Foreclosures

[metta]

http://www.youtube.com/profile?user=JimtheRealtor&view=videos

 

[Lube]

4400 sq foot home.

REO Valley Center. Original Owners paid $927K new in 2005, now being offered for $579.9K 2 acres. Very little in upgrades. Poorly positioned home.

It was a housing bubble. That home was never really worth that.

You didn't "lose" half a million dollars on your home because you didn't buy it at its peak price and you aren't selling it now. That would be unfortunate. You are luckier than that!

 

[metta]

Homes that sold for over a million a couple years ago are now selling in the $600k's in foreclosure

 

[Kulindahr]

I talked today with a woman whose friends just got a house sitting there for four months on foreclosure.
They showed up to move in, and discovered that rats had gained entry, and proceeded to trash an entire floor (why just one I don't know). The bank had to pay for ousting the rats and repairing everything.

I wonder how many other houses are sitting there, deteriorating.

 

[metta]

^
Makes you wonder....doesn't it....the homes typically sit empty for months before the bank has anyone even look at them.

 

[Kulindahr]

^
That's one reason I thought the government should have been giving help to people on the edge of losing their homes -- empty, they're going to fall apart.

 

[metta]

my concern with that is that Hawaii is so dependent on the travel industry, and energy costs will eventually sky rocket over the long term, making it affordable for less and less people to go to hawaii over the long term.....unless we come up with more energy efficient ways of getting there.

 

[Kulindahr]

Me - I'm waiting for Hawaii to get hit (later in 2009) then fly there and auction like mad. It's a opporunity. As long as it isn't a termite infested dump it's a retirment home in a warm place and likely the price will be the lowest ever. This isn't going to come again.

Ah, isn't it lovely how the rich are concerned with making even more money, when there are poor people about who need help?

 

[Kulindahr]

Thought I'd resurrect this thread to show an interesting video:

 

[metta]

 

[metta]

One in five U.S. mortgage borrowers are underwater

California had 1.9 million borrowers with negative equity at year-end, more than any other state, followed by Florida's 1.28 million. About three in 10 borrowers in both states were underwater.

http://news.yahoo.com/s/nm/20090304/bs_nm/us_usa_mortgages_study;_ylt=Aox06kkN5yWvRAvP4Rh6GsNZ.3QA

 

[Kulindahr]

I guess I don't understand house buying: they've paid money, so how can they have negative equity? And does that translate into losing the house, or what?

 

[metta]

A home, or any property for that matter, is an asset whose value is variable. A property that is 'underwater' means that the current value is worth less than the actual principle value of the loan on the property. This does not mean that they are necessarily losing their property. It means that if they sell the property while it is lower, they will have to most likely sell it for less than the value of the mortgage and have to either pay the difference or have the mortgage company take the loss (also known as a short). Most people right now, I assume, are trying to just hold on in hopes that the value will go back up. Some people are walking away from the properties so that the mortgage company takes the loss while destroying their credit in the process.

 

[zingerz]

with all this foreclosure talk in the media, internet ect.. i acutally don't know ANYONE going through one now. i've seen plenty of foreclosure signs near my area, but i don't know of any.

 

[metta]

This American Life's most recent podcast is called Bad Bank:

http://www.thisamericanlife.org/Radio_Episode.aspx?episode=375

Check it out. They mention that IF the government does nothing to save the banks that what we are in right now will become much much worse than the Great Depression. The government needs to step up and decide what they are going to do and just do it. Stop arguing about it. Just do it. The Republicans are just going to make things worse because they really want to see Obama fail. That is much more important to them than the health of this country.

 

[metta]

48 percent of the nation's homeowners who have a subprime, adjustable-rate mortgage are behind on their payments or in foreclosure

A record 5.4 million American homeowners with a mortgage of any kind, or nearly 12 percent, were at least one month late or in foreclosure at the end of last year

http://news.yahoo.com/s/ap/20090305/ap_on_bi_ge/states_foreclosures


http://news.yahoo.com/s/ap/20090305/ap_on_bi_ge/states_foreclosures

 

[metta]

Sold for $1 Million in Dec 2006

 

[BabiGayPimp]

Sold for $1 Million in Dec 2006

This atrocious rat trap might be work $40K on a good day. This is why house owners underwater should not be bailed out. The fact this hovel is actually still listed for over half a million is proof that the insanity continues.

 

[Kulindahr]

I realized the other day why houses right on the coast here haven't dropped much in price: for one particular house, the package is valued at $840,000 (down from $920k). The land is $150k, the house itself is about $350k -- and the rest is natural setting and view... in other words, it's location, location, location.

Two real estate guys I know say that view value, overlooking ocean, bay, river, or (as in one $1.2 million house, down from $1.25) all three, hasn't budged.

 

[metta]

Carlsbad Foreclosure


I love Carlsbad but what a horrible location.