MORON

The East Valley Tribune reports from Arizona. “In the first quarter of 2008, there were 310 resales of homes in Maricopa at a median price of $170,000, according to a real estate report issued by Arizona State University. In the same quarter of 2007, there were 90 resales with a median value of $246,500. Paul Jepson, an assistant to Maricopa’s city manager, said that about 31 to 34 percent of resales in the city have been of such underwater, or ‘distressed’ as he called them, homes.”

“One of the market casualties is Daryl Fox, a recently unemployed cosmetics salesman. After his divorce several years back, Fox and his ex-wife sold their home in Chandler. It took a while to sell the house, and they had to reduce the price to find a buyer in the already-slumping Valley real-estate market, he said.”

“In April 2006, Fox took his half of the equity from the Chandler home and whatever other savings he had scraped up through the years and used them to pay 15 percent down on a three-bedroom home in Rancho El Dorado. The $212,000 purchase price was down from the home’s highest value.”

“He thought he was hitting the market at the right time, getting the most bang for his buck. ‘I thought the market had bottomed out when I bought it,’ Fox said. That’s why he was willing to take out a 2/28 adjustable rate mortgage from Chase Bank.”

“He did refinance right after closing, drawing the equity of that 15 percent down out of the house to finance a few renovations, he said.
YOU F'ING MORON, RETARDED IDIOT, WTF is WRONG WITH YOU!!!
He owed the full $212,000 now. ‘My intention was to live in that house as my primary residence, that’s why I remodeled it,’ Fox said.”

“In June 2006, Fox met Teri Parks, his future wife, at the Native New Yorker. Parks soon moved from Minnesota to Maricopa, buying a home in Acacia Crossings. Parks’ house was the larger of the two, so it made sense for Fox to move in there and sell his place.”

“But the short market downturn Fox had expected turned into a free fall. ‘The median housing price in Pinal County ‘has steadily eroded from $220,000 in fourth quarter 2005 to $193,000 in third quarter 2007 and $156,160 for the current quarter,’ stated a report released by Jay Butler, director of Realty Studies t Arizona State University.”

“After spending thousands trying to hang on, Fox was staring down the barrel at foreclosure. A lawyer advised him just to walk away from the home, but he decided that he would try to sell the property in a short sale. Fox has a buyer willing to pay $90,000 as of early May…if the bank accepts that offer.”

“Fox said the bank told him that the house would be foreclosed upon on May 19. Even if the short-sale offer was on the table? He referred me to his real estate agent, Rita Weiss, broker in Maricopa.”