Friday listings dump

New to the market today...these two REO properties, both listed by the same agent and both featuring very similar listing descriptions. Oh, they're also big-time rollbacks. There is nothing really remarkable about them in the context of today's climate, and that's what's so darn scary.

Property 1 (pictured at top)
27971 Sheffield, Mission Viejo, 92692
Asking price: $523,900
Asking price/ sq ft: $267
Bank purchase price: $462,400
Bank purchase date: 8/12/08
Peak purchase price: $658,000
Peak purchase date: 4/7/05
Size: 3 beds, 3 baths, 1,965 sq ft (built in 1985)
MLS: S552036 (1 day on Redfin)
From listing: FANTASTIC OPPORTUNITY TO OWN A HOME IN BEAUTIFUL BRIARWOOD TRACT. CENTRALLY LOCATED CLOSE TO PARKS, SCHOOLS, AND SHOPPING THIS SPACIOUS TWO STORY HOME FEATURES A FLOWING FLOOR PLAN THROUGHOUT. ENTERING THE HOME IS THE LIVING AND DINING AREA WITH CATHEDRAL CEILINGS, WOOD PLANTATION SHUTTERS AND TRAVERTINE FLOORING. FURTHER WITHIN THE HOME IS THE FUNCTIONAL KITCHEN AND BREAKFAST NOOK AREA THAT PROVIDES AMPLE SPACE FOR RELAXING MEALS. STEP DOWN INTO THE FAMILY ROOM WITH A COZY BRICK FIREPLACE AND DOORS THAT LEAD OUT TO THE PATIO AND BACKYARD. UP THE WOOD STAIRS ARE THE 3 BEDROOMS INCLUDING THE MASTER SUITE WITH WALK-IN CLOSET AND VAULTED CEILING. THIS PROPERTY NEEDS A LITTLE TLC BUT A GREAT BUY AND LOW TAXES!

Does your head hurt yet from reading the description? The previous owner used 100% financing to buy during the bubble. He defaulted a little more than two years later and the bank took over the house this summer. The current asking price is $134,100 or 20% off the peak.

It also is a 2003 rollback.

Property 2
215 Pasto Rico, RSM 92688
Asking price: $299,900
Asking price/ sq ft: $210
Bank purchase price: $257,600
Bank purchase date: 9/10/08
Peak purchase price: $525,000
Peak purchase date: 6/30/06
Size: 3 beds, 3 baths, 1,426 sq ft (built in 1989)
MLS: S552038 (1 day on Redfin)
From listing: FANTASTIC OPPORTUNITY TO OWN ONE OF THE LARGEST FLOOR PLANS IN THE SERABRISA COMMUNITY. THIS 3 BEDROOM 3 BATHROOM CONDOMINIUM IS CENTRALLY LOCATED CLOSE TO SHOPPING, SCHOOLS, PARKS, AND FREEWAYS. WALKING INTO THIS HOME YOU ENTER THE LIVING ROOM WITH CATHEDRAL CEILINGS, LOTS OF LIGHT FROM THE MULTIPLE WINDOWS, AND A COZY FIREPLACE. THE DINING ROOM OVERLOOKS THE PATIO AND GREENBELT AND IS LOCATED NEXT TO THE LIVING ROOM AND KITCHEN. COMPLETING THE DOWNSTAIRS IS A FULL BEDROOM AND BATHROOM PLUS DIRECT ACCESS TO THE ONE CAR GARAGE. UP THE STAIRS ARE THE REMAINING 2 BEDROOMS AND 2 BATHROOMS INCLUDING THE MASTER SUITE WITH WALK-IN CLOSET AND HIGH VOLUME CEILING. ALL THIS PLUS AN ASSOCIATION POOL, SPA AND WONDERFUL GREENBELTS. THIS HOME NEEDS TLC BUT A GREAT BUY!

Either these listing descriptions are totally uncreative, or it really feels like they're being generated from the same template. Then again, it makes a lot of sense - the No. 1 thing these days is price.

Another 100% financing deal during the bubble. Another property ending up in foreclosure. At the current asking price, this condo is looking at 43% depreciation, or a $225,100 nominal decline from the peak.