http://www.mercurynews.com/ci_7175582?nclick_check=1
Big winners, losers at auction of new Manteca homes
THOSE WHO GOT HOUSES ARE ECSTATIC, PAYING FAR LESS THAN CURRENT OWNERS
By Julia Prodis SulekMercury News
When homeowner Dave Cantrell walked into the hotel ballroom Saturday where Anderson Homes was auctioning off one-third of the brand-new houses in his Manteca subdivision, he tried to be optimistic.
"I'm feeling my worst fears right now," said Cantrell, who estimated that the auction devalued his neighbors' homes by roughly $200,000 each compared with what many of them paid a year ago. "I lost a quarter million dollars in value. I'm screwed."
Cantrell bought his home a year ago for $670,000 (not including the $90,000 he paid to install a pool and miniature golf course). The winning bidder Saturday of an identical home five doors down the street paid $391,000 - 38 percent less than what he paid.
These houses are not in foreclosure. They are brand-new ones that Anderson Homes couldn't sell no matter how many free upgrades it offered.
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http://www.recordnet.com/apps/pbcs.dll/article?AID=/20071016/A_NEWS/710160320/-1/A_BIZ
Stockton agent offering foreclosure bus tours
By Bruce Spence
Record Staff Writer
October 16, 2007 6:00 AM
STOCKTON - It's not a magic bus, just a vividly marked one - REPO HOME TOUR.COM - that real estate agent Cesar Dias hopes will work some magic for him in a bleak home-sales market.
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