Comments for 60% of Homeowners of 6 States are Facing Foreclosure »
Posted By altnrg 1 year ago in NewsAbout 60 percent of homeowners in Arizona, California, Florida, Georgia, Michigan and Nevada are facing the possibility that their properties will be foreclosed.
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nostalgia1 year ago
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"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."
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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%-
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Klarissa1 year ago
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It does not necessarily mean foreclosure because your house loses value, just like you don't automatically have money in your pocket when the price goes up.
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If you could afford the mortgage when you bought it you should be able to afford it now.-
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JEBUS081 year ago
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i was actually lucky - we finished our basement last winter, and then refinanced - our house really is not worth what we refinanced at - nice to know a banker - or we would be hosed, not foreclosed - interesting, because when i talked to her she had a client refinance a new 450k after renovations, re-appraisal was at 350k, thats how that screws people- i had a small 2bed 2bath 1100sft for under 200k, and now 3bed 2.75bath for 205 - moral of the story its the rifanance that screws the person - imagine you are the 450k, no bank will re-fi which is what leads to the problem - i guess at 450 it might be a problem worth having, nonetheless, they got hosed throuht re-apppraisal, and its too late after the appraisal when the ball is rolling
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Natureboy1 year ago
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The headline is somewhat misleading on this one.
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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. -
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trevelmike1 year ago
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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.
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klemmex1 year ago
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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.
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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. -
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jiants19861 year ago
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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.
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sonofreasonComment removed: Hard Banned1 Reply
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fastestnascar1 year ago
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The economy, lost jobs, etc. etc. are lost for good due to these factors:
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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? -
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trussi8211 year ago
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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!
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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.-
sonofreasonComment removed: Hard Banned
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jonnathen1 year ago
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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.
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vaughnvdg1 year ago
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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!!!!!
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hdthehn1 year ago
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No it is not foreclosure. It is however Bush's and his supporter's legacy. Enjoy the rath the GOP has brought upon their fellow citizens and the rest of the world's citizens too.
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Long live the GOP and the honor and decency they have restored to the Oval office from the very first hour of the very first day.. Harharhar!-
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crghss1 year ago
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Obama, Clinton and Pelosi are Bush supporters? Bush has done a lot wrong in his 8 yrs but when he tried to put the brakes on Fanne Mae and Freddie Mac handing these loans out guess who prevented it? Also it was Carter then Billary that eased regulation on giving loans to unqualified applicants.
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JEBUS081 year ago
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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
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p.s. italian pizzeria was a far second -
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jaern1 year ago
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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....
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