Behind the foreclosures: LN

The OC Register has another story out today on foreclosures . This time, it details some properties in Laguna Niguel. Here is a sample of some of the homes featured in the article:

REOs for sale:
25111 Adelanto (pictured above)
OCR comment: "This is a 3 bedroom, 3 bath home with remodeled kitchen, granite counters, recently replaced roof and living room with brick fireplace."
Original asking price: $594,000
Current asking price: $534,600
Our comment: The previous owners paid $720,000 in 2006. They used a 10% downpayment. The first loan went into default in May.

31216 Flying Cloud
OCR comment: "This bungalow has 2 bedrooms and 2 baths on one level, with views of city lights and the coastline. Detached garage with guest parking. Remodeled in 2006. Granite countertops, vinyl windows and a deep Jacuzzi-jetted tub in master bath."
Original asking price: $949,000
Current asking price: $840,000
Our comment: Unfortunately, ForeclosureRadar doesn't have info on this property, and Redfin says it's a short sale and not a foreclosure with a $995,000 previous sales price. Here's some info on the rest of the street: 31486 Flying Cloud is an REO (100% financing on a $922,000 sale in March 2007!) and 31324 Flying Cloud is in preforeclosure.

Pending
17 Westgate
OCR comment: "This Mediterranean-style single family residence has 3 bedrooms, 3 baths, in a gated community. Near to the ocean and Bear Brand Ranch. Plantation shutters throughout. Three-car tandem garage."
Original/latest asking price: $825,500
Our comment: It appears the previous owner bought a flipped property for $1.2 million in 2007. They used 90% financing, and then added an additional $200,000 from Indymac two months after purchase. The property was in default about a year later.

Recently sold
27636 Blossom Hill, 92677
OCR comment: "This contemporary 4 bedroom, 3 bath home is on 2 levels, within a gated community. Wood shutters throughout, and the entire house has been wired for surround sound. Oversized walk-in closet, with separate family and dining rooms, wood and marble flooring downstairs and carpet in bedrooms. Pool, spa and built-inn BBQ in back."
Original asking price: $719,578
Sales price: $704,000
Our comment: This sales price is 27% below the 2005 price of $960,000.