[Cougar31]

this article was published on 04/25/2007 by TCPalm : Treasure Coast, Palm Beach, News Business, Homes, Jobs, Cars, & Information



Florida has 2nd-highest foreclosure activity rate in nation

VERO BEACH — Florida reported 45,156 foreclosure filings during the first quarter of 2007, according to a new RealtyTrac U.S. Foreclosure Market Report released Wednesday. Florida ranked second among all the states in terms of total foreclosure activity including default notices, auction sale notices and bank repossessions. The state documented a foreclosure rate of one foreclosure filing for every 162 households — the nation's sixth highest and 1.6 times the national average...

[TriMT7]

The only bit of schadenfreude that I get out of this whole foreclosure/market down mess is that last year I worked VERY briefly part-time for a "distressed property real estate investment firm".... they would track and buy foreclosures, and then try to flip them. They "let me go" uncremoniously under dubious circumstances and I hope they are having a hell of a time "flipping" anything and would be joyed to hear that they're bleeding money out of their ears.

[Cougar31]

I am very curious how far this will go...-15%...-25%?
knowing that the economy-middle class- is making it paycheck to paycheck,
and the rich are getting richer, is this stage the "sunrise" of gloomy days ahead?

[121804]

There are an ample number of websites that can the average person figure out a few VERY important things prior to even starting to look; such as 1) How much house can I afford? 2) What would the montly mortgage payment be (don't forget PMI!) 3) Should I continue to rent or buy? 4) How much would I save on the life of the loan if I paid prepayments every month.

The list can go on. It's called homework It's also called people wanting instant gratification. I would venture to say the average American would want to be a homeowner. But too many want the 2500sq under AC w/ granite countertops & stainless steel appliances & top of the line everything right from the start. And they don't have the income.

If you can't pay off your credit cards every month, then you shouldn't be looking for anything but a way to control your credit card debt.

If you lay out a HONEST personal budget & you see that it would be a tight stretch, then it's not worth it.

Adjustable APRs? I don't know why anyone would risk it.

We are on a salary of $70K/year. After doing a very honest budget (by myself no help from a broker) & LOTS of research, I found we can afford a home in the area of $169-$179.

Could we do $200? Yep. It's "only" about an extra $100 a month.

And that is the mindset so many of these people got in..."It's only $x/month!!!"

I would love that "perfect" house. But it's only that...a house...not worth any more stress than that.

[Muggy]

Let me know when we're number one!

[SKB]

Originally Posted by Muggy

Let me know when we're number one!

LOL, I wish Ben's site had the ability to have cute little icons like that one, pass the popcorn.

[SKB]

Originally Posted by MoverFL

I am very curious how far this will go...-15%...-25%?
knowing that the economy-middle class- is making it paycheck to paycheck,
and the rich are getting richer, is this stage the "sunrise" of gloomy days ahead?

-15%...-25% Do you mean this month?

Lets try 50% on for starters.

SKB

[tallrick]

Unless we return to 2001 levels in the next two years things will be a disaster. Oh and what about those cute little swirls on the map called hurricanes?

[firemed]

I know we can be #1 !!!!