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Foreclosures

ejbonk said:
New Federal Reserve Report Due Out Next Month After the Election is expected to show Foreclosures on the rise for next year. 2012 is projected to top 2011 in forclosure with a 2 to 5% increase over 2011 levels. It's not over yet.
Click to expand...

And the longer it goes on, the more it hurts people. A serious number of people in the big retirement place where my mom is are in the same boat she is as well: With foreclosures continuing, real estate prices keep sinking; real estate prices sinking means their retirement 'savings'/investment are shrinking. That means they're starting to look for places without the on-call medical care or assistance for shopping, etc. The good apartments for retired people have about fifty applicants for every opening; the government-subsidized ones have a back enough that the waiting list is pushing seven years, even though they're deliberately discouraging people by making the application for so intrusive they hope hardly anyone will fill it out (they not only want income and verification, but a list of all property, real or personal, valued at over $50, your medical records, certification that you're not a felon, verification that you aren't a drug user....).

Perversely, while housing prices keep sliding, rents are rising because there are so many people looking at a limited supply.

It's really time for some help as it should have been done in the first place, though with a new twist: have the government actually buy the troubled properties at 75 cents on the dollar, then renegotiate the loan in a way that will keep people in their houses and get the government back its money plus s few percent.


And if that doesn't sound very libertarian, well, I have news for the other libertarians around here: there are a lot of places you can't get to libertopia from by use of libertarianism.
 
The Dollar keeps falling,and Gold keeps climbing,while Mr. Spooky Dude George Soros keeps trying to collapse the american way of life.



You Go Beck!
..|​
 
the house next door to me just went up for sale and had multiple offers right away. it is in escrow for a little higher than I thought it would go for....still not good...but not as horrible as I thought.
 
You can't base the value of a home on what you need. You have to base it on recent sales. She may have to consider alternatives...possibly...selling her home and investing in an income property to bring in more income...if she can't work. Pricing it at what you need rather than what the market will not sell a home. In addition, I think that your mom may have had the home on the market for too long. She may need to take it off for a while then put it back on at a price that it people will look at it.

The concept of retirement is changing...especially since people are living longer. In many areas, home values are still dropping...at a much slower rate...but still dropping
 
My house is in foreclosure and is scheduled to be sold at auction in December. My attorney suggested that I file bankruptcy so I could keep the house. I have scheduled a meeting with her today.
 
metta said:
You can't base the value of a home on what you need. You have to base it on recent sales. She may have to consider alternatives...possibly...selling her home and investing in an income property to bring in more income...if she can't work. Pricing it at what you need rather than what the market will not sell a home. In addition, I think that your mom may have had the home on the market for too long. She may need to take it off for a while then put it back on at a price that it people will look at it.

The concept of retirement is changing...especially since people are living longer. In many areas, home values are still dropping...at a much slower rate...but still dropping
Click to expand...

From recent sales here, the house is worth somewhere between $90k and $240k.
In other words, sales prices are telling us nothing. The realtor says putting a price on something at the moment is a guessing game.

As for taking it off the market, the folks across the street found out how that works: theirs sat for six months, with hardly a nibble. They took it off and rented it for six months -- during which three nearby houses sold. They put it back on the market about the time my mom's went on... and it's still sitting there. According to three real estate people I've talked to here, the only thing that taking a house off the market does is guarantee it's not going to sell.

Of course the fact that banks are auctioning places doesn't help.

The concept of retirement is changing a lot -- because thanks to house prices, a LOT of people are going to be retiring into poverty.
 
retirement is changing a lot when you see less pension plans being offered by companies and people dependent on 401k plans that are at risk with the stock market...which is basically like gambling with your retirement. Then add the fact that people live so much longer...the idea of retiring at 65 will change for most people unless they come up with other income plans for retirement.
 
Home Prices Falling Fast, Eroding American Wealth And Threatening Recovery

http://www.huffingtonpost.com/2010/12/10/home-price-fall_n_794414.html



By the end of this year home prices will have dropped $1.7 trillion, or about 7 percent, according to Zillow.com, a real estate data provider. This decline has accelerated: Since August, home prices have fallen 7.9 percent, data from Clear Capital, a Truckee, Calif.-based real estate research firm, show. It is the steepest decline in home values since the height of the financial crisis in 2008, said Clear Capital senior statistician Alex Villacorta.

Worse, home prices are forecast to drop an additional 10 percent next year, according to a recent report from Fitch Ratings, a major credit ratings agency.
Click to expand...



My home has dropped 36% from its peak so far and it is now worth what I paid for it as a brand new home in 2002. Another possible 10%....eeeekkk.....and it will be worth less than what I paid for it.
 
With all the surplus in the housing market and more bank foreclosures on the horizon. We maybe just about to reach the bottom in 18 months,but only,if the federal reserve quits printing more money and undermining the free market system and the dollars value.
 
^But how much compared to when she bought it?
 
This is why I'm buying physical Gold ,and not paper. Not as a long term investment,but as a hedge against inflation. After a trip the super market and the gas station,The average person knows the government is lying saying there is no inflation.
 
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