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BruceD1
(Georgia)
Posts:39
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| 10/09/2008 4:59 AM |
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AnnaD2
(Florida)
Posts:386
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| 10/09/2008 5:06 AM |
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| How sad....how true....that's the really scary part |
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BrianB
(California)
Posts:1748
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| 10/09/2008 3:45 PM |
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just curious: I hear a lot about this, and it isn't hard for any news channel to video a for sale or foreclosed sign for their program, but how many places are there, really, going under?
I ask because I am pretty insulated where i am, and here, there's no more or less for sale than before, definately nothing for "foreclosure", and in fact, we probably have had a couple new homes put in in the past year.
Last month, i drove past MFHOA, and it looked the same too: Two houses for sale, no foreclosure notices, and the Pres said all was about the same: one person declaring bankruptcy, and that was it. Two to three houses for sale at any given time was perfectly average for us, during the hot years too, and we always had one person every 12 to 18 months declaring bankruptcy.
So, how bad is it really out there? WHat's it like where you are?
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FrancescaM
(Washington)
Posts:112
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| 10/09/2008 7:01 PM |
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| Its like this everywhere. Many people on our end.. have has personal loss of jobs, health issues, some signed dodgy ARM loans... some have declared bankruptcy... we are currently at 5% foreclosure rate.. and i understand that is not uncommon. |
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MicheleD
(Kentucky)
Posts:1856
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| 10/09/2008 8:09 PM |
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I heard someone spout a stat of 10,000 foreclosures every week.
That seems a little HIGH to me, but I can't confirm it anyway, and I can't remember where I heard it. |
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FrancescaM
(Washington)
Posts:112
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| 10/09/2008 8:12 PM |
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Posted By MicheleD on 10/09/2008 8:09 PM
I heard someone spout a stat of 10,000 foreclosures every week.
That seems a little HIGH to me, but I can't confirm it anyway, and I can't remember where I heard it.
10000 forclosures where? In a state or other demographics?? |
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GlenL
(Ohio)
Posts:1465
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| 10/09/2008 10:13 PM |
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Posted By BrianB on 10/09/2008 3:45 PM
just curious: I hear a lot about this, and it isn't hard for any news channel to video a for sale or foreclosed sign for their program, but how many places are there, really, going under?
I ask because I am pretty insulated where i am, and here, there's no more or less for sale than before, definately nothing for "foreclosure", and in fact, we probably have had a couple new homes put in in the past year.
Last month, i drove past MFHOA, and it looked the same too: Two houses for sale, no foreclosure notices, and the Pres said all was about the same: one person declaring bankruptcy, and that was it. Two to three houses for sale at any given time was perfectly average for us, during the hot years too, and we always had one person every 12 to 18 months declaring bankruptcy.
So, how bad is it really out there? WHat's it like where you are?
Knock on wood; our foreclosures are down this year we've only had one. State wide according to foreclosure.com in Ohio as of today there are:
Preforeclosures: 4,325
Sheriff Sales: 3,103
Foreclosures: 10,248
Bankruptcies: 16,238
FSBOs: 2,139
Tax Liens: 25,599
In California:
Preforeclosures: 168,047
Sheriff Sales: 5,289
Foreclosures: 177,763
Bankruptcies: 25,144
FSBOs: 1,156
Tax Liens: 255,687
And in Florida:
Preforeclosures: 123,196
Sheriff Sales: 3,816
Foreclosures: 52,922
Bankruptcies: 18,227
FSBOs: 13,501
Tax Liens: 156,986
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KirkW1
(Texas)
Posts:1190
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| 10/10/2008 9:06 AM |
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To really understand the depth of the foreclosure situation you have to know more then raw numbers. What would help is to know how many foreclosures per number of homes. The same number can mean very different things. For instance:
If you had 100 foreclosures and 200 families things are very bad. But if you have 100 foreclosures and 1,000,000 families very few have been affected.
The other thing is the number that are headed in the wrong direction. How many people are falling further and further behind? I believe banks are sometimes moving to foreclosure at a slower pace now that home prices have fallen in many areas.
It gives me concern that in Texas where prices have remained stable, that banks may be more apt to foreclose. If they can recover more of the cost in Texas then in portions of California where the house is no worth less then half of what is owed. |
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