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Old 12-01-2007, 04:58 PM
 
Location: Triangle, North Carolina
2,816 posts, read 9,195,114 times
Reputation: 1494

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A question for the board.
In Georgia and the Atlanta area, as with much of the nation has seen a heavy increase in foreclosures.

During this period, from the last year to current we are seeing many, many, signs in developments stating: HUD Property For Sales or HUD Repossession.
Looking into the Notice of Foreclosure which is public the HUD homes are government funded.

The kicker:
The homes on the lot are not your small starter bungalow's nope these are $300,000 - $500,000 homes! In Georgia this equates to 5 bedrooms, 3-4 baths, basements, etc., in nice developments. For Chicago, NJ, LA would be about $800,000 to a mill.

What the hell is HUD doing lending taxpayers money on homes like this?
Now if you want something that can trickle into killing the entire housing market this can.

I was doing some research and in 2003/04 our current RINO in Chief was touting a "Ownership Society" where he wanted government to get more involved in ownership than Section 8. This he said, would create a ownership mentality and build America.

Granted, it would be wrong to generalize and state all is bad, but there is a group as with all with the total of foreclosures in this arena that nobody can change. Trust me, I'm all for ownership and less project housing but the government should not be making jumbo high risk loans on this type of housing. Crap! Can I have a subsidized 4,000 square foot home? Oh I forgot, I just get to pay for it and not live in it.

Is this just an Atlanta area issue?
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Old 12-02-2007, 12:20 PM
 
69,372 posts, read 53,599,519 times
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You know i'm glad you asked this question because I have been wondering it myself. I drove 2 1/2 hours yesterday to look at a HUD property for sale. Asking price very reasonable, $100K, property appraised for $160K.. but it sits in a neighborhood where the average price on a home is $75K.. meaning that they loaned money on a property worth twice the media average in the area.
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