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Old 04-12-2007, 09:40 PM
 
1,868 posts, read 5,229,050 times
Reputation: 525

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Just read in the business section today that more than 5000 homes were offered up for sale at foreclosure auctions in March. This number has tripled in 6 months. 90% of these properties attracted NO BIDS!!!

Apparently foreclosures sold at auction now account for 15% of all home sales in California and this percentage is expected to rise.
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Old 04-13-2007, 12:15 AM
 
26,589 posts, read 52,286,267 times
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Isn't true that many of these foreclosure homes were bought as "Investments" during the last 3 years and most are not owner-occupied?

The Bay Area evening news had a story of a guy in San Jose that bought 6 homes in three years and one-by-one he is losing them. The rents were not able to cover the mortgages once the adjustable loans started adjusting up.
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Old 04-13-2007, 01:18 AM
 
Location: Nashville
840 posts, read 2,047,320 times
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how do i get info about these houses ..legit website
thanks
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Old 04-13-2007, 09:40 AM
 
491 posts, read 2,040,875 times
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I think you're right Utrarunner. These aren't poor folks losing the roof over their heads for the most part. It's flippers who are dumping and cutting their losses.

I think it's a great time to buy.
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Old 04-13-2007, 10:12 AM
 
4,610 posts, read 10,204,035 times
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It's not just a California problem. Texas has one of the highest foreclosure rates in the nation. And I agree with PureHapa, It's a great time to buy.
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Old 04-13-2007, 11:16 AM
 
Location: Alexandria, VA
1,078 posts, read 3,498,338 times
Reputation: 488
This is what happens when folks over buy and get 50 year adjustable rate mortgages with ridiculously high caps!
MBG
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Old 04-13-2007, 08:16 PM
 
1,868 posts, read 5,229,050 times
Reputation: 525
[quote=Roma;573638]It's not just a California problem. Texas has one of the highest foreclosure rates in the nation.


For different reasons though.
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