Chula Vista’s full of cut rate foreclosed McMansions

Median income in Chula Vista’s 91914 zip code is above the national average. The problem, however, is that it’s not far enough above the average to support the insanely high prices of the 2003-2007 bubble years. Banks that loaned money for purchase of these homes during this time have only just began reporting what will turn out to be many millions of losses from these loans. Of course many of these loans ended up in mortgage-backed securities. Investors in these instruments also will lose millions, just from this single, lightly populated suburban zip code. Here is a small sample of the losses. All of these are either foreclosures or short sales:

2936 Ranch Gate Road
sold 6/06 $1.763M
resold by bank after foreclosure for $919K
-$844,032 (-48%) drop from 2006
.
897 Chesapeake Pl
sold 4/05 $1192K
for sale @ $678K
-$495,000 (-43%) drop from 2005

329 Plaza Paraiso
sold 5/05 $760K
For sale @ $475K
-$285,000 (-37%) drop from 2005

324 Plaza Paraiso
sold 5/07 $1000K
For sale @ $500K
-$500,000 (-50%) drop from 2007

982 Adirondack Pl
sold 2/07 $1.25M
For sale @ $639K
-$611,000 (-49%) drop from 2007

2912 Winding Fence Way
sold 4/06 $1.155M
For sale @ $750K
-$405,000 (-35%) drop from 2006
.
1042 White Adler Place
sold 5/05 $1.167M
for sale @ $689K
-$478,465 (-41%) drop from 2005
.
1015 Silver Oak Place
sold 7/05 $1.075M
For sale @ $649K
-$426,000 (-40%) drop from 2005
.
2916 Winding Fence Way
sold 3/06 $1.177M
For sale @ $699K
-$478,140 (-41%) drop from 2006
.
1019 Mountain Ash Ave
sold 5/06 $1.24M
For sale @ $850K
-$390,250 (-31%) drop from 2006
.
1046 White Adler Ave
sold 5/05 $1.058M
for sale @ $599K
-$459,450 (-43%) drop from 2005
.
2241 Lago Madero
sold 10/03 $334K
resold by bank after foreclosure for $280K
-$54,000 (-16%) drop from October 2003
.
957 Wind Cave Place
sold 6/03 $500K
resold by bank after foreclosure for $430K
-$70,000 (-14%) drop from June 2003

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