Sweet Jebus, we can be homeowners, like, Right Now

Discussion in 'Economics' started by Kull, Apr 2, 2009.

  1. Kull


  2. Looking at what these homes previously sold for and what there current "mark-to-market" sales price is I'd say that they look like about 20 cents on the dollar.

    If banks have only 80% loan to value on these homes they are near enough to wiped out.

    No wonder they want to get rid of mark to market asset pricing........to many homes like these out there.
  3. pma


    The sales history is very interesting on these homes :eek:
  4. Why don't all the bums save some nickle and buy themselves a house over there?
  5. Whoa, these look like below auction prices. But the RE golden rule "location, location, location" is likely driving prices down. If there are no jobs, no way for a homeowner to pay the note, and a glut of units, then Detroit is the wrong location and you got no buyers. It doesn't matter if you give them away free, if there is no way for the buyer to earn a living in the area, or nearby, they can't be sold. Maybe a few investors who can rent them to people on welfare, but that's it.
  6. The price is not valid. This is the balance on the loan. It will go for much, much more.
  7. not true Ivan heard an very interesting report on NPR that said many of these homes are shells...notice the second house..next door is boarded up. Vandel's have ripped everything of value in the homes and many of the homes actually need to be torn down which the proud new owner may end of having to do. Losing his entire investment. Very sad situation.
  8. I used the same site to locate properties in my part of the woods and I found one at a price of 90% lower than what a similar home not in foreclosure costs. And they all say that this is the balance of the loan. I am assuming that the site just decided to use that as the price of the house when it is in foreclosure.

    If that was a real price I would buy 10. I am talking for my area. I am not sure about Detroit.
  9. Kull


    you talk bullshit

    you display typical incompetence

    I would be a fool to spend time proving to you and EDUCATING YOU

    good luck in life
  10. #10     Apr 2, 2009