[sunrico90]

One in five U.S. homes entering the foreclosure process last month were located in Florida. It's not the sort of ranking that makes you want to shout, "We're No. 1!" More Florida entered foreclosure in Florida than in any other state in May. And while 35 of 50 states saw a decline in new foreclosures last month, Florida's rose 22 percent. Bargain.com's figures include homes that either were sued for foreclosure, scheduled for auction, or sold back to the lender in May.

Dubious distinction

Foreclosures took an especially big bite out of Florida in May. The state's ranks:

1st in the number of homes entering the foreclosure process (29, 530).

1st in the share of homes entering foreclosure that were either condos or townhomes (14 percent).

2nd in the proportion of homes entering foreclosure (1 in every 245).

4th in the rate of increase since April (22 percent).

Source: Bargain.com

[MyHomeIsInOcala]

sunrico, this does not surprise me one bit, nor should it anyone else. I have see n this coming for over 24 months. It will only get worse before it gets better.

[Audacious]

Originally Posted by sunrico90

One in five U.S. homes entering the foreclosure process last month were located in Florida. It's not the sort of ranking that makes you want to shout, "We're No. 1!" More Florida entered foreclosure in Florida than in any other state in May. And while 35 of 50 states saw a decline in new foreclosures last month, Florida's rose 22 percent. Bargain.com's figures include homes that either were sued for foreclosure, scheduled for auction, or sold back to the lender in May.

Dubious distinction

Foreclosures took an especially big bite out of Florida in May. The state's ranks:

1st in the number of homes entering the foreclosure process (29, 530).

1st in the share of homes entering foreclosure that were either condos or townhomes (14 percent).

2nd in the proportion of homes entering foreclosure (1 in every 245).

4th in the rate of increase since April (22 percent).

Source: Bargain.com

Mathematics and statistics are both very fluid in nature. Numbers can be massaged to present a predetermined outcome in almost any situation. Lets look at what you said here.

1st in th eshare of homes entering forclosure (MIchigan, Ohio ?)

22% increase (over what)

1 in every 245 (subprime or total loans?)

I will give yo uan edge here while trying to present your data in a different light while using your numbers.

There are 67 counties in Fl, for this demonstration lets use 60 and round up the number of foreclosures to 30,000 which will artificially increase the number of forclosures by over 8%, using your data of course.

That equals approx 500 forclosures per county. Everyone look at how many different market areas there are in your county. Obviously some will be greater than others but it usually works itself out. Do you have 25 ( an extremely low number) seperate market areas in your county?? If so then your market area has 20 forclosures.


Now compare that to the number of houses in your market area and the number of mortgages that ARE performing. Once you do math you will realize the reality of the situation.

Yes there are forclosures, yes they are rising but who is getting stung? Two people are, those who overbought/speculated and the bond market which became intoxicated on the above average returns and put their money up.

Is the sky falling, no. Are the oceans rising so that FLorida will be under water in 10 years, no. Is real estate collapsing into the abys, no Will real estate begin rising again, yes are there a tremendous of people afraid to invest or where stung investing, yes. Does that mean that their doom and gloom is correct, no. Does misery love company, YES!

[DeLaSalle]

Originally Posted by Audacious

Mathematics and statistics are both very fluid in nature. Numbers can be massaged to present a predetermined outcome in almost any situation. Lets look at what you said here.

1st in th eshare of homes entering forclosure (MIchigan, Ohio ?)

22% increase (over what)

1 in every 245 (subprime or total loans?)

I will give yo uan edge here while trying to present your data in a different light while using your numbers.

There are 67 counties in Fl, for this demonstration lets use 60 and round up the number of foreclosures to 30,000 which will artificially increase the number of forclosures by over 8%, using your data of course.

That equals approx 500 forclosures per county. Everyone look at how many different market areas there are in your county. Obviously some will be greater than others but it usually works itself out. Do you have 25 ( an extremely low number) seperate market areas in your county?? If so then your market area has 20 forclosures.


Now compare that to the number of houses in your market area and the number of mortgages that ARE performing. Once you do math you will realize the reality of the situation.

Yes there are forclosures, yes they are rising but who is getting stung? Two people are, those who overbought/speculated and the bond market which became intoxicated on the above average returns and put their money up.

Is the sky falling, no. Are the oceans rising so that FLorida will be under water in 10 years, no. Is real estate collapsing into the abys, no Will real estate begin rising again, yes are there a tremendous of people afraid to invest or where stung investing, yes. Does that mean that their doom and gloom is correct, no. Does misery love company, YES!

Very Impressive, Audacious...Very Impressive.

[sunrico90]

Originally Posted by Audacious

Mathematics and statistics are both very fluid in nature. Numbers can be massaged to present a predetermined outcome in almost any situation. Lets look at what you said here.

1st in th eshare of homes entering forclosure (MIchigan, Ohio ?)

22% increase (over what)

1 in every 245 (subprime or total loans?)

I will give yo uan edge here while trying to present your data in a different light while using your numbers.

There are 67 counties in Fl, for this demonstration lets use 60 and round up the number of foreclosures to 30,000 which will artificially increase the number of forclosures by over 8%, using your data of course.

That equals approx 500 forclosures per county. Everyone look at how many different market areas there are in your county. Obviously some will be greater than others but it usually works itself out. Do you have 25 ( an extremely low number) seperate market areas in your county?? If so then your market area has 20 forclosures.


Now compare that to the number of houses in your market area and the number of mortgages that ARE performing. Once you do math you will realize the reality of the situation.

Yes there are forclosures, yes they are rising but who is getting stung? Two people are, those who overbought/speculated and the bond market which became intoxicated on the above average returns and put their money up.

Is the sky falling, no. Are the oceans rising so that FLorida will be under water in 10 years, no. Is real estate collapsing into the abys, no Will real estate begin rising again, yes are there a tremendous of people afraid to invest or where stung investing, yes. Does that mean that their doom and gloom is correct, no. Does misery love company, YES!

Interesting, but the data was based on research conducted by Bargain.Com. Your presentation was just: Mathematics and statistics are both very fluid in nature. Numbers can be massaged to present a predetermined outcome in almost any situation. We are looking for individuals to present their opinion on the current position of foreclosures in the state of Florida. For some of us this is not a problem for some others this is a dead end. Does misery love company, YES! Do you feel better when you read about other people's problems. Why is that?

check letter @ salon....

[Audacious]

Originally Posted by sunrico90

Interesting, but the data was based on research conducted by Bargain.Com. Your presentation was just: Mathematics and statistics are both very fluid in nature. Numbers can be massaged to present a predetermined outcome in almost any situation. We are looking for individuals to present their opinion on the current position of foreclosures in the state of Florida. For some of us this is not a problem for some others this is a dead end. Does misery love company, YES! Do you feel better when you read about other people's problems. Why is that?

check letter @ salon....

I do not feel better about anyone who is in dire straights but by the same token I do not want those to try to pull down the rest of the world because of their problems or mistakes. The above people were profit driven, they put venture capital out there with the hope of making a big profit. Hopefully they had enough $$ reserve to cover their bet. If they bet wrong then that is their problem, not yours, mine or anyone else. I just do not like the doom and gloomers trying to vindicate their mistakes by implying the world is coming to an end when it is NOT!

Many people bought their homes at the peak of the market. The operative word there is "homes" I buy and sell houses, most people buy homes. In all probability those who did buy at the top did so with a conventional or conforming mortgage with a few dollars down as opposed to the speculator who bought at 105% with a teaser 2% interest rate that has negative amortization and will reset in the coming year. The people who bought a home will do just fine. The Tax code is slanted so as to reward those people who do manage to buy their home and in a few short years the homebuyer will see a nice return on his investment as well as having the pride of ownership.

As to the speculator, I really do not have any opinion of him one way or the other. If he has the $$ reserves to ride this out for another year or so then he will do just fine. If not then he will lose the house to foreclosure. Neither the bank, realtor or the market held a gun to his head. It is truly the beauty of the American market = it's all up to YOU! Win lose or draw YOU made the bet. The homeowner did not.

All this anti RE BS is just that, pure unadulterated BS with a good topping of sour grapes. There are currently a great many opportunities out there as well as a great market aberration that can help first time homebuyers. LOW prices, great financing and a BUYERS market. As Warren Buffet said "when everyone is buying, SELL when everyone is selling BUY" Affordable housing has been an issue raised by many for decades. I always wonder what affordable is. Here in America if you only have one car, two color TV's, one DVD and only HBO you are considered poor. Wishing for a 5 bedroom house with a pool for 125K is not affordable housing it is just that wishing.

In our market area there is currently 3.5 BILLION of new construction that has started or is soon to begin. I'll go with the 3.5 billion guess as to where RE is headed as opposed to pending armageddon due to forclosure. The percentile of foreclosures on a 3 year time series analysis is irrelevant or at best a miniscule blip. For those looking to buy, those foreclosures can represent GREAT bargains.

I guess it all depends on which side of the fence you are looking from.

[lostbuyer]

Numbers can be massaged to present a predetermined outcome in almost any situation. (example)There are 67 counties in Fl, for this demonstration lets use 60 and round up the number of foreclosures to 30,000 which will artificially increase the number of forclosures by over 8%, using your data of course.

That equals approx 500 forclosures per county. Everyone look at how many different market areas there are in your county. Obviously some will be greater than others but it usually works itself out. Do you have 25 ( an extremely low number) seperate market areas in your county?? If so then your market area has 20 forclosures.

[triton1]

wouldn't more foreclosures mean more bargains for home buyers?

[Nirvana-Guy]

Originally Posted by sunrico90

One in five U.S. homes entering the foreclosure process last month were located in Florida. It's not the sort of ranking that makes you want to shout, "We're No. 1!" More Florida entered foreclosure in Florida than in any other state in May. And while 35 of 50 states saw a decline in new foreclosures last month, Florida's rose 22 percent. Bargain.com's figures include homes that either were sued for foreclosure, scheduled for auction, or sold back to the lender in May.

Dubious distinction

Foreclosures took an especially big bite out of Florida in May. The state's ranks:

1st in the number of homes entering the foreclosure process (29, 530).

1st in the share of homes entering foreclosure that were either condos or townhomes (14 percent).

2nd in the proportion of homes entering foreclosure (1 in every 245).

4th in the rate of increase since April (22 percent).

Source: Bargain.com

Wow... staggering. Hey you what I read before I moved out of Fla on the Sentinel was that 40% of the mortgages on 'middle to lower income homes' in FL will go belly up in the next 4 - 8 months because most people bought in FL during the 2004 - 2006 period and got the 2-year "teaser rates" are going to expire pretty soon and these "teaser rates" are now are set to skyrocket.

WHO makes enough $ in FL to pay for a $300,000 mortgage with a rate that went from 4% interest only to 9% - 12% interest and principal?? It's gonna be foreclosure nation in FL and the sad thing is the suffering the people will feel. Foreclosure is a devastating process.... the humiliation, the calls at 3am, the expenses with lawyers and bankrupcy lawyers.... Maybe the feds will come in (Fannie Mae and Freddy Mac) and will subsidize some of these "teaser loans" or something to get people to stay in the 7% or 8% rates and have a slight chance of keeping their homes once the rates jump up?? Maybe that is wishful thinking....

I'd be honest, the LAST thing I would want right now is to own a home in FL, specially a condo. Condos are set for disaster. I am serious.

You guys have not seen anything yet... with the horrible job situation, people trying to leave the state, insurance throught the roof, propertry taxe sthrough the roof, and hurricane season heating up, there is no telling how bad things will get out there in The Sunshine State.

Only Jesus Christ can save you guys. I kid you not, FL is a sinking ship.

[Mike Peterson]

Originally Posted by Nirvana-Guy

Wow... staggering. Hey you what I read before I moved out of Fla on the Sentinel was that 40% of the mortgages on 'middle to lower income homes' in FL will go belly up in the next 4 - 8 months because most people bought in FL during the 2004 - 2006 period and got the 2-year "teaser rates" are going to expire pretty soon and these "teaser rates" are now are set to skyrocket.

WHO makes enough $ in FL to pay for a $300,000 mortgage with a rate that went from 4% interest only to 9% - 12% interest and principal?? It's gonna be foreclosure nation in FL and the sad thing is the suffering the people will feel. Foreclosure is a devastating process.... the humiliation, the calls at 3am, the expenses with lawyers and bankrupcy lawyers.... Maybe the feds will come in (Fannie Mae and Freddy Mac) and will subsidize some of these "teaser loans" or something to get people to stay in the 7% or 8% rates and have a slight chance of keeping their homes once the rates jump up?? Maybe that is wishful thinking....

I'd be honest, the LAST thing I would want right now is to own a home in FL, specially a condo. Condos are set for disaster. I am serious.

You guys have not seen anything yet... with the horrible job situation, people trying to leave the state, insurance throught the roof, propertry taxe sthrough the roof, and hurricane season heating up, there is no telling how bad things will get out there in The Sunshine State.

Only Jesus Christ can save you guys. I kid you not, FL is a sinking ship.

What you may have read is that 40% of the mortgages in that segment will adjust. I think 40% is a ridiculous number as far as expected forclosures. Most ARM's don't adjust up 5% at a time so your numbers there are off also.
So some mortgages my adjust from 5% to 7%, on a $250,000 loan that is a jump in payment from around $1350 to $1650. Of course no one wants payments to jump $300 a month but lets not try to make it seem as if payments are going to more than double.

As far as taxes and insurance. We got a small respite on the taxes this year with the ability to drop them considerably next year with a 60% vote.
With the insurance I think people need to read into what was passed months back by the legislature. I read alot of people on here saying they are having problems with getting insurance but nowhere do I read where they got a quote from Citizens. I was with State Farm at around $1700 a year for $230,000 in coverage, when I got my renewal they were going to raise it to over $3400. I called an insurance agent and got a quote for Citizens and now have $336,000 in coverage for $1900 a year. So $106,000 more in coverage for $1500 less than State Farm.

Remember doom and gloom sells newspapers that is why they will print those stories. I understand it is not the best situation at this time but the sky is also not falling.