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GA foreclosures up 100%

Old 12-06-2006, 08:05 AM
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Default GA foreclosures up 100%

Read in the paper about this today. Man it isn't looking good around here. Market flooded with new homes, some subdivisions have up to 38% resales, and foreclosure auctions on every set of couthouse steps. WOW, there are some people hurtin around here. I would say 20 to 30% of people involved in new and resale housing industry make up the entire work force of ATL. Economy my be good, but there is something very strong somewhere to offset what is going on here in ATL. I hope what ever is making the economic indicators show a strong economy does not slow down. We'll go from strong to recession in a couple months. I went down and took another look around yesterday and there were no positive changes that I've seen. Maybe even more resales on the market from a week ago. While inside perimiter sales have in the past been stable, they are down substantially from last year. Gonna be a great winter.
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Old 12-06-2006, 08:47 AM
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Default RE: GA foreclosures up 100%

Might one able to pick up a few good deals at the Courthouse.

I read a few years ago that, in the 1990's, metro Atlanta grew faster than any other city in the history of civilization. Any city that grows that fast is doomed for a bigger downturn. I lived in Atlanta during that time and saw it first hand. It has been crazy around there for years.

There is a lot of keeping up with the Jones' in Atlanta and a lot of people got in way over their head. I have compassion for some who are being foreclosed upon but not all.
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Old 12-06-2006, 08:52 AM
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Default RE: GA foreclosures up 100%

Intown isn't that dead.....in my immediate neighborhood of approx 150 homes built in the 50's there are at least 10 houses that have been recently purchased, razed and rebuilt with very nice homes......two tear downs in the last 2 weeks. Moores Mill, from I85 to West Paces, is being completely rebuilt. Maybe these projects are simply major renovations being performed for the current owners. With that said, I do agree the apparent inventory of unsold is growing.....a few years ago one could sell their house in Buckhead before the sign was planted in the front yard....not today at the lofty prices being asked.

I hope your situation turns around before too long. Maybe this is the time to start doing some bottom dwelling by picking up some good properties at distress prices.
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Old 12-06-2006, 09:00 AM
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Default RE: GA foreclosures up 100%

scboater - 12/6/2006 8:47 AM

Might one able to pick up a few good deals at the Courthouse.

I read a few years ago that, in the 1990's, metro Atlanta grew faster than any other city in the history of civilization. Any city that grows that fast is doomed for a bigger downturn. I lived in Atlanta during that time and saw it first hand. It has been crazy around there for years.

There is a lot of keeping up with the Jones' in Atlanta and a lot of people got in way over their head. I have compassion for some who are being foreclosed upon but not all.
I have witnessed this growth explosion since 1986....the stories I can tell how this city looked then vs. now....wow. I agree with the comment about getting some very good prices at the Courthouses. I need to investigate how I can play that game.
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Old 12-06-2006, 09:06 AM
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Default Re: GA foreclosures up 100%

There are thousands of new homes out there at "distress" pricing. The only upside to all this is building materials have dropped up to 40%. I'm building the wife a new house just for this reason. 4500 sq. She's the worst "homeowner" I've ever dealt with. Thank god it's almost time to go fishin. Want to see some pics?
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Old 12-06-2006, 09:10 AM
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Default Re: GA foreclosures up 100%

Does any of it have to do with "interest only" mortgages coming due? I know there are some mortgage guys around here that are worried about houses on a local lake. They say a lot of them are going to balloon within the next couple of years and they expect a mess.
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Old 12-06-2006, 09:28 AM
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Default Re: GA foreclosures up 100%

Shag, the has been so much chit going on around here for the past 10 years it would make your head spin. Mortgage fraud, builders buying inspectors, homes falling apart after second year, everyone that can get a loan is a builder, kickbacks, colaboration on bids, etc etc. I won't be effected too much by all this since I just rolled my profits by exchange into other projects, and as of 5 years ago no longer borrowed on any projects. My son, on the other hand, has borrowed heavily. He will make it out of this in two or three years. I hope. He expressed concern to me and I say, "don't worry about it, the bank cant affort to take back what you have". They couldn't anyway cause I own most of the dirt that his houses are sitting on. The thing that bothers me the most out of all this is the plumbers, electricians, drywall guys that have small businesses are really hurting right now, as is the employees that work for them. Most of them have no benefits or anything to fall back on. Gonna be alot of bad christmas holidays around here.
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Old 12-06-2006, 09:33 AM
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Default Re: GA foreclosures up 100%

Shag - 12/6/2006 9:10 AM

Does any of it have to do with "interest only" mortgages coming due? I know there are some mortgage guys around here that are worried about houses on a local lake. They say a lot of them are going to balloon within the next couple of years and they expect a mess.
I would think creative financing would be a big part of the problem. When everybody and his brother decides to make a fortune in realestate, the pipers gotta be paid sooner or later.
The number of what looked like affluent people, who were living in homes that had them streched to the limit in central illinois, was surprising to say the least.
Everyone of them was thinking if they had to, they could always sell for a profit.
This is what happens when things get overbuilt and the buyers dry up.
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Old 12-06-2006, 09:54 AM
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Default Re: GA foreclosures up 100%

It's still kinda spotty around here but I have seen people living "within their means" who can't afford to furnish more than a couple of rooms. They are also sitting on an interest only mortgage with a balloon approaching, all with the market softening. I guess I could live in a little nicer house but when I read and hear these stories, I'm kinda glad I'm where I am but I do need to get that newfangled indoor plumbing one day.
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Old 12-06-2006, 10:25 AM
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Default Re: GA foreclosures up 100%

Here in the Tampa area, the problems are not so apparent, but probably worsening a little. One benefit, to me, has been the availability of subs now. A couple of years ago, you would have to wait weeks or months to get a roofer to come look at your property they were so busy. Now, two costers show up at the same time - makes for a competitive environment.
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Old 12-06-2006, 12:07 PM
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Default Re: GA foreclosures up 100%

Shag - 12/7/2006 6:10 AM

Does any of it have to do with "interest only" mortgages coming due? I know there are some mortgage guys around here that are worried about houses on a local lake. They say a lot of them are going to balloon within the next couple of years and they expect a mess.
No. The short story is that we live in a global economy and the US has not been able to function very well in that realm. Our economy is literally trying to collapse, has been since the early 90's. Things will get worse before they get better. Part of the worsening will be those mortgages you asked about. Right now it is not in China's best interest for our economy to tank so she is actively supporting us, has been for a few years now. Politics aside, the fact that the US economy is not gone is thanks to China.
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Old 12-06-2006, 04:04 PM
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I lived in Alpharetta '79-81. It had a corner drugstore, Winn-Dixie, Wilton High School, and a Dairy Queen.


Drove through about six months ago....







My dad sold our house for $285K then - like to see what it's going for in that neighborhood now. (Cameron Crest Estates?)
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Old 12-06-2006, 04:08 PM
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Default RE: GA foreclosures up 100%

getting to be a doggy dog world here.i can bid on jobs be the lowest they call and say take another 15% off you can have it. does make it better on the builders though.
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Old 12-06-2006, 04:17 PM
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Default RE: GA foreclosures up 100%

The market has been down here in RI too.I pulled out of a deal earlier this year,because of over value,and now the seller is practicaly begging,and dropped the price $70k,and I'm still not jumping.Going to be like this for a little while longer IMO.
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Old 12-06-2006, 04:29 PM
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Default RE: GA foreclosures up 100%

Ain't like that here in MD ! [img]../images/emoticons/thumbsup.gif[/img]
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Old 12-06-2006, 04:34 PM
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Default RE: GA foreclosures up 100%

Just1more - 12/6/2006 4:29 PM



Ain't like that here in MD ! [img]../images/emoticons/thumbsup.gif[/img]
Are home prices still reasonable in MD? They are fairly outrageous up here. I watch that show flip that house from time to time,which seems to be based down south,and the prices seem much less,as compared to the northeast.
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Old 12-06-2006, 04:58 PM
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Default Re: GA foreclosures up 100%

Yeah GA values have been going down for a while now. It is a lot to do with the builders. They start a development cheap then jack prices after a few are built to get everyone to feel happy about buying early and then sell real cheap the last few houses to get out of teh development and start another. This causes the appraised value for the development to tumble because how can a bank or anyone justify a higher value when the same exact house sold brand new in teh same development real cheap. That becomes yoru homes new value until another house sells.

Also states like GA and TX are trying to protect the consumer and chasing the banks out of teh states or not allowing certain loans to be done capping loan amounts and loan to values. This is good for most, but now take a guy that is knee deep in credit card bills and could refinance into a 30 yr fixed and save 1k a month and I as a banker have to say oh I am sorry your state won't allow you to refi. Now teh 1k in saving would allow him to afford the house and bills, but he can't so now he claims BK and loses his house causing a value decrease in the area again.
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Old 12-06-2006, 05:00 PM
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redneck joe - 12/6/2006 4:04 PM

I lived in Alpharetta '79-81. It had a corner drugstore, Winn-Dixie, Wilton High School, and a Dairy Queen.


Drove through about six months ago....







My dad sold our house for $285K then - like to see what it's going for in that neighborhood now. (Cameron Crest Estates?)
Joe, I have one in Cameron Crest right now. If its the cameron crest on Jones Bridge and Buice rd. It can be had for 2.26 mil.
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Old 12-06-2006, 05:10 PM
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Anybody got an icon for dropping a load?


I'm pretty sure that was it - Those days were somewhat "hazy" for me. I crossed 400 HWY from town and headed out a nice country road.

All the streets were named after prize bulls, if I remember correctly....



Our house was about 4000 sq ft, 3 rail split fence on 4(ish) acres and a 3 stall barn. I did go back about two years later and the new people were building an additional garage/guest house between the main house and barn. We were the 6th house in there.
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Old 12-06-2006, 05:16 PM
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Most sought after community around. Only place you can keep a horse anywhere around. All land/lots are bought up and I've got standing offer with ones with extra 4 plus acres for 125K per acre. Old Alabama ring a bell. Or country club of the south.
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