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Old 02-10-2010, 06:00 PM
Status: "Not politically correct" (set 16 days ago)
 
Location: Western Colorado
10,605 posts, read 11,709,270 times
Reputation: 24359

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I do love it here, very happy I am retired and drawing a good salary from another state, and don't have to worry about all this. Still, it's troubling to in my wanderings, see For Sale signs on what seems to be every other home and business in this county. Depressing indeed. And then, I see ads in local papers and the Telluride paper about new multi million dollar homes for sale and being built. Without going into the whole out of state people ruined it here and I wish it was the 1800's again debate, I wonder what, if anything can be done?

Foreclosures increased 610% in 2009
By David Mullings
OURAY — Ouray County can claim a dubious number one in Colorado — posting the highest percentage increase in home foreclosure filings in 2009.
Public Trustee Jeanne Cassolari gave county commissioners a statistics report Monday that showed that 71 foreclosures filed here in 2009 — as compared to 10 in 2008 — resulted in the highest increase, 610%, in the state.
After proclaiming “holy moly,” Commissioner Heidi Albritton said the numbers reveal the reality of the mid-decade housing boom, and then bust.
“Now we’re seeing how deep that speculation went,” she said. “It’s a measure of the instability we’re experiencing.”...
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Old 02-10-2010, 10:06 PM
 
16,201 posts, read 20,244,203 times
Reputation: 46797
One hundred miles up the road on hwy. 50 north of Ridgway is a county that had 193 foreclosures last month alone. And today's GJ daily paper has several pages of foreclosure filings in it. On a different thread a link describes Grand Junction's economy as the "worst in the country". The foreclosures here in Mesa County are going to continue. The former Halliburton employees can only claim so much unemployment and unemployment extensions until their funds are depleted.
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Old 02-11-2010, 10:05 AM
 
1,742 posts, read 2,627,445 times
Reputation: 1923
The writing was on the wall even back in 2007. I made several atv trips in "07 all over the southwest part of CO and seemed every 2nd ranchette or McMansion were for sale then. The sh*t is now hitting the fan. Wonder what the future is of all of these 2nd homes? RP
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Old 02-11-2010, 10:49 AM
 
Location: Earth
1,442 posts, read 3,579,111 times
Reputation: 844
Personally, I'm glad for this. The real estate speculation boom as we knew it is over, hopefully for good.

Good riddance to all the fools who participated and are now feeling the pain.

Thanks for playing.
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Old 02-11-2010, 10:56 AM
 
16,438 posts, read 18,577,702 times
Reputation: 9494
"Wonder what the future is of all of these 2nd homes?"




I hope I'm wrong, but I expect many will be occcupied by squatters eventually. There shouldn't be homeless unemployed people with millions of vacant housing units all over the country. I am not in any way voicing approval of squatting, but it seems un-avoidable unless the surplus housing is bulldozed down (or the economy recovers and everyone goes back to work).
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Old 02-11-2010, 11:01 AM
 
Location: Earth
1,442 posts, read 3,579,111 times
Reputation: 844
No new jobs created = no recovery, so...

I think it's more realistic that unoccupied homes will be looted for appliances, fixtures, copper, etc...and then used/vandalized for underground parties etc.

In the event of a wildfire, I'd hope that unoccupied mountain properties would be allowed to burn, rather than putting firefighter's lives at risk to defend them.
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Old 02-11-2010, 11:14 AM
 
1,742 posts, read 2,627,445 times
Reputation: 1923
It would be interesting to see these ghost towns / settlements 50 yrs. from now. I think it is highly likely. Only difference from the ghost towns we see from the 1800's is they actually contributed to the economy and prosperity of this fine state. RP
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Old 02-11-2010, 11:28 AM
 
Location: Sunnyvale, CA
4,901 posts, read 8,942,474 times
Reputation: 2459
Nothing can be done. Just let it run its natural course.
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Old 02-11-2010, 11:49 AM
 
Location: Earth
1,442 posts, read 3,579,111 times
Reputation: 844
The house next to me (circa 1908) is for sale @ $329k. Here's a little history of the bubble as it pertains to this place:

7/6/2007 $337,000
3/28/2005 $292,500
5/19/2004 $262,000
3/31/2003 $261,800
6/27/1997 $149,900
7/5/1995 $114,000
9/7/1993 $96,900
9/5/1986 $67,000

The owners took a job offer in Seattle and are gone. Seattle is a pretty expensive place to live.

Very few showings over the past couple months...but then Winter is not a great time to sell. Spring should be pretty telling.

I don't think it'll slip into foreclosure, but I'm fairly certain they're not going to see $329k either...
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Old 02-11-2010, 01:02 PM
 
2,437 posts, read 7,125,880 times
Reputation: 1507
I joined CD forum in July 2007 (when I bought a new house out of state). At that time, the roof had already collapsed on the market and the recession was an inevitable reality for the very near future, so I've been seeing these threads about the-economy-this and the-jobless-rate-that for as long as I've been around here. What I'm wondering is...

What did people incessantly complain about BEFORE the recession and the housing market collapse? The war? Water? What? ... because I'm certain it was not just a constant stream of euphoric threads like: 'I love my high paying job and my even higher mortgage payment!!!'

Just curious. Any long-time cd'ers care to recall?
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