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Random Quote: Opinions are like a-holes...everyone's got one and they usually stink.
Birmingham Michigan a very nice place to live, had a good job. Family member bought a condo 3 years ago for $140,000 and put another $25,000 into it in upgrades. At the time the price was right and it was a good financial decision. One that anyone looking for a place there would have made.
2 weeks ago they walked away and let the bank have the place they lost there job and took a new one in another state. Its listed as a short sale and they cant even get $40,000 for it.
Bottom line is we need jobs. We need to stop shopping at wallmart. Made in america my @$$. They are putting small businesses (the backbone of our economy) out of work daily. We already have 4 wallmarts in a 25 mile radius and now they are building another one a mile off the beach. Shop smart shop local. Use a local broker, local bank, local builder, Local Tackle Shop, etc....
I love it when Americans call fellow Americans deadbeats! I think it is more a situation of current Americans trying to catch a piece of all the prosperity the last generation of Americans got! Ohh and also that thing called the American dream! Like has been stated everyone is going to feel this sooner or later!
Callin it a coming foreclosure "flood" is embellishing it quite a bit. We have a heavy and pretty pricey secong home market here and yes the amount of foreclosure inventory is fairly high, highest that it's ever been. It's well know that the bigger regional banks are 10-14 months behind on pulling the plug on people but they have never been this covered up, AND they learned quickly that they are much better having warm bodies in a house than having it vacant, with the utilities shut off etc. We have seen alot of short sales at 1/3 of original asking price and there will be more to come. Point is, "flood" as it were is already here. The under 300K part of the market is moving well nearly everywhere, as it should be because this represents some of the best buying opportunities in decades. Is there alot more foreclosures to come, sure, but theres also alot of buyers out there looking for the right opportunity.
Imbellished is not used by most agencies that are keeping track
Quote:
Originally Posted by Riptide
Callin it a coming foreclosure "flood" is embellishing it quite a bit. We have a heavy and pretty pricey secong home market here and yes the amount of foreclosure inventory is fairly high, highest that it's ever been. It's well know that the bigger regional banks are 10-14 months behind on pulling the plug on people but they have never been this covered up, AND they learned quickly that they are much better having warm bodies in a house than having it vacant, with the utilities shut off etc. We have seen alot of short sales at 1/3 of original asking price and there will be more to come. Point is, "flood" as it were is already here. The under 300K part of the market is moving well nearly everywhere, as it should be because this represents some of the best buying opportunities in decades. Is there alot more foreclosures to come, sure, but theres also alot of buyers out there looking for the right opportunity.
iN FACT as you and we stated the banks are trying to keep this under the radar so the foreclosed houses dont depress the prices to an even more realistic lower price. When did you ever hear of no mortgage payments being made for 14 months as you stated and the bank affraid to evict people??????? Imbellish is a word that is not being used.
I can see the banks reasoning in this situation. I guess it hurts less sliding down a slippery slope than it does jumping off a cliff. Also, I think the fed will be left holding alot of these mortgages, as I do believe (I may be wrong) many are soaked up by fanny and freddy. Buy the way, does fanny freddy even have to post earnings to anyone now a days?
We are in for a long, long ride. I worry alot, maybe too much, about the situations I see happening and what the future is destined to unfold. Any, and I mean any investment should be examined with a fine tooth comb. If the banks start to tumble, and they will, make sure they can't drag you down with them. I said this a long time ago on here and I'll say it again. Anyone who thinks the housing boom was 1% of GDP is off their rocker.
One poster above stated "buy american". Well, you can thank washington for not being able to do that. They taxed all our manufacturing base to third world countries.
99% of Americans have NO idea what "Buy American" means.
First off. "America" -- as in North America, can mean Canada, Mexico, United States, or a few other "loop holes"...
Second. When I recently bought a Honda I was given some crap and told how I'm "OK" because I own a Chevrolet Pickup Truck 1500 W/T. The moron didn't understand that my Honda was made IN one of the 50 United States, while the Chevy was made in Mexico. Never mind where all the components that went INTO the vehicles were "made" that just changes things all together.
In my line of work, everything we sell is physically MADE in one of the 50 States. However, some of the major components are not. Why? You can't get them made here and remain in business. Then I would have to go work for a competitor, making things with the same imported components.
One day, maybe, people will get a grip on the difference between marketing and actual facts. When I see that TV ad for Chevrolet with our Flag in the background, it serves to remind me how stupid most people are.
Not really on topic, but many other replies mention how many homeowners are upside-down due to the loss of value in their homes. The neighborhood I live in is across from a small development of high-end patio homes. When they started building, all the homes listed for mid-to upper-$400's. They couldn't sell but 2-3 of the 8 they built, and rented the ones that didn't sell. The renters are moving out, and now the homes are listed in the $270 range. I'd hate to have paid what they were asking 2-3 years ago.....
Its called a "strategic Default/ Foreclosure" and unfortunately, it may be more common than you think. Maybe loosing a third of your value is a little extreme for most areas, but I'd say home prices are down close to 20% here in NC.
Your right in that family still may need a place to live for the short term so that their credit will be repaired. However, there are now tons of homes for rent for very affordable prices. So when they default on their home they save themselves from a huge depreciation hit and their monthly costs go down.
You can google the term and there are articles about it in all the major financial papers/magazines.
Common...its the norm here. Almost everyobe who didnt put anything down and has nothing to lose but a credit score is doing it. Not a few.....thousands. My nieghborhood is empty. Both houses across the street from me in foreclosure have dragged my two homes (I have two side by side) into the gutter. My homes are worth about 40% of what I paid for them. I have a rental I paid $200k for and its worth maybe $75k...maybe. Nice little house too. I put a lot of my own SAVED money into these homes and bought woud I knew I could afford. I still own them and am paying as I agrred to.
Most everyone else bought way over their heads and walked away from closing with a check in thier hand and two mortagages then went and spent the check on a boat or Harley. And you know what...I am talking about a lot of you who are probably reading this. Then you will go on and on about how the bank dupped you. F THAT! Friggen secretaries and janitors buying $500k homes wih a garage full of toys and then I have to pay for it. Its the "entitlement" attitude of our society. Everyone thinks their entitled to the big house, Harley, big SUV, etc.
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Common...its the norm here. Almost everyobe who didnt put anything down and has nothing to lose but a credit score is doing it. Not a few.....thousands. My nieghborhood is empty. Both houses across the street from me in foreclosure have dragged my two homes (I have two side by side) into the gutter. My homes are worth about 40% of what I paid for them. I have a rental I paid $200k for and its worth maybe $75k...maybe. Nice little house too. I put a lot of my own SAVED money into these homes and bought woud I knew I could afford. I still own them and am paying as I agrred to.
Most everyone else bought way over their heads and walked away from closing with a check in thier hand and two mortagages then went and spent the check on a boat or Harley. And you know what...I am talking about a lot of you who are probably reading this. Then you will go on and on about how the bank dupped you. F THAT! Friggen secretaries and janitors buying $500k homes wih a garage full of toys and then I have to pay for it. Its the "entitlement" attitude of our society. Everyone thinks their entitled to the big house, Harley, big SUV, etc.
Its business, not personal... It sucks but I don't fault anyone for it. I have no moral obligations towards a bank, who would have profited mightily if the loan worked out.
That being said, i'm still in my home, still paying.
You are concerned with janitors and friggin secretaries>>>>>>
Quote:
Originally Posted by Mr. Demeanor
Common...its the norm here. Almost everyobe who didnt put anything down and has nothing to lose but a credit score is doing it. Not a few.....thousands. My nieghborhood is empty. Both houses across the street from me in foreclosure have dragged my two homes (I have two side by side) into the gutter. My homes are worth about 40% of what I paid for them. I have a rental I paid $200k for and its worth maybe $75k...maybe. Nice little house too. I put a lot of my own SAVED money into these homes and bought woud I knew I could afford. I still own them and am paying as I agrred to.
Most everyone else bought way over their heads and walked away from closing with a check in thier hand and two mortagages then went and spent the check on a boat or Harley. And you know what...I am talking about a lot of you who are probably reading this. Then you will go on and on about how the bank dupped you. F THAT! Friggen secretaries and janitors buying $500k homes wih a garage full of toys and then I have to pay for it. Its the "entitlement" attitude of our society. Everyone thinks their entitled to the big house, Harley, big SUV, etc.
>>>>>Having an entitlement attitude? What about the AIG and morgan stanley top brass that dont have to perform in a profittable business way inorder to make large bonuses and perks that kings would dream of. Why are they entitled to still get bonuses and perks for such bad decisions > They are the epitomy of entitlemment screw ups? I think nothing less then a public linching or maybe just throw them out of the next corporate jet ride at 40,000 feet.
>>>>>Having an entitlement attitude? What about the AIG and morgan stanley top brass that dont have to perform in a profittable business way inorder to make large bonuses and perks that kings would dream of. Why are they entitled to still get bonuses and perks for such bad decisions > They are the epitomy of entitlemment screw ups? I think nothing less then a public linching or maybe just throw them out of the next corporate jet ride at 40,000 feet.
If they fooled the board into approving their compensation packages, then they earned it...
Just because "everyone does it" does not make it right, you signed on the dotted line and you own it. What if the bank called the note when things were good and they could sell your home for more than you owe on it, would that have been alright too??
Some people in this country do have a sense of entitlement, not every one but if everybody walked away from their obligations where would we be. If someone can afford the payment and decides that it isn't worth it any longer, they should be charged with fraud......I have zero sympathy for someone that paid too much and is now upside down....
Uh -- Most mortgages are not held by banks. They are resold, some many times and end up as "mortgage backed securities". For these types of businesses, maintaining "book value" takes precedence over having cash in hand. The government has been pushng for these companies to take writedowns so real value is on books and a logical resale or refinance can then occur. So totally blaming the banks is a fruitless exercise. But, keep thumping away, got to blame somebody other than ourselves.
Just because "everyone does it" does not make it right, you signed on the dotted line and you own it. What if the bank called the note when things were good and they could sell your home for more than you owe on it, would that have been alright too??
Some people in this country do have a sense of entitlement, not every one but if everybody walked away from their obligations where would we be. If someone can afford the payment and decides that it isn't worth it any longer, they should be charged with fraud......I have zero sympathy for someone that paid too much and is now upside down....
Amen. I just had a rental open house and you should have seen some of the people coming through. I had one couple dressed like they had cash checking out the garage to see if the BMW and the Harleys would all fit. They were looking to rent becasue they had lost their home. Cars and bikes probably paid for on a second note on the house they walked away from. If you dont live in the middle of this mess like I do you really dont know how disgusting it is. "Giving the house back to the bank" is the way people are describing losing their homes. It has become perfetly accecptable. 5 years ago you would have been ashamed to state you lost your home. Now, just the opposite.
If these peoples credit reports are wiped clean to restart the real estate market, I am moving to a cave in the mountains.
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You better tell the commerce department what the rest of your people are doing wrong
Quote:
Originally Posted by Deep Run
Whats 300K range, 350K, if it is thats in the 20%/25% range, not the 33% range that my post responded to.
As far as Ocean/Monmouth, if your talking the waterfront, the only home in that price range in my area that sold on the water in the last 8 months in the range from 600K to 1.6 mil. was a bayfront that needs a ton of work, and it was a short sale, and it sold for 899K.
Also I am very familiar with most new jobs in those counties, and the Kara. Ryan etc jobs that were completed did drop in price, but not 33%
I also work for a local builder, his sales stopped until a few months ago, his prices on avg dropped in the low 20%, and he has since sold over a dozen homes.
You Deep Run are working for someone that is hitting a home run while every other home builder is going home a looser dragging their base ball gloves and bats all the way home if they still have one. News Flash wednesday the commerce department just put the housing numbers out. You better sit down. Home sales dropped 11.2% to an annual sales of 309,000 units for the year. The lowest level in half a century. Their words not mine but thats 50 years ago the last time home sales were this bad.
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