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1 billion worth of homes going to the courthouse steps this month

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1 billion worth of homes going to the courthouse steps this month

Old 10-16-2007, 03:27 AM
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Default 1 billion worth of homes going to the courthouse steps this month

Yep. Atlanta's housing market is disappearing as fast as it's water. Over 1 billion worth going to the courthouse steps this month. I believe we'll see 2 billion in one month come Jan or Feb 08. I can only hope a few of those belong to the ones who contributed to this mess. Also, don't really see how anyone could say that the economy is, in any shape form or fashion, good at this point. Wall street was almost giddy with the new record price per barrel of oil yesterday, what idiots.

http://wsbradio.com/news/101607foreclosures.html

http://www.ajc.com/business/content/...ures_1015.html
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Old 10-16-2007, 05:17 AM
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Default Re: 1 billion worth of homes going to the courthouse steps this month

I think that March '08 is the peak of the ARM refi's from a few years ago...... should be interesting.
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Old 10-16-2007, 06:57 AM
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Default RE: 1 billion worth of homes going to the courthouse steps this month

I love all the " Government should step in" comments. Yep, thats the new America. "Stay out of our greedy little lives.....until we need you".
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Old 10-16-2007, 07:01 AM
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Default RE: 1 billion worth of homes going to the courthouse steps this month

Bugbuster - 10/16/2007 3:27 AM

Also, don't really see how anyone could say that the economy is, in any shape form or fashion, good at this point. Wall street was almost giddy with the new record price per barrel of oil yesterday, what idiots.
And with that comes the arabs from uae and dubai to buy American companies and American real estate with our gas dollars.
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Old 10-16-2007, 07:36 AM
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Default Re: 1 billion worth of homes going to the courthouse steps this month

The government shouldn't bail out irresponsible lender who made irresponsible loans to irresponsible borrowers.

They took a gamble and lost.

4 1/2 years ago when I was house hunting, all the online "How Much House can You Afford" calculators said I could "afford" an $800,000 house. I can tell you there is no way in hell I could afford an $800,00 house then or now. Just because you COULD doesn't mean you SHOULD. And WHY would anyone get an ARM loan when rates were as low as they were. I refinanced my last house when rates fell 2 points in 1999 (I think). It cost me $850.00 which I recouped in a few months.
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Old 10-16-2007, 07:46 AM
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Default Re: 1 billion worth of homes going to the courthouse steps this month

Good! Excellent news.

I want to buy a condo here in Miami. Somewhere nice. One of the new buildings going up would be nice. But the presale prices are insane! Far too much money for too little square footage.

So let the prices fall. Fall like a rock. Fall like a fat guy jumping out of an aircraft. Fall fall fall! Then I can buy a unit for a reasonable price. I have good credit, a loan will not be a problem even in a tight loan market.
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Old 10-16-2007, 08:59 AM
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Default Re: 1 billion worth of homes going to the courthouse steps this month

I for one am happy that the Florida condo market is in free fall. Condo developers were swallowing up existing marina's left and right. I hope they all lose their azz so they don't even think about doing that again.
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Old 10-16-2007, 08:59 AM
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Default Re: 1 billion worth of homes going to the courthouse steps this month

Lazy_Iguana - 10/16/2007 7:46 AM

Good! Excellent news.

I want to buy a condo here in Miami. Somewhere nice. One of the new buildings going up would be nice. But the presale prices are insane! Far too much money for too little square footage.

So let the prices fall. Fall like a rock. Fall like a fat guy jumping out of an aircraft. Fall fall fall! Then I can buy a unit for a reasonable price. I have good credit, a loan will not be a problem even in a tight loan market.
Not only are prices insane...so are taxes... partly, because of the prices... and then monthly maint. fees...WHEW....
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Old 10-16-2007, 01:50 PM
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Default Re: 1 billion worth of homes going to the courthouse steps this month

The situation has presented opportunities for myself, but it makes me feel bad. Kind of like walking around on a smoldering battlefield looking for gold teeth. Just something wrong about it.
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Old 10-16-2007, 03:33 PM
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Default Re: 1 billion worth of homes going to the courthouse steps this month

Hmmm......

Hope this has an affect on the housing here, maybe I can get a good deal on some local waterfront property, then I can buy a bigger boat!
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Old 10-16-2007, 05:11 PM
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Default Re: 1 billion worth of homes going to the courthouse steps this month

merchantile exchange now trades the drop of the housing market in a given market just like they do oil futures. We are screwed again by the market, the last market "crash" is what started the land and housing boom and now that it is falling market they again sell us out and make more money on the housing market as it falls apart.
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Old 10-16-2007, 05:48 PM
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Default Re: 1 billion worth of homes going to the courthouse steps this month

Seacat FL - 10/16/2007 8:59 AM

I for one am happy that the Florida condo market is in free fall. Condo developers were swallowing up existing marina's left and right. I hope they all lose their azz so they don't even think about doing that again.
I am in full agreement. I dream of some high flying developer working at McDonalds. I am tired of all of the rampant greed that i see.
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Old 10-16-2007, 08:53 PM
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Default Re: 1 billion worth of homes going to the courthouse steps this month

Nothing wrong with greed in general, but if you were too blind to see this coming 2-3 years ago, you deserve what you get.

The market always corrects greed, and this is nothing new. I can't figure out how those selling cheap money are to blame. Only those who bought the product and now can not fulfill their obligations should bear the blame.

I don't see a problem with this correction. Congrats to those who got in and out and made money, and to those who got stuck on the downside, I bet that won't happen again.

Where some see adversity, others see opportunity.
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Old 10-16-2007, 09:15 PM
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Default Re: 1 billion worth of homes going to the courthouse steps this month

I am one of the schmucks that thought anyone could make money in the real estate game. Boy, was I EVER wrong. Lucky for me, I have been able to carry my debts, but it has put a real sting into my lifestyle. I now have to think about every penny I spend. Maybe that's why I am spending more time in front of the computer instead of out fishing or drinking with the boys. So, maybe it's a good thing.

Yes, I did learn a very valuable lesson. First, don't invest what you don't have. Second, don't assume that your investment will do well enough that you will be able to make a profit no matter what. Third, don't buy raw undeveloped land ... EVER ... unless you can afford to carry it for years to come. Fourth (and this is the only reason I am not bankrupt) have a worse case scenario strategy. I had enough equity built up in prior real estate investments (real properties with income associated) that I could sell that and pay off my lot purchases.

The plan didn't work perfectly, but the income from the other investments is paying my nut on the lots until I can hit the lottery and retire.

I don't ask anyone for a free ride, but I do blame banks and mortgage companies for what they did. I knew what I was doing and risking. Many people did not. The average consumer is not very bright, just bright-eyed. Caveat emptor, I guess.
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Old 10-17-2007, 05:11 AM
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Default RE: 1 billion worth of homes going to the courthouse steps this month

Rafael,
Raw land eats and eats and never shi.s....

that is the reason for buying income producing real estate. you control a lot more real estate than you can if it is non income producing r.e.

Go short term loans..say 15 yr max and stay on top on your tenants. Also, make your profit when you buy (don't pay retail)
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Old 10-17-2007, 06:59 AM
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Default Re: 1 billion worth of homes going to the courthouse steps this month

by far the best investment i ever made was raw land.......its all about how much and where....and paying cash
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Old 10-17-2007, 07:24 AM
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Default Re: 1 billion worth of homes going to the courthouse steps this month

Ayone getting caught in this deal has to look in the mirror. Yes, financial institutions were making bad loans to ppl who wouldn't have gotten them. Big deal. In this society, ppl have been brain-washed into believing that home-ownership is a right. NEWFLASH folks! It is not a right. At the end of the day, the ppl making bad loans will pay, the ppl who accepted the bad loans wil pay and ppl like me wil scoop up the mess and profit. With any luck, those made to pay will learn a valuable lesson, but given the societal morass we have today, I doubt it...

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Old 10-18-2007, 12:42 PM
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Default Re: 1 billion worth of homes going to the courthouse steps this month

people want the shiny suv, the big house, and a big azz tv. that's our current american culture, and imo, it has as much to do with all this mess as any other factor.....people see a house they want, and they want it any way they can get it....if that means an arm, so be it....they'll worry about that mess when they have to, right? guess what....that time has come. finance the couch, finance the tv, finance the car, and then you have to screw yourself into the ground to keep up with the jones' and get into that big new house.

here's a tip....whenever you buy a home, make sure you ask around for a good loan officer and get several quotes. don't look for someone who can make anything happen, look for a GOOD loan officer. a good loan officer will point you in the right direction and not let you sign your credit away to some crap loan. once you find a good loan officer, tatoo his/her name and phone number to your arm because that might be the most important contact you ever have. they might be few and far between, but they do exist.

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Old 10-18-2007, 12:55 PM
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Default Re: 1 billion worth of homes going to the courthouse steps this month

My 12 yr od daughter came home yesterday with a social studies assignment that essentially asked her who was to blame for the current mortgage "crisis". She was convinced that it was the bad loan companies. I asked her to tell me why and she proceeded to regurgitate the pablum garbage fed to her by her teacher, who blamed banks and loan companies entirely, with no culpability on the idiots who allowed themselves to be convinced that a max value loan based on the most rosy predictions of future growth and relaxed income levels was a good idea. After a brief discussion surrounding other factors, she re-wrote her paragraph, pointing out the myriad of reasons this whole mess exists. I hope her teacher learns something...

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Old 10-18-2007, 01:03 PM
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You have to remember that her teacher is a liberal democrat. Nuf said.
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