They said it could never happen here

Another 3/1 SFR house right around the corner from me for sale. Looks like another flipper in trouble and loosing some money while doing it. It's located on a pretty busy street.

708 L street, Davis CA 95616
MLS 60058871
Price Reduced: 06/19/06 -- $468,000 to $450,000
Price Reduced: 07/20/06 -- $450,000 to $425,000
Price Reduced: 07/26/06 -- $425,000 to $415,000

Sale History
09/21/2005:	$427,000
09/01/2000:	$169,000

And everyone said no one would ever loose money in Davis real estate.....