price (bank?): $837,815
Purchase date: 7/27/07
Size: 5 beds, 3 baths, 3,079 sq ft (built in 1989)
MLS: S543900 (26 days on Redfin)
ZipRealty price tracker: Price Reduced: 8/26/08 -- $789,900 to $757,900
Zillow Zestimate: $934,500
HOA dues: $95
Type: Single Family Residence
Style: Contemporary
Stories: 2 Levels
Lot size: 6,940 sq ft
From listing: Spacious four bedroom with bonus room plus three full bath home offering over 3,000 sq.ft. Two story entry leads to formal living room and dining room. Large kitchen with upgraded granite counter tops, center island over looks familyroom with destinctive fireplace and wetbar (also with granite counter). One bedroom / bathroom downstairs. Spacious master bedroom suite with retreat and fireplace. Panoramic views of the Saddleback Mountain range. Spacious secondary bedrooms plus bonus room.

Customized financial info:
Minimum Income Requirement (using 30Y Fixed): $165,000, assumes no other debt/obligations.
Downpayment needed: $28,422
Monthly Payment on 30Y Fixed at 6.25% with property taxes and mortgage insurance estimated: $5,422.52
Minimum Income Requirement (using 5Y fixed): $156,000, assumes no other debt/obligations.
Monthly Payment on 5Y fixed at 5.75% with property taxes and mortgage insurance estimated: $5,188.04
Disclosure: All rates offered to the client with 1 point cost. Rate quotes assume a purchase transaction with the required minimum down payment, 720 credit score, full income qualification and required reserves. Rates are subject to fluctuation. Custom rate quotes and rate lock advice are available by visiting www.thegreatloan.com.

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What do you know...you can see a for sale sign next to this home in the Google street view. Wonder when that photo was taken?

This home sold for $850,000 at its peak in 2005. After that, it's a little shaky. We know this home was a Countrywide REO at the end of last year (listed with the same agent) and was asking as much as $949,900. Then, it was down to $864,900.

That means the 2007 price should be the amount the property went back to the bank for at the foreclosure auction. However, we don't know the full history since we could not find a current record of the property on ForeclosureRadar. Either way, someone (or some entity) is not doing so well by holding onto this place.

The asking price is already $32,000 lower than when the home was listed.

Assuming the property sells for its current asking price, it would mean a decline of $92,100 or 11% off the 2005 top price, not including any sales costs. That of course would mean someone is ready to pay full asking price for this property. Heard about what's going on with Fannie Mae and Freddie Mac?