Short Sale, Foreclosure and Strategic Default


Tuesday, July 3, 2007

State shuts down alleged real estate scammer

At least two neighborhoods where the company focused its operations have been hollowed out: On several streets in the Copper Canyon area of western Murrieta and several others around the SCGA golf course in eastern Murrieta, notices of "bank-owned property" are displayed in front-facing windows and alongside "for sale" signs. Between 100 and 150 houses appear to be involved, based on interviews with former owners and a semi-public real estate database.

It isn't clear to what extent the foreclosures could have on home prices in particular neighborhoods, though median prices in Murrieta have fallen about 15 percent since peaking above $500,000 in May 2006, compared to one-year declines of 3 percent to 10 percent in most parts of Lake Elsinore, Menifee and Temecula, according to DataQuick Information Systems, a research firm.

State shuts down real estate player - The Californian / North County Times -

Note: to people looking in Carmel Valley
Ocean Ridge Equity Inc., another company named as a defendant in one of the lawsuits, continues to operate at an address in San Diego's Carmel Valley neighborhood. The company listed Montecastro as its licensed officer until earlier this year, and several of its employees had either worked for Stonewood Consulting or approved loans for Stonewood clients while working in the San Diego office of a national subprime mortgage lender, according to others who previously worked for the lender.

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