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Foreclosures on 24th, East Clay
12/08/2011 8:17 AM by John M
A Richmond BizSense look at recent foreclosures in the area lists 22 in Richmond and only 2 in the neighborhood.
1114 North 24th Street, Richmond, VA 23223
Execution of a certain deed of trust-original principal amount: $114,800
Borrower: Charles Johnson
Foreclosure date: December 15, 2011 at 2:15 p.m.
Trustee: Shapiro & Burson3501 East Clay Street, Richmond, VA 23223
Execution of a certain deed of trust-original principal amount: $324,000
Borrower: Troy Gooden and Monika Gooden
Foreclosure date: December 15, 2011 at 2:15 p.m.
Trustee: Shapiro & Burson
3501 sold for $80k, received a scab renovation with about $100k in permits issued, and then sold for $360k. After it sold it was used as a rental property for a short time and then sat unoccupied for years. Seems shady to me.
Two more this week:
1239 North 35th Street, Richmond, VA 23222
Execution of a certain deed of trust-original principal amount: $44,300
Borrower: Rose Mayfield
Foreclosure date: December 29, 2011 at 2:15 p.m.
Trustee: Shapiro & Burson
905 North 29th Street, Richmond, VA 23223
Execution of a certain deed of trust-original principal amount: $38,000
Foreclosure date: January 3, 2012 at 2:00 p.m.
Trustee: Commonwealth Asset Services
@1 – that is an odd house. 1900 sq ft house on an ok block selling for $360k does seem a little excessive. Interestingly, city assessment is also outlandish at $315k. There’s dozens of similar houses that can be had in the low $200s around here. I wonder if the city just figured that anyone who was willing to pay $360k couldn’t complain about an assessment that was $50k less than that.
Guess they woke up and noticed that they were likely to be massively underwater here.
This is one of those textbook illustrations of why we needed to bail out the banks for bad mortgages. Who would approve such a loan?