Lee County October foreclosure stats in.... (Fort Myers: 2009, foreclosures, lease)

[yachtcare]

Another record breaker...2,665 foreclosures in October 2008. Divide that by 31 days, thats about 86 per day.....When will the county run out of houses to foreclose?

[MrTudo]

Wow!

[MrTudo]

Originally Posted by yachtcare

Another record breaker...2,665 foreclosures in October 2008. Divide that by 31 days, thats about 86 per day.....When will the county run out of houses to foreclose?

When? When we run out of lazy people who refuse to accept personal responsibility. Now what percentage of roughly 300 million people are in that category you reckon?

[daniellec]

MrTudo,

I would be very careful what you say. I do not own a home but my parents do. There home is PAID for but took out an equity line of credit when the ECONOMY WAS GOOD and so they bought a house in Tennessee with it. Now they can not sell the house, afford the proprty taxes and there homeowners insurance because of how high the state and city jacked up rates. SO they are FACING foreclosure! They are NOT LAZY! it's just what happened. My husband just lost his job because our lease ran up an dthe guy wanted to sell the house so we had to move. he wasnt scheduled to work a Saturday he is a M-F 9-5er and told them he could not work that Saturday and so Monday they fired him. He is an electrician who put in about 60 resumes since October 20th for retail, other trades and his current trade. he has gotten 2 calls. If I owned a home, i woud be in foreclosure. Hardly a case of the lazies!

[yachtcare]

While I'm certain there are some lazy, and/or irresponsible types out there that have/are losing houses, Danielle makes a good point. Many people have had their loans "reset" to higher interest rates, combined with rising taxes and insurance costs making an otherwise affordable payment suddenly unaffordable. Volumes could be written on the various and sundry causes, and then there is personal tragedy that comes into play as well. With all of the above, piled on top of a sudden illness or injury, or the loss of a job. Ultimatly, personal responsibility dictates that people should be aware of what they are getting into, and also have an awareness of the possible pitfalls, and unforeseen circumstances that can throw a wrench into their well laid plans. My humble opinion is, that the govt entities that oversee such things should not have made all this cheap money available, to people they know couldnt pay it back, in the long run. Most of the money can be traced back to Chinese origin. Ever wonder what the Chinese hold as collateral for all the hundreds of billions they have lent our government in the recent past? Let your imagination ruminate on that for a bit. Ah, but I digress.........
The bottom line, there are many and varied "reasons" for each individual foreclosure. But the overall blame (I believe) lies with a corrupt, greedy gang of beaureucrats, that purposely set up a system that they knew years ago was unsustainable. Then they sat back and did nothing about it. The word "treasonous" comes to mind.....

[coastalrap]

Originally Posted by yachtcare

While I'm certain there are some lazy, and/or irresponsible types out there that have/are losing houses, Danielle makes a good point. Many people have had their loans "reset" to higher interest rates, combined with rising taxes and insurance costs making an otherwise affordable payment suddenly unaffordable. Volumes could be written on the various and sundry causes, and then there is personal tragedy that comes into play as well. With all of the above, piled on top of a sudden illness or injury, or the loss of a job. Ultimatly, personal responsibility dictates that people should be aware of what they are getting into, and also have an awareness of the possible pitfalls, and unforeseen circumstances that can throw a wrench into their well laid plans. My humble opinion is, that the govt entities that oversee such things should not have made all this cheap money available, to people they know couldnt pay it back, in the long run. Most of the money can be traced back to Chinese origin. Ever wonder what the Chinese hold as collateral for all the hundreds of billions they have lent our government in the recent past? Let your imagination ruminate on that for a bit. Ah, but I digress.........
The bottom line, there are many and varied "reasons" for each individual foreclosure. But the overall blame (I believe) lies with a corrupt, greedy gang of beaureucrats, that purposely set up a system that they knew years ago was unsustainable. Then they sat back and did nothing about it. The word "treasonous" comes to mind.....

There is a lot of truth to what you said here.

Another sad...or telling part of this situation is that even with this all being exposed and billions of our tax dollars being thrown at the problem, these same bureaucrats have made no attempt to change the two major causes of this "mortgage meltdown". Loans to unqualified borrowers and mark to market accounting procedures.

I wonder why they don't want to plug the holes in a listing ship?

No pun intended there yachtcare.

[yachtcare]

Originally Posted by coastalrap

I wonder why they don't want to plug the holes in a listing ship?.

The ship had been listing for a long time. No one following the pied piper strutting around the deck, spreading cash, noticed. The ship sank on Sept 15th, right on que. Right now we're in free fall, somewhere between the surface, and the bottom of the ocean. No pluging the holes at this point. That 700 billion+ was the sound of the inflatable life rafts shooting back to the surface, with the elite few to be saved. When we finally hit the bottom, there will be a VERY noticeable bump, followed by the sounds of collapsing, and twisting metal, and economic carnage of unimaginable, epic scale. For those that make it out of the wreckage, they will be faced with a long swim back to the surface, followed by uncertainty that anyone is there to pick them up. Many have put the estimate of time to impact around the last week of February, 2009. Strap yourselves in, lash your bodies to the sturdiest timbers, it might get bumpy around then.
(just following your pun, with the analogy there, coastal)

[toddmahone]

Originally Posted by yachtcare

The ship had been listing for a long time. No one following the pied piper strutting around the deck, spreading cash, noticed. The ship sank on Sept 15th, right on que. Right now we're in free fall, somewhere between the surface, and the bottom of the ocean. No pluging the holes at this point. That 700 billion+ was the sound of the inflatable life rafts shooting back to the surface, with the elite few to be saved. When we finally hit the bottom, there will be a VERY noticeable bump, followed by the sounds of collapsing, and twisting metal, and economic carnage of unimaginable, epic scale. For those that make it out of the wreckage, they will be faced with a long swim back to the surface, followed by uncertainty that anyone is there to pick them up. Many have put the estimate of time to impact around the last week of February, 2009. Strap yourselves in, lash your bodies to the sturdiest timbers, it might get bumpy around then.
(just following your pun, with the analogy there, coastal)

one thing's for sure, it won't be pretty.

[hiknapster]

I don't mean to be indelicate, but cut me a break.

You don't buy a second house without selling the first. I don't know how many times I have wrote that up in the Tennessee forum. Don't come here and buy a house until you sell that house down in Florida.

Taxes went up, not because the government "jacked" it up, but because values went up. No one was thinking about that when they were bragging about how high their house value had shot up.

Insurance is high because Fort Myers is a hurricane zone. Do you know how many people flocked to buy house in Lee County after Charley? I just stood there shaking my head.

Adjustable rate mortgages went up because, gosh, they are adjustable. No one actually planned on paying that higher interest rate because they were certain that housing values would keep going sky-high. They knew exactly what they were signing and if they truly did not understand then they shouldn't have signed the loan in the first place.

The reason we are in such a mess now is that people were greedy. Instead of stopping and thinking that they were buying in an area that had a very weak job base they bought because everyone else was doing it.

Now my sincere sympathies to the ones that got ill and lost their homes. What a cruel situation. Unfortunately, that is not a new reality and those people did not bring on this financial crisis.

Until people stop blaming others and take a hard look at their situation, realistically see what they did wrong and come up with a plan to change their tactics, nothing will improve for them.

[daniellec]

HIP I am sooo confused when you said this:

"Taxes went up, not because the government "jacked" it up, but because values went up. No one was thinking about that when they were bragging about how high their house value had shot up."

I have to ask you what you base that on? Are you saying values were up 10 years ago or within the last 3? because in the last 3 years Values have not gone up! VALUES have plumeted! sorry for the spelling. and taxes have ROSE AND ROSE! You can not ANY LONGER sell your home for more than it cost to just break ground on it when you first built it! My parents have to come to the closing table with $85,000.00 for the REALTORS commission! They are giving the house away with a happy meal and a housewarming party fully catered! (figure of speech)!