We are having so much good housing news hit the media that you would think the White House press secretary is suddenly working for the housing industry. Next thing we will find out is the President issuing pardons to anyone who bought a home on negative-interest-option-only-adjustable-rate-suicide mortgages. After all, with the amazing tax cuts the government feels you deserve a get out of jail pass too. Today we salute another Compton property with our Real Homes of Genius award. ZipRealty has a wonderful feature that allows you to search for short sales. This was added in addition to other features, that of “fixer uppers” and “interest level.” I’m thinking that any home hitting as a short sale is probably a fixer upper with low interest level – maybe they should have defaulted the search item and save the buyer a minute. ZipRealty is ahead of the curve on this one since this is a booming market:

On with the home. This 1,089 square foot home includes four bedrooms and two “full” baths. Nestled in the majestic resort town of Compton, you will entertain your friends and family behind U.S. Steel reinforced gates, such as those guarding the Rockefeller Estate. This home uses transcendent features of the 1950s including a patented aqua green color to ward off nuclear attacks from Soviet warships. This moderately priced dream crib is all yours for the rock bottom price of $375,999. This is actually less than the sale price of 2006:

Sale History
06/23/2006: $412,000
10/01/1981: $58,500

So already in less than one year, we are giving you the dear buyer, a $36,001 discount. Or to look at it from another perspective, the median per capita income of someone living in the area. The absurd notion here is that someone paid $412,000 for a home that will rent from $900 to $950 a month. Now the bank is taking it in the shorts, hence the name short sale, and looking at yesteryear appraisals for a market value. Keep in mind this home initially was listed for approximately $400,000 but no bites. I’m not sure how anyone can justify prices like this. It’s almost like sellers went into asylums, removed the straightjacket from patients, showed them pictures of homes, and asked them how much would you pay for this? “$500,000!” Okay. And this home? “$500,000!” When people say we have crazy housing prices they mean it in more than a figurative sense.

And what is the agent thinking? Taking pictures behind bars isn’t exactly making this a hot item. Didn’t they see how unappealing the Paris Hilton mug shots appeared? They need to add some pizzazz or hire some unemployed paparazzi; there is plenty in the LA metro area for a good price. Or maybe you can ask Alan Greenspan to give you a stump speech on how adjustable rate mortgages are good for America. After his speech, he should be dragged to this home, and forced to purchase it via a New Century Financial no money down interest only mortgage. As he stated so eloquently that ARMs are good for the economy. Good job easy credit. Thanks for flooding the world with such lax standards that housing prices are beyond unreliable, we might as well purchase a pregnancy test from the 99 Cent Store to determine whether housing will appreciate in the next year. Let us see…two lines. I guess that means it’ll be 20 percent appreciation again in 2008.

Today we Salute you Compton with our Real Homes of Genius Award.