For sale again in Dana Point

The financing mistakes of 2007 are already back on the market as REOs, pushing prices lower. Today we're looking at a bank-owned house in Dana Point (Capo Beach).

26836 Calle Juanita, 92624
Asking price: $479,900
Asking price/ sq ft: $267
Bank purchase price: $569,180
Purchase date: 1/21/09
Size: 4 beds, 2.75 baths, 1,800 sq ft (built in 1974)
MLS: P683765 (1 day on Redfin)
Zillow Zestimate: $589,500
Type: Single Family Residence
Style: Cape Cod
Stories: 2
Lot size: 2,500 Sq. Ft.
From listing: Charming...4 Bedroom 2.75 Bath home near Sunset Park. Fresh paint, carpet. upgraded baths and kitchen. Minutes from Dana Point Harbor, beaches. Priced to sell fast ! ! !

No need for much of a description...price is the main selling point for this property. Just down the street is another REO that's asking $464,900 and is in escrow.

The previous owner paid $710,000 in January 2007. She didn't even have to use any of her own money. The property was in default in mid 2008 before going back to the bank a few months ago. Assuming the current asking price also becomes the sales price - coincidentally, it's the exact same beginning asking price as the other REO we mentioned, and both are for sale by the same real estate brokerage - it would mean a depreciation of 32% in a little more than two years.