forclosures up 97%

[Bronko]

Originally Posted by Raven

the news announcers are saying that the stimulus package is going to be
some kind of rescue for all these Americans loosing their homes


they have to be on drugs to believe that ...let alone be saying it....

it's complete plain and simple

Also, not that it will change the sentiment of the thread, but foreclosures are up 79% not 97%.

[Backbeach Jake]

I had a comptroller for a major string of auto dealerships tell me once that a salesman hasn't done his job if he didn't get every dime that a buyer had for an auto for the term of the payment. Sounds like the infection has spread to housing. Predatory lenders thinging everyone is a sucker to be played. There's a lot of hard working folks out there who have watched their "American Dream" die a horrible death. It'll never come true now. Because their lenders did not have the moral fiber to explain what a sub-prime was. Not to mention an economy tanking like Red October. Sure there's some money out there, They just printed us a tax refund. It's sad.

[Raven]

Originally Posted by Bronko

Also, not that it will change the sentiment of the thread, but foreclosures are up 79% not 97%.

they are up 97% since December 2006

[Clammer]

B/J

your right ;;
some buyers got f $%^&* but others were stupid >>>>>>>>>>>>> but it didn,t stop there // I heard the bankrupsy court is overflowing every single day >>. a descent amount of realtors /But a ton of mortgage originators / who also ready making a killing on the 80-30>. 70 -30 ,s had to know it wasn,t gonna last .. but they spent like it was >>>>>>> now SOL & out of work ;;
the buyers / on the subprime loans / mostly had fescent jobs / little money & fair credit at best >>>>> they were lead to believe that in a year to 18 months they would be able to refi >>>>>>>>>>>>> never happened ;
then ya got the buyers that had good credit & jobs & a little money >>. bUt with the market being hot &//& values increasing they didn,t want to settle [even }with the interest rate being approx 5.68 >.they took 3 & 5 years arms @ a 4= interest rate >>>>>>>>> now its time to lock in & they can,t make the lockin in payment // arms are great if you only plan on stayin a couple of years or your company will cover your ass when you relocate ;;
then you have the buyers that bought 2000 - 2003 .. that still wanted the house & all the toys >>>> so they just kepy refi ing ;;
Just this past year I had to turn down at least a dozen clients that asked me to sell their homes ;;
before I even did comps >.I,d check on what they paid .. see if they both had new SUv,s & I knew I couldn,t help them >>> they were upside down in the value of their homes >>> In otherwords ...they took the equity & didn,t put it back into their property // now its worth // alot less than what they owe // so they can,t refi ;;

it was/is a combination of many factors & people & it is truly a Cluster f #$%^&* &&&& its far from over ;;

If you have access hard cash >>. take it out of the stock market or notes & buy properties right >>> && when this does turn around / those that are doing that were wealthy before // will become alot more than wealthy

[Bronko]

Originally Posted by Clammer

B/J

your right ;;
some buyers got f $%^&* but others were stupid >>>>>>>>>>>>> but it didn,t stop there // I heard the bankrupsy court is overflowing every single day >>. a descent amount of realtors /But a ton of mortgage originators / who also ready making a killing on the 80-30>. 70 -30 ,s had to know it wasn,t gonna last .. but they spent like it was >>>>>>> now SOL & out of work ;;
the buyers / on the subprime loans / mostly had fescent jobs / little money & fair credit at best >>>>> they were lead to believe that in a year to 18 months they would be able to refi >>>>>>>>>>>>> never happened ;
then ya got the buyers that had good credit & jobs & a little money >>. bUt with the market being hot &//& values increasing they didn,t want to settle [even }with the interest rate being approx 5.68 >.they took 3 & 5 years arms @ a 4= interest rate >>>>>>>>> now its time to lock in & they can,t make the lockin in payment // arms are great if you only plan on stayin a couple of years or your company will cover your ass when you relocate ;;
then you have the buyers that bought 2000 - 2003 .. that still wanted the house & all the toys >>>> so they just kepy refi ing ;;
Just this past year I had to turn down at least a dozen clients that asked me to sell their homes ;;
before I even did comps >.I,d check on what they paid .. see if they both had new SUv,s & I knew I couldn,t help them >>> they were upside down in the value of their homes >>> In otherwords ...they took the equity & didn,t put it back into their property // now its worth // alot less than what they owe // so they can,t refi ;;

it was/is a combination of many factors & people & it is truly a Cluster f #$%^&* &&&& its far from over ;;

If you have access hard cash >>. take it out of the stock market or notes & buy properties right >>> && when this does turn around / those that are doing that were wealthy before // will become alot more than wealthy

I agree clammer. Cash is king right now. There will be some incredible opportunities out there for level headed investors who have kept their powder dry. I work with a lot of investors who have been on the sidelines for 2 years and they are all warming up in the bull pen.