Can one house tell the story of the American housing market — not just the most recent boom and bust, but the one before it?

Seattle-based tech brokerage Redfin helped The New York Times trace the history of 12204 Backus Drive, which was completed in the Washington, D.C., suburb of Bowie, Md., just in time for the 1990s slump. The house has changed hands several times since, at prices ranging from $215,000 to $540,000.

The woman who bought 12204 Backus Drive at its peak price in 2006, Leslie Johnson, put down 5 percent and took out a piggyback loan, paying $4,175 a month for both loans — more than her take-home pay.

Just about every company that helped facilitate Johnson’s home purchase, a subsequent refinancing, and failed short-sale attempt “ultimately faced investigations and lawsuits related to predatory lending, foreclosure robo-signing, misleading investors or other abuses,” the Times reports.

After being repossessed and sitting vacant for two years, a construction company bought the home in 2012 for $215,000, installing a new roof and air conditioner, and investing in upgrades like hardwood floors, tile and carpeting.

When Johnson saw pictures of the home on the market, priced at $390,000, she cried. Last year, the house sold “for an amount that might be considred auspicious,” the Times reports — $381,000 — to a 31-year-old auto parts manager and a 28-year-old second-grade teacher.

The couple who sold the house at its peak, Roberto Ramos and Chong Kim, saw its value skyrocket by 80 percent in four years. But they used the money they made to buy a bigger house that they lost in a short sale. Today, they are saving up to buy again. Source: nytimes.com.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription