This blog entry contains many links to great articles in financial and other publications highlighting how bad the foreclosure crisis is getting. "The news on housing foreclosures isn't getting any better. In fact, it's getting worse. According to a story in the Wall Street Journal, one in every eight U.S. households with mortgages was either in foreclosure or behind on its mortgage payments in the second quarter of this year..." These numbers will undoubtedly get much worse (there's proof they already are) than ONE in EIGHT! Look for one in six, and maybe one in four (or worse). These are mind blowing numbers. And now commercial real estate mortgage defaults are starting to go parabolic, on top of this. http://www.nuwireinvestor.com/blogs/investorcentric/2009/08/foreclosure-numbers-going-in-wrong.html
Is good news still bad news when it's good news. Or what? http://www.dailynews.com/business/ci_13236830
Those people are: 1) morons, and, 2) going to get burned badly, catching falling knives. Two excerpts of note: Zedric Harris, 36, snagged the first home offered. A loan through the U.S. Department of Veterans Affairs helped the Army veteran land the deal. "I am so happy about this," said Harris, now a stunt man. "I've been looking for a house for eight months." .... "Each of these homes sold for almost twice the original asking price," said Walker. "You can bet that had the original asking price been $400,000, there would have been very few bidders present." Rhett Winchell, president of the auction group, said the bidding process removes the anxiety some homeowners feel after buying their new homes. Many scratch their heads wondering if they got good deals. They are curious to know what their neighbors paid, Winchell said. Good luck with all of that, with another 2 to 2.5 million foreclosures coming to market this year alone! Green shits!
let's see how long before they start falling behind I'm finding more and more "nice" houses on my routes going well delinquent on their mortgages Not just the junk, multi-family ones. After about 4+ months of visiting these places, it'll take a while, but they'll be 2010 foreclosure statistics
Yeah people can pick on people in mobile homes/house trailers all they want but my parents own their own place, have acres of land, and did that without running up crazy amounts of debt.
We're headed for deflation and more economic contraction, despite what anyone claims... The V that was supposed to be, and then the U that was possible instead, and even the L that everyone feared...it'll be worse than that...think escalator.
I think you missed the point of the article. The point of the article is not whether the buyers and bidders are "Morons." The point of the article is that there is massive demand in certain places in this country. I'd even call it "pent up demand." Similarly, everyone I know is waiting for the next big correction so they can buy in big time. More pent up demand. Call it targeted demand, if you will...but it's out there. And do you think the builders are "Morons too?"
the california market is hot right now. these people bought a bunch of forclosures in april as rentals. the market is so strong now that they are hitting the bid. http://www.youtube.com/watch?v=j7YRjs-ljBc bidding wars http://www.youtube.com/watch?v=oH-PBB1hk3Q&feature=channel 800k homes two offers in 2 days http://www.youtube.com/watch?v=6vqV8BecEcQ&feature=channel