So around my house we've actually been feeling a dip in the economy. I looked up the other day and I noticed that the 3rd house in my neighborhood is drifting into foreclosure. You can tell the foreclosures around here pretty easily because the lawn dies. I started looking around the other neighborhoods and I noticed that their are a lot more houses in that situation than really I've ever seen before. I hear from a neighbor that the "newly developed" neighborhood a freeway exit or two down the road is 40% in foreclosure! It's not that hard to believe because those houses were selling for > $1M and they aren't much nicer than mine. The few people I know in the boat are ones who bought a new house before their old house sold. It's getting a little bit sad and a little bit scary. This many foreclosures means the market is going to go nuts. Are things like this all around the country, or do we get the privilege of being first in California?
It's a momentary hiccup. Too many people making not enough money got big loans for houses they couldn't afford.
In our local online newspaper they had an interactive diagram in which you could click on an area. It would show the exact location of foreclosures in a given area. It was amazing how many foreclosures were going on. One of my friends found quite a few in his neighborhood...and he's trying to sell his house! I know a lot of people trying to sell and have dropped their price almost to the point where they'd make no profit and still can't get rid of it. It's a scary market right now.
There's a house in my neighborhood that has been sitting empty for almost a year! I'm waiting for it to get forclosed upon so that I can buy it cheap!!
what are you going to do with two houses? ask me to move closer to you? you're moving too fast for me.
Who says that would bring my total up to 2?? You buy them cheap, and depending on the house, you can fix it up and sell it for a profit, or you can keep it and rent it out. Or you move in and sell (or rent out) the old one...
if everyone is foreclosing you won't be able to sell it for a profit, most likely. not for many months.
The one that I am waiting for is forclosing because of a divorce. The resale market here is ok. But the rental market is really hot!
Yeah. I really should just let all of that potential income go to someone else, just becuase I feel bad for the lady... Actually, when she was moving out, I went over and told her that I was interested in buying the house. She told me I couldn't afford it... So now I REALLY want to buy it from the bank and get it for half of what I would have paid her for it!!!
She didn't want to live with me. She (and her daughter) moved in with her mom. And she was a smoker. No smokers will ever live with me...
In my old neighboorhood there is 3... I have a feeling its many of those people who decided to go with intrest-only and adjustable rate mortgages (bad choice). At any rate, this is certainly the time to buy.
Buyers market is coming fast as the American economy will not be stagnant for long. The houses for sale (1 on either side of my house) are staying on the market forever. The smart sellers are taking their house off every 6 months then relisting next year so that the house won't appear to be "damaged goods". I can tell you that my mortgage company said that forclosures are at very high rates. They will bend over backwards to help refinance and get the monthly costs down. That is good for those of us who can pay their bills :] Rates going down soon!!!
The forclosures in the US are causing all the drops in the stockmarket around the world that's been happening