510 E. Waldburg Update

The azaleas are in bloom! Spring has sprung and we're about to spring some major changes on 510 E. Waldburg. It's the calm before the storm; we've started the plumbing and will rough-in electrical shortly. Once that happens we'll put the baseboards back on, repair and paint the walls, and the place will be completed faster than you would imagine by looking at these photos.















Those big boxes are the Americast tubs.














Baseboards are off so new electric can be run.





























This wall is open to run the laundry plumbing lines.














Floor is open in the bathroom to run new plumbing lines. First step is a doozy. http://www.youtube.com/watch?v=EAgEyDAEBfg

313 E. Park Ave Update

We're cruising along at 313 E. Park, and in fact, I'll be meeting in the next few days with a very interested party. Here are the latest photos.

The upstairs front facing bedroom will have a step out porch.




















You may remember this view from 528 E. Duffy. It is essentially the same house, one foot narrower. But you see, it still has a tremendous great room.














This is the view from the rear of the first floor looking forward.














This doesn't really show a whole lot on the second floor aside from piles and piles of wood. I always think it's cool to see all the framing.














Here's that front bedroom and framing for the full wall of closets.

Charlton Cottage Update--Under Contract!

The good news is 521 E. Charlton will have a new owner on April 27th. I do have to admit we had two people interested and I feel very badly that the other party was not able to get the house. Unfortunately, we only have one. It's uncommon to have a place under contract while it's still undergoing renovation or being built, but this is the third in a row for us, so we must be doing something right. Updated photos below.

We added some decorative shingles to the front gable.














I don't remember if we had a photo after the electrical and HVAC rough-in, but here it is.














The window with plywood in the kitchen will be coming back as a window.














The deck we're building off the kitchen will extend to the rear of the house.














Does anybody need a clawfoot tub? After nearly breaking my back dragging it off a pickup truck and into the house, the buyer would like to have a regular shower. I'm sure we'll be able to use it in a future project.




















The master bathroom got new windows. We're rebuilding the other existing windows.

Foreclosures plunge 27% - biggest drop on record

Again, good news is tempered by the uncertainty of the "shadow inventory," that mysterious number of foreclosures that may or may not be coming. Once again, unless you have the ability to predict the housing market's future (and if you did, you wouldn't need to read these articles), you need to buy what makes sense now and not what you think will happen in the future. Always feel free to ask me for clarification.

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By Les Christie, staff writer
March 10, 2011: 5:24 AM ET

NEW YORK (CNNMoney) -- Is our long national foreclosure nightmare ending?

The number of foreclosure notices filed in February dropped 14% compared with a month earlier and 27% compared with a year earlier, according to RealtyTrac.

That was the biggest year-over-year decline the company has ever recorded. But the improvement may be exaggerated, according to RealtyTrac CEO James Saccacio, who traced some of the decline to the fallout over robo-signing issues.

"Allegations of improper foreclosure processing continued to dog the mortgage servicing industry and disrupt court dockets," he said. "The industry is in the midst of a major overhaul that has severely restricted its capacity to process foreclosures."

Another contributing factor was the harsh winter weather that covered much of the country during the month. That delayed some of the paperwork processing and the serving of notices of default, notices of auction sales and other filings.

There were still more than 225,000 filings during the month, or one for every 577 homes. The banks repossessed 64,643 homes from delinquent borrowers, down significantly from the peak of about 102,000 last September.

The foreclosure fall flew in the face of other housing market reports that made it clear that housing is far from being out of the woods. S&P/Case-Shiller reported that prices are going down, and Zillow, the real estate website, said nearly 30% of borrowers with mortgages owe more than their homes are worth.

Looking to the future, the 50 state attorney generals seem to be making progress in their pursuit of a financial settlement with the banks over the robo-signing mess.

"We believe some of the servicers have slowed foreclosures as they wait to see how the settlement talks play out," said RealtyTrack spokesman Rick Sharga.
Worst-hit states

Three of the four "Sand States," Nevada (one filing for every 119 housing units), Arizona (one in 222) and California (one in 239) held their places at the top of the list of hardest hit states. Utah is the new number four, followed by Idaho, Georgia and Michigan.

Florida (one in 472), however, has slipped down the list to number eight. Filings dropped more than 65% year-over-year.

Part of the reason for Florida's improvement may have been the fall-out from the robo-signing issue. Foreclosures involve court hearings in the Sunshine State and many cases have been delayed by judges.

"Judicial foreclosure states recorded the most severe drops in foreclosures," said Sharga.

Pretty Good Progress for 5 Days

Framing at 313 E. Park is coming along quickly. We just posted the foundation pictures last Friday, so this is a lot of wood and nails joined in just a few days.

We Must Build on a Solid Foundation

The foundation is now officially in place at 313 E Park Avenue. Framing will begin shortly--I hope in a couple weeks to see most of the exterior framing complete.