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How do you know what reason people have for selling their homes?!?!? You don't know what kind of financial situation they're in or what problems they have. You're making a huge assumption.
Have you purchased a house recently? I bought 2 years ago and the Realtor was always telling us why the owners were selling. Yes, the most common reason we heard (especially since we were looking at a starter house) was "Outgrew the house, had kids, needed something bigger". Do you think everyone on LI is on the brink of foreclosure?
How do you know what reason people have for selling their homes?!?!? You don't know what kind of financial situation they're in or what problems they have. You're making a huge assumption.
Well if someone paid 30,000 for their house 25 years ago and are now selling for 700,000, I would take a good gamble that they surely made a profit. Even if they put in some work. If they are now in their 50s, with two grown kids who work full time, never had to pay for private school since the LI schools are good in most towns, and both homeowners who have jobs, I would bet they have a nice penny saved. Hard not to see the writing on the wall there. If they don't have money saved after only buying a house for 30,000, 25 years later, then they surely did something wrong and no matter what the houses cost or taxes were, they would likely be in the same situation.
I repeat, most of the time the homeowners, many but not all who are older, simply put the house on, and are in no rush and they want to wait and see what they get. That is why houses come on and off and houses sit on the market. Simply want their price and in no rush until they get what they want.
I don't quote stats. If YOU look at what is really happening, you will see that not many people are losing their houses.
Oh really.... how many people in NY are in foreclosure right now? How many on LI are in foreclosure right now?
Quote:
Originally Posted by Glad2BHere
Many people are making way more than you think.
I know guys who work for sanitation w OT that make more than a teacher. Most couples I know make at least 100K and they don't even have college degrees. Those w/ college degrees make at least 150-200k. So apparently who you know and who I know must differ.
No. I know plenty of people who make a lot more than what you're quoting. However, they live in Manhattan. I can't quote exact salaries but I can tell you, from where they live (1.7 - 2 million dollar condos), they make a lot of money. For a home like that, you need at least 400K down.
I don't run around finding out people's salaries or try to figure out why they're selling their homes or how much they paid 5 years ago and compare it to what they're selling it for.
However, what I can tell you is, open your eyes. The "average" LI family is just getting by. "Surviving" as another poster so aptly put it.
There is a lot more poverty right here on LI than you think. There are many families out here who have no heat in their homes, many others who have very little food to eat, and many, many families that are homeless and living in shelters. And don't judge the homeless families because it can happen to ANYONE at ANY TIME.
If you want to be an ostrich, then stick your head back in the sand. If you want to be an intelligent, thinking person, then look at the overall picture. I've looked at the overall picture and it's not a pretty one.
I don't run around finding out people's salaries or try to figure out why they're selling their homes or how much they paid 5 years ago and compare it to what they're selling it for.
There is a lot more poverty right here on LI than you think. There are many families out here who have no heat in their homes, many others who have very little food to eat, and many, many families that are homeless and living in shelters. And don't judge the homeless families because it can happen to ANYONE at ANY TIME.
If you want to be an ostrich, then stick your head back in the sand. If you want to be an intelligent, thinking person, then look at the overall picture. I've looked at the overall picture and it's not a pretty one.
Well if you bought a home or are buying a home, you SHOULD be looking at when they bought their house, what they paid for it, what are the odds they are being greedy and or if they are being fair. If you don't look at these things, you are likely to not have done enough research and may overpay for a home simply b/c a homeowner is greedy.
Who is talking about homeless families? Don't go hijacking this thread by referring to another thread. B/c I don't recall anyone talking about the homeless here.
And I am intelligent. That is why I will make a profit on the home I bought.
Have you purchased a house recently? I bought 2 years ago and the Realtor was always telling us why the owners were selling. Yes, the most common reason we heard (especially since we were looking at a starter house) was "Outgrew the house, had kids, needed something bigger". Do you think everyone on LI is on the brink of foreclosure?
Most houses that sell are people trading up or down b/c of empty nests. That is almost always the case in the homes I have followed.
You are looking at the overall picture with a fatalistic attitude based on emotion rather than fact. You dismiss statistics as simply "wrong" and insist only your view is correct when the facts do not back it up.
Here are the Top 10 Metro area foreclosure rates:
Top 10 Metro Foreclosure Rates
% of households
in foreclosure in Q1 1 foreclosure for every #households
1. Indianapolis 1.45 69
2. Atlanta 1.42 70
3. Dallas 1.01 99
4. Memphis, Tenn. 0.99 101
5. Denver 0.95 105
6. Detroit 0.83 120
7. Jacksonville, Fla. 0.75 133
8. San Antonio 0.75 133
9. Canton, Ohio 0.72 140
10. Las Vegas 0.71 140
Indianapolis documented a foreclosure rate of one foreclosure for every 69 households, while Atlanta’s foreclosure rate was one foreclosure for every 70 households. Other top-10 foreclosure rates ranged from one foreclosure for every 99 households in Dallas-Fort Worth to one foreclosure for every 140 households in Canton, Ohio and Las Vegas.
The nation’s largest metropolitan area, New York City, documented a foreclosure rate — one foreclosure for every 434 households — that ranked 59th among the top MSAs.
On the CNN site, they have a list of different location foreclosure rates. Long Island is UP 17% since last year and there is 1 foreclosure for every 150 households. Thsi year there were over 6600 foreclosure filings on LI as of August:
Ok, so the #1 foreclosure area in the country, Indianapolis, has 1 foreclosure for every 69 households.
For Long Island specifically, here are the results:
The latest RealtyTrac foreclosure figures are out and they are surprising: Nassau's rate is down while Suffolk's is up.
Nassau had 350 filings in November, down 34 percent from a year earlier. There was one filing per 1,309 households. Suffolk, meanwhile, had 500 filings last month, up 54 percent from November 2006. There was one filing per 1,078 households.
Experts have questioned RealtyTrac figures and the company has acknowledged that it's had trouble gathering statistics at times.
Long Island is faring worse than the rest of the state, but much better than the rest of the nation. New York State had 5,794 filings in November, up 19 percent. There was one filing for every 1,355 households.
But nationwide, there were 201,950 filings, up 68 percent. There was one filing for every 617 households. Nevada, Florida and Ohio had the most filings. New York ranked 27th.
FYI - These numbers are from November filings, yours are from August filings
The nation’s largest metropolitan area, New York City, documented a foreclosure rate — one foreclosure for every 434 households — that ranked 59th among the top MSAs.
But we're not talking about NYC are we? We're talking about LI and LI has a foreclosure rate of 1 foreclosure for every 150 households and it's up 17% since last year. As of August, there were over 6600 foreclosures this year.
And if you look at all of the internet links and stories, and numbers, you'll see that while there obviously is a foreclosure issue going on in our country, the situation is much, much better on Long Island as compared to the rest of the country.
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