Cheap housing in Ky! (Cadiz, California: real estate market, foreclosure, mortgage)

[sillygal]

Geesh, looking thru realtor.com in Ky........All over ky is cheap compared to the rest of the country. Am I missing something? Is it hot, cold, buggy, what, what am I missing? There has got to be a catch? No?

[KYHummingbird]

Well, I don't know about the rest of the state but in Cadiz, KY it is 61 degrees, with SSW winds at 15 mph, Humidity is 74% and Cloudy.
They say in KY if you don't like the weather just wait, it will change.
I don't know about cheap but our real estate prices are reasonable.
We have city, county, lake area and waterfront properties.
Trigg County is in the southwestern part of the state. We are a small, friendly town with a fantastic attraction, Barkley Lake. Along with "The Land Between the Lakes" and beyond that Kentucky Lake.

[sillygal]

Yes, that is why I have a hard time believing that the state is still so rural, it is beautiful..........It makes me wonder? Like, is there something wrong here that I just don't see? LOL I have searched all over the US, and the prices are very reasonable in Ky.......Maybe its a secret!

[renngrrl]

Ky is reasonable. They have an economy that isn't littered with funny money.

Actually this applies to most places in the US that haven't had to restore to voodoo home equity loans to keep their economy going. They do it by hard work and saving - you know the old-fashioned way >; )

[suncoastman]

renngrrl:

Very good reply to the question. You are absolutely right.

Cheers.


Joe

[sillygal]

What is a voodoo home loan?

[Blue Grass Fever]

Originally Posted by sillygal

What is a voodoo home loan?

I believe the poster was using 'voodoo home loan' as a sarcastic figure of speech.

[Micah Girl]

Originally Posted by Blue Grass Fever

I believe the poster was using 'voodoo home loan' as a sarcastic figure of speech.

Voodoo home loans are the kind of loan products they use in crazy real estate markets, like CA and the Northeast, to get people who cannot afford a home into a ridiculously overpriced home. For example, you pay only interest for the first 5 years (if you can even manage the payments) and then at the end of 5 years you start paying on the balance as well which means your monthly payments go up. Basically, the bank is gambling on the fact that if you don't keep up with the payments, they've made tons 'o money on you in the meantime and the STILL get to take your house.

People like me who are looking to move to KY appreciate the fact that the houses seem reasonably priced, which to a New Englander or Californian seems like a bargain!

[Kichenwich]

Originally Posted by renngrrl

Ky is reasonable. They have an economy that isn't littered with funny money.

Actually this applies to most places in the US that haven't had to restore to voodoo home equity loans to keep their economy going. They do it by hard work and saving - you know the old-fashioned way >; )

G' Morning! I have to say as a life-long KY native, the housing in the area is affordable mostly because we do have a poverty problem. That's not to say EVERYWHERE in KY is poor, it just seems to me that certain areas are more affected than others.

And please don't think that those types of home loans aren't around here, too. They are rampant-especially for the first time home buyer that doesn't know any better. They think they are getting a deal, until the payment is so high they lose their house. Seems to me that there should be some type of review board or committee that oversees these dishonest practices of banks and mortgage companies. Anyone out there know who?

[ghog69]

The foreclosure rate is beginning to make large jumps now that those interest-only loans are coming due.

My mom had a co-worker who she recommended a real-estate agent to. The lady ound a home she wanted, but the agent told her she wouldn't be able to afford it and that she couldn't in good conscience put her in it. The mortgage was $3000/month!! She went with another agent who put her in a 2-yr interest-only mortgage on that same house. That 2 years is up in less than a year. Mark that down as another foreclosure.

My family refuses to fall into that trap. We are not looking to move to Ky to buy a bigger home. Instead we want a home of similar size but for less money. We don't want to fall into the trap of the 'American dream' where you get a good job, then buy a big house and an expensive car, then because you need more money, you need a better job. The cycle never ends unless you say it does. We are ending it now. Hello Ky and a more simple life. Simple doesn't mean less happy.