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Nickelless
Administrator
USA
5580 Posts |
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Lemon Thrower
1000+ Penny Miser Member
USA
1588 Posts |
 Posted - 10/01/2009 : 12:41:43
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quote:
Originally posted by Nickelless
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MY 4,000TH POST!! WOO-HOO!!!
florida is a judicial foreclosure state and the courts are clogged. its taking banks close to 2 years to get a house once it begins forclosure proceedings. just imagine the state its in once the get it back after having been trashed by somebody and then left vacant. |
Buying:
Peace/Morgan G+ at $15.00
copper cents at 1.3X
wheat pennies at 3X
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Ardent Listener
Administrator
USA
4841 Posts |
 Posted - 10/01/2009 : 16:33:35
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quote:
[
MY 4,000TH POST!! WOO-HOO!!!
Congrats on the 4,000th  and thank you for all you do and have done for realcent. |
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Think positive. |
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jadedragon
Administrator
Canada
3788 Posts |
Posted - 10/01/2009 : 17:07:08
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| Wow hitting 4000 posts is impressive, especially since they are actually worth reading. Post On! |
“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” – George Bernard Shaw.
Why Copper Bullion ~~~ Interview with Silver Bullion Producer Market Harmony
Passive Income blog |
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Bluegill
1000+ Penny Miser Member
USA
1964 Posts |
Posted - 10/01/2009 : 19:25:18
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"Economists are predicting a recovery. They say that our various programs are making an impact. In reality, all they’ve done is kick our can of reckoning a little further down the road."
Yes Yes Yes... But we're running out of road... 
As far as slowly putting the foreclosures on the market instead of all at once. That is more retarded thinking. The correction in housing is going to run its course and conclude whether anybody likes it or not. It is only a matter of taking a financial bath now or later. Either way it is bath time... The final valuation will be the same regardless. They are just dragging out the inevitable. We need to just get it over with and start new.
Sadly, too many fools are drinking the Kool-Aid and believing the government and buying homes at the still over inflated prices. I have heard that housing has bottomed for 3 frickin' years now. House prices have been dropping for 5 years here in MI. We are at '96-'97 price levels here in the Detroit 'burbs.
If you're thinking about buying a home, just wait, your patience will be rewarded.
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Nickelless
Administrator
USA
5580 Posts |
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Bluegill
1000+ Penny Miser Member
USA
1964 Posts |
Posted - 10/03/2009 : 17:55:24
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quote:
Originally posted by Nickelless
Bluegill, what percentage of homes in suburban Detroit are vacant and/or being foreclosed? I would think that just as Michigan has the highest unemployment rate in the country that foreclosures and vacancies would likewise be among the highest nationally.
We're not the highest anymore, but we're still in the top tier with California, Florida and Nevada.
I can't give exact numbers statewide. I can give a snapshot of 4 municipalities in the west end of Wayne county (Detroit is on the east end). These are fairly representative of the typical town. Ranging from lower/lower middle class - middle class - to upper middle/upper class.
Westland - 27,734 residential addresses.
-There are currently 586 homes with Sheriffs deeds. Only 158 are on the market, 97 of them under contract.
-In the last 90 days an additional 199 foreclosures closed and sold.
-In addition, there are 521 homes for sale, 144 of them are short sales.
Livonia - 38,381 residential addresses.
-There are currently 366 homes with Sheriffs deeds. Only 86 are on the market, 53 of them under contract.
-In the last 90 days an additional 127 foreclosures closed and sold.
-In addition, there are 578 homes for sale, 147 of them are short sales.
Canton Township - 29,786 residential addresses.
-There are currently 323 homes with Sheriffs deeds. Only 67 are on the market, 43 of them under contract.
-In the last 90 days an additional 68 foreclosures closed and sold.
-In addition, there are 527 homes for sale, 160 of them are short sales.
Plymouth Township & City - 13,751 residential addresses.
-There are currently 87 homes with Sheriffs deeds. Only 20 are on the market, 9 of them under contract.
-In the last 90 days an additional 27 foreclosures closed and sold.
-In addition, there are 308 homes for sale, 53 of them are short sales.
This is as of 10-03-09. This has been going on for over 3 years now.
About half of the homes for sale will become short sales. 80-90% of the short sales will become foreclosures. Plus, the large untold number of homeowners who are just walking away and leaving the house vacant. These have not yet gone through the legal process of a sheriffs sale and foreclosure, therefore don't yet show up on public record as being bank owned.
The second round of mortgage defaults still hasn't hit us yet either...
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Bluegill
1000+ Penny Miser Member
USA
1964 Posts |
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Lemon Thrower
1000+ Penny Miser Member
USA
1588 Posts |
Posted - 10/05/2009 : 05:33:14
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in some places, the number of foreclosures have swamped the number of people available to process them.
beleive me, banks are under a lot of pressure to get rid of these things. they are declining assets. still, it is true there are a lot of homes still in the pipeline even if the economy changed today and there weren't any more defaults. but the opposite is likely to happen - there will be another wave of defaults and the supply of homes is going to double. |
Buying:
Peace/Morgan G+ at $15.00
copper cents at 1.3X
wheat pennies at 3X
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The real reason that banks aren't foreclosing
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