Up to 7 million homes are potentially eligible but haven’t been repossessed
WASHINGTON - The housing market is facing swelling ranks of homeowners who are seriously delinquent but have yet to lose their homes, and this is threatening a new wave of foreclosures that could hit just as the real estate market has begun to stabilize.
About 5 million to 7 million properties are potentially eligible for foreclosure but have not yet been repossessed and put up for sale. Some economists project it could take nearly three years before all these homes have been put on the market and purchased by new owners.
And the number of pending foreclosures could grow much bigger over the coming year as more distressed borrowers become delinquent and then, if they can't obtain mortgage relief, wade through the foreclosure process, which often takes more than a year to complete.
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10 comments:
Joe this is eaxactly what is happening. I spoke to a friend of mine yesterday who is a real estate broker and investor. He was buying homes in disrepair, fixing them up and selling them. If he buys a home for 40k, puts 30k into it to repair, he will market it for 100k with hopes to get 90k turning a 20k profit. The problem is if he does this and lists it, the house around the corner becomes available thru foreclosure in fairly decent shape for 50 - 70k, making it a better deal. He told me that there are millions of these just waiting for the foreclosure process to be completed across the country and he can't even begin to fathom the impact this will have on our economy. Not to menton the huge increase in the number of homeless. When these families start to recieve public assistance to feed their children and housing assistance, where will the money come from? Right here on the shore their are people losing their homes and are living on the properties of family members in travel trailers. Just look at the comparisons between what we are going thru now and what went on during the great depression. THE SIMILARITIES ARE STRIKING.
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I can't stress this enough with all of you.
are you saying that you think Capitalism is bad?
These are all the consequences of boom to bust markets. Everyone should have seen this coming.
The loss of homes is just a symptom of the underlying disease. Government has become a cancer that has eroded our manufacturing base with high taxes.
Reduce the taxes and raise import tariffs and you will see jobs rebound as the US once again becomes a producing nation as opposed to a consumer nation.
Will it cost us a bit more? Sure it will, but it will still be cheaper than having the welfare and other entitlement groups expand exponentially!
Common sense people, High return=high risk. My grandmomma always said, if its too good to be true, its too good to be true.
Well Smitty I have to agree with most of what you said. I believe the govt. has eroded almost every aspect of the foundation of our nation.....and the current economy is a symptom of the problem, not the problem. I also think that if people began to "shop" prices before buying, they would get a better product at a better price and it would tend to keep greed at bay. Laws can be made to ensure that citizens from other countries can't come here to open businesses and you would see other countries forbid American companies from setting up shop there. Products shouldn't cost more.....or we will have to make more to afford it......and companies will have to charge more to be able to pay people more so that THEY can afford to pay "a little more". If people were more frugal - the way they were following the great depression - it would bring corporate greed under control. Government mandates tend to send things in the other direction - require people to buy health insurance will create an environment in which the insurance companies can charge what they want. NOT a good plan.
10:52
"Products shouldn't cost more.....or we will have to make more to afford it......and companies will have to charge more to be able to pay people more so that THEY can afford to pay "a little more"."
Actually, products should cost more, at least to a degree. Our generation has more discretionary income than any other in history. We have lost the ability to appreciate what we have and protect what we have.
Who ever thought that you would be able to fly from A to B for the same amount (in some cases less) than you did 30 years ago? Who in past generations thought the government would subsidize the purchase of automobiles?
It's time we understood that a bit of adversity makes us stronger, and bit the bullet and took back control of our destiny rather than hand it over to a third party, be that our own government or, heaven forbid, a foreign interest.
Companies didn't take off because of taxes, they left because of cheaper wages and less regulation. The solution is to "BUY AMERICAN". What happened to that ad campaign from years ago? We need to get that started again! This includes foreign companies who produce their products in the US e.g. Toyota.
What ever happened to buying what you can afford? I realize that sometimes things happen, but the way people around here overbought and artificially raised the property values they get what they deserve. My property value went from 125,000 to 345,000 back to 275,000 in 7 years.
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