60% of Homeowners of 6 States are Facing Foreclosure »

Posted By altnrg 1 year ago in News

1 of 1

About 60 percent of homeowners in Arizona, California, Florida, Georgia, Michigan and Nevada are facing the possibility that their properties will be foreclosed.

Read Full Story at realestateproarticles.com »

5008 Views Share Story 31 Comments Report

Submitted By:
altnrg

Thank you for visiting my profile.

I run two topic-focused article publishing sites:

Alternative Energy Base - For renewable energy related articles.

Real Estate Pro Articles ...

Who Also Submitted:
Other Related Articles:

RSS Join the Discussion

+ Add Comment
Comments So Far: 41 (view all)
- Display
  • 100%
    Shana4Liberty1 year ago

    This comment is below the standard viewing threshold View It »

    It's going to be a rough time for the next few months.

    (comment_max_expanded_depth : 2) (comment depth : 2) (recursion depth : 1) (max_comment_reply_depth : 40) (comment_max_render_depth : 3)
    Reply

    1 Reply

    loading loading ...
  • 100%
    nostalgia1 year ago

    This comment is below the standard viewing threshold View It »

    "An estimated 60 percent of homeowners in Arizona, California, Florida, Georgia, Michigan and Nevada owe mortgages to banks more than the market value of their properties."

    That's what happens when prices escalate as quickly as they did in some areas
    The housing bubble needs to be deflated otherwise many people won't be able to afford homes without creative financing

    FTA: "builders continue to put up new homes while buyers give only small, and sometimes, no down payment"

    This must change. With little or no money down, "buyers" are more like renters and it is very easy to walk away from the house they bought - they have nothing invested.

    The Jumbos are due to reset in 2009 and 2010. It is only going to get worse before it gets better

    "prospective borrowers are having difficulty with increasing mortgage rates. A fixed-rate mortgage of 30 years has an averaged of 6.46 percent"
    6.46% is nothing compared to rates we have seen in the past
    There was a time when people would have jumped at a mortgage rate of 6.46%

    (comment_max_expanded_depth : 2) (comment depth : 2) (recursion depth : 1) (max_comment_reply_depth : 40) (comment_max_render_depth : 3)
    Reply

    8 Replies

    loading loading ...
  • 86%
    Natureboy1 year ago

    This comment is below the standard viewing threshold View It »

    The headline is somewhat misleading on this one.

    The 60 percent refers to people who are "upside down" in their mortgages, owing more than the house is currrently worth. They are not necessarily "in danger of foreclosure" unless they have problems making payments.

    Knowing that this is a phenomenon of the market, and will likely right itself in a few years, they would be wise to hang on and do what they have to do to make payments.

    I lived in Phoenix for a little over a decade, and sold the home we moved into for more than twice what we paid for it. Part of that was cashing in on the housing bubble before it popped, but a LOT of it was simply sweat equity - putting in tile floors, better fixtures, remodeling, painting, landscaping.

    So one cure for an upside-down mortgage might be an aggressive plan for home improvements.

    (comment_max_expanded_depth : 2) (comment depth : 2) (recursion depth : 1) (max_comment_reply_depth : 40) (comment_max_render_depth : 3)
    Reply

    1 Reply

    loading loading ...
  • 29%
    ningyo1 year ago

    This comment is below the standard viewing threshold View It »

    when obama gets into office they will change this headline to "obama fiscal plan has 96% of homeowners keeping up with mortgage payments in homes with no equity"..even tho he will have done nothing

    (comment_max_expanded_depth : 2) (comment depth : 2) (recursion depth : 1) (max_comment_reply_depth : 40) (comment_max_render_depth : 3)
    Reply
    loading loading ...
    • 50%
      tvorder1 year ago

      This comment is below the standard viewing threshold View It »

      Rough times for the NEXT FEW MONTHS, more like the next 4 years.

      (comment_max_expanded_depth : 2) (comment depth : 2) (recursion depth : 1) (max_comment_reply_depth : 40) (comment_max_render_depth : 3)
      Reply

      1 Reply

      loading loading ...
    • 75%
      trevelmike1 year ago

      This comment is below the standard viewing threshold View It »

      sigh, unless something drastic is done i see no end to this crisis. It seems to me we have not learned anything from the great depression cause thats where i think we are headed. Something that we as humanity do doesn't work anymore whether its capitalism or greed we are led to this point once again and you can be sure it will lead to a world war, one that the world has never seen before.

      (comment_max_expanded_depth : 2) (comment depth : 2) (recursion depth : 1) (max_comment_reply_depth : 40) (comment_max_render_depth : 3)
      Reply
      loading loading ...
      • 33%
        emildwg1 year ago

        This comment is below the standard viewing threshold View It »

        If anyone thinks they are going into foreclosure. email me we have
        program to help you... no loan mod, no short sale, just a FHLA.(fair housing lending Act)...

        (comment_max_expanded_depth : 2) (comment depth : 2) (recursion depth : 1) (max_comment_reply_depth : 40) (comment_max_render_depth : 3)
        Reply
        loading loading ...
        • 67%
          Newperson1 year ago

          This comment is below the standard viewing threshold View It »

          Good story is a shame times are bad we got to hang on beter times ahead

          (comment_max_expanded_depth : 2) (comment depth : 2) (recursion depth : 1) (max_comment_reply_depth : 40) (comment_max_render_depth : 3)
          Reply
          loading loading ...
          • 67%
            klemmex1 year ago

            This comment is below the standard viewing threshold View It »

            This headline is ridiculous...its easy to try to get a large readership with alarmist headlines, but it doesn't really help anyone but the author.

            For those who are upside-down in their property value, just hang in there and make your payments. If you have to, rent out the garage as a spare room or take in some roommates. Values will come back in a few years, it just takes time.

            (comment_max_expanded_depth : 2) (comment depth : 2) (recursion depth : 1) (max_comment_reply_depth : 40) (comment_max_render_depth : 3)
            Reply
            loading loading ...
            • 67%
              suzanek1 year ago

              This comment is below the standard viewing threshold View It »

              Thats really bad news, and the worst is yet to come. God bless everyone.

              (comment_max_expanded_depth : 2) (comment depth : 2) (recursion depth : 1) (max_comment_reply_depth : 40) (comment_max_render_depth : 3)
              Reply
              loading loading ...
              • 75%
                jiants19861 year ago

                This comment is below the standard viewing threshold View It »

                Are we supposed to feel sorry for these people. As Forrest Gump said "Stupid is as stupid does." Home prices in those areas were going up an average of 20% or more a year from 2003-2006. If anybody thought that kind of growth would just continue year after year then they were crazy. That would mean a a $250,000 would become a $1,000,000 in just 8 years. Buying a house not on it's present affordability but based on that kind of appreciation is just stupid. Yeah, some people were screwed by mortgage lenders and builders, but the majority screwed themselves and now want to be bailed out for making a stupid decision and buying something they couldn't afford. The only folks I feel sorry for are those that bought houses at artificially inflated prices and could afford them. Now they have negative equity and it will take years for them to get any equity back. Once again it is the people who do the right thing that always seem to pay for those that don't.

                (comment_max_expanded_depth : 2) (comment depth : 2) (recursion depth : 1) (max_comment_reply_depth : 40) (comment_max_render_depth : 3)
                Reply

                2 Replies

                loading loading ...
              • 50%
                fastestnascar1 year ago

                This comment is below the standard viewing threshold View It »

                The economy, lost jobs, etc. etc. are lost for good due to these factors:

                1. Board members and CEO's of American company's of which you used to work for promised great deals they delivered to the Asian markets... costing you your job!

                2. Board members selling your company's jobs to the lowest bidder "Asian Markets" with no one brave enough to stand up and say otherwise to stop them.

                3. Bush economics leading the way!
                Need I say more?

                (comment_max_expanded_depth : 2) (comment depth : 2) (recursion depth : 1) (max_comment_reply_depth : 40) (comment_max_render_depth : 3)
                Reply
                loading loading ...
                • 63%
                  Spadecaller1 year ago

                  This comment is below the standard viewing threshold View It »

                  What we have today is the inevitable conclusion after 8 years of Bush and Cheney raping our nations resources; and unfortunately, we have not even seen the full damage yet.

                  (comment_max_expanded_depth : 2) (comment depth : 2) (recursion depth : 1) (max_comment_reply_depth : 40) (comment_max_render_depth : 3)
                  Reply
                  loading loading ...
                  • 50%
                    reeves5141 year ago

                    This comment is below the standard viewing threshold View It »

                    This is a highly misleading skit just to get scare tactic attention.

                    (comment_max_expanded_depth : 2) (comment depth : 2) (recursion depth : 1) (max_comment_reply_depth : 40) (comment_max_render_depth : 3)
                    Reply
                    loading loading ...
                    • 100%
                      trussi8211 year ago

                      This comment is below the standard viewing threshold View It »

                      How Ironic Is This. I am having difficulty keeping my home and making my payments. I am self employed and like the rest of America - business is down and we are struggling!
                      I have been in touch with my mortgage company (Aurora Loan Services)-(owned by Lehman Brothers) and have asked for a reduction in interest rate. I have worked out a forebearence agreement where I have a lump sum to come up with and then have to make 3 regular payments - at my current rate. While this is going on, I can apply to have my interest rate reduced (loan modification however no guarantee). I can make the payments with some help here and not go into foreclosure but getting them to simply do this for me is like pulling teeth. I would think given the choice - something rather than nothing is an easy solution but I fear instead they'll take the house instead of working with me on this. No wonder they need a bail out cause no one there is using their head of making a smart business decision out of the gate! BTW - I am one of those in FLA.

                      (comment_max_expanded_depth : 2) (comment depth : 2) (recursion depth : 1) (max_comment_reply_depth : 40) (comment_max_render_depth : 3)
                      Reply

                      1 Reply

                      loading loading ...
                    • Neutral
                      Harbeas1 year ago

                      This comment is below the standard viewing threshold View It »

                      I can't believe that number.

                      (comment_max_expanded_depth : 2) (comment depth : 2) (recursion depth : 1) (max_comment_reply_depth : 40) (comment_max_render_depth : 3)
                      Reply
                      loading loading ...
                      • 100%
                        jonnathen1 year ago

                        This comment is below the standard viewing threshold View It »

                        I am sorry people are having issues, did buying a home bigger than you needed or could afford. We put 34% down on our home 15years ago. Have never been late or missed a payment. Because others brought bigger and nicer than they could afford with nothing down, and now are in foreclosures. Hey, my home value has decreased (fair) It is about greed and trying to get something for nothing. I feel for these people for losing their homes, no sweat equity or cash down payments, what are they really losing? No one is feeling sorry for me, but I am paying the price for their stupidy and gread.No cash down no home.

                        (comment_max_expanded_depth : 2) (comment depth : 2) (recursion depth : 1) (max_comment_reply_depth : 40) (comment_max_render_depth : 3)
                        Reply
                        loading loading ...
                        • 75%
                          vaughnvdg1 year ago

                          This comment is below the standard viewing threshold View It »

                          With the exception of CALIFORNIA all of these states were RED STATES in the 2004 ELECTION. A few of them went BLUE in 2008. Moral to the STORY- SHOULDN'T HAVE BELIEVED IN GOOD OLE GEORGIE AND WENT OUT AND SPENT THE BUSH-BUCKS THAT YOU COULDN'T AFFORD TO PAY BACK!!!!!

                          (comment_max_expanded_depth : 2) (comment depth : 2) (recursion depth : 1) (max_comment_reply_depth : 40) (comment_max_render_depth : 3)
                          Reply
                          loading loading ...
                          • Neutral
                            Klarissa1 year ago

                            This comment is below the standard viewing threshold View It »

                            An estimated 60 percent of homeowners in Arizona, California, Florida, Georgia, Michigan and Nevada owe mortgages to banks more than the market value of their properties.
                            That is not foreclosure.

                            (comment_max_expanded_depth : 2) (comment depth : 2) (recursion depth : 1) (max_comment_reply_depth : 40) (comment_max_render_depth : 3)
                            Reply

                            3 Replies

                            loading loading ...
                          • Neutral
                            honestispolicy1 year ago

                            This comment is below the standard viewing threshold View It »

                            Some idiots really make their parents look like fools, such as ningyo. This morons' hatred for President-Elect Obama is so unyielding, he's confused about genetic structure, meaning his moth

                            (comment_max_expanded_depth : 2) (comment depth : 2) (recursion depth : 1) (max_comment_reply_depth : 40) (comment_max_render_depth : 3)
                            Reply
                            loading loading ...
                            • Neutral
                              JEBUS081 year ago

                              This comment is below the standard viewing threshold View It »

                              im going to try to do a little nostradamus here - 100% of us treasury faces foreclosure due to the withdrawal of chinese, saudi, and the likes of other foreign investments - i call first amsterdam gets my house and makes it a coffee shop - quick call your house know before they do

                              p.s. italian pizzeria was a far second

                              (comment_max_expanded_depth : 2) (comment depth : 2) (recursion depth : 1) (max_comment_reply_depth : 40) (comment_max_render_depth : 3)
                              Reply
                              loading loading ...
                              • Neutral
                                jaern1 year ago

                                This comment is below the standard viewing threshold View It »

                                I was looking around on the net today and pulled up a real estate listing for foreclosures in my area - SE Michigan- just to see what's going on. Just in my zip code (and there are 2 for my city) there were 182 listings. There are a lot of white and blue collar auto industry workers in my area so I am sure its going to be even worse. I was too afraid to click on the "What's your house worth" .com site. For now, ignorance is bliss....

                                (comment_max_expanded_depth : 2) (comment depth : 2) (recursion depth : 1) (max_comment_reply_depth : 40) (comment_max_render_depth : 3)
                                Reply
                                loading loading ...
                                • Neutral
                                  BrucePoker1 year ago

                                  This comment is below the standard viewing threshold View It »

                                  Hard to believe those figures.

                                  (comment_max_expanded_depth : 2) (comment depth : 2) (recursion depth : 1) (max_comment_reply_depth : 40) (comment_max_render_depth : 3)
                                  Reply
                                  loading loading ...
                                  • Neutral
                                    jjwil591 year ago

                                    This comment is below the standard viewing threshold View It »

                                    I think the dems were in charge dummys.

                                    (comment_max_expanded_depth : 2) (comment depth : 2) (recursion depth : 1) (max_comment_reply_depth : 40) (comment_max_render_depth : 3)
                                    Reply
                                    loading loading ...
                                    View All 41 Comments

                                    Add a Comment

                                    Sign In With Your Propeller Account

                                    Forgot your password?

                                    Please keep your comments relevant to this story.

                                    To create a live link, simply type the URL (including http://) or email address and we will make it a live link for you. You can put up to 3 URLs in your comments. Line breaks and paragraphs are automatically converted — no need to use <p> or <br /> tags.

                                    More News