Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
No. Your age! As for 40yr loan, yes I would rather someone pick a 40yr loan than a interest only loan. You assume that someone who picks a 40yr pays only the minimum payment. Intersting.
As for your state who happens to have THE MOST foreclosure rate in the USA by www.foreclosure.com I hope you have a good job and didn't do a interest only loan
That's why most took a 40 year ....they didn't qualify for the 30. So yes I assume they are making a minimum payment. There are exceptions I understand...before someone jumps on that. I'm 37....hubby is 47. What difference does it make? I just told you I did a 15 year loan fixed. I'm totally against the interest only loan. Yes Texas has the lowest beacon scores too. High fraud.....real estate brokers and appraisers on the take.....but it's not affecting me. Seems to be indigenous to Texas!! lol. But I'd rather be here than over valued land (California) Look at the foreclosure rate in Cali and Florida while your at it. Sure am glad I got out of San Diego when i did!
No. Your age! As for 40yr loan, yes I would rather someone pick a 40yr loan than a interest only loan. You assume that someone who picks a 40yr pays only the minimum payment. Intersting.
As for your state who happens to have THE MOST foreclosure rate in the USA by www.foreclosure.com I hope you have a good job and didn't do a interest only loan
Texas=11,000 foreclosures currently
South Carolina=2200
Arizona=778
California (since you brought up San Diego)=3327
Texas=11,000 foreclosures currently
South Carolina=2200
Arizona=778
California (since you brought up San Diego)=3327
Another point...Californians have been falling back on that false equity for a while now. They will catch up to Texas..now that home prices are no longer sky rocketing.
Texas=11,000 foreclosures currently
South Carolina=2200
Arizona=778
California (since you brought up San Diego)=3327
Another point...Californians have been falling back on that false equity for a while now. They will catch up to Texas..now that home prices are no longer sky rocketing.
I guess this comparison might make sense if Texas had enjoyed the same kind of appreciation, but they didn’t.
Here are the 5-year statistics for Texas housing appreciation;
El Paso 34.3%, Fort Worth/Arlington 20%, Dallas 20.1%, Houston 24.9%, Mc Allen 25.4%, Austin 18.5%, San Antonio 31.6%.
During the same 5 years most of CA had triple digit appreciation like the following;
Bakersfield 171.2%, Fresno 164.9%, Los Angeles 150.2%, Oakland 76.6% (what happened there), Riverside 157.1%, Sacramento 131.5%, San Diego 114.5%, San Francisco 46.7%, (they were already out of control $835k median price), San Jose 39.4% (lots of tech jobs lost in the last 5 years), Santa Ana 130.8%, Stockton 126.9%, Ventura 128.8%.
So what caused so many in Texas to have so many foreclosures? Was it false equity? I doubt it, I’ve seen the “percentages†and they don’t look too good. Maybe it was all the CA people moving, or buying rentals with all their equity? If that’s the case then that speaks to my theory about CA money going to other states for investment properties. Maybe the CA investors let their Texas properties go into foreclosure instead of their homes in CA. Or maybe it’s a jobs issue? I don’t have any stats to explain Texas’ foreclosure problem, sorry.
That's why most took a 40 year ....they didn't qualify for the 30. So yes I assume they are making a minimum payment. There are exceptions I understand...before someone jumps on that. I'm 37....hubby is 47. What difference does it make? I just told you I did a 15 year loan fixed. I'm totally against the interest only loan. Yes Texas has the lowest beacon scores too. High fraud.....real estate brokers and appraisers on the take.....but it's not affecting me. Seems to be indigenous to Texas!! lol. But I'd rather be here than over valued land (California) Look at the foreclosure rate in Cali and Florida while your at it. Sure am glad I got out of San Diego when i did!
I posted the stats! Compared to your state, that is nothing!
I guess this comparison might make sense if Texas had enjoyed the same kind of appreciation, but they didn’t.
Here are the 5-year statistics for Texas housing appreciation;
El Paso 34.3%, Fort Worth/Arlington 20%, Dallas 20.1%, Houston 24.9%, Mc Allen 25.4%, Austin 18.5%, San Antonio 31.6%.
During the same 5 years most of CA had triple digit appreciation like the following;
Bakersfield 171.2%, Fresno 164.9%, Los Angeles 150.2%, Oakland 76.6% (what happened there), Riverside 157.1%, Sacramento 131.5%, San Diego 114.5%, San Francisco 46.7%, (they were already out of control $835k median price), San Jose 39.4% (lots of tech jobs lost in the last 5 years), Santa Ana 130.8%, Stockton 126.9%, Ventura 128.8%.
So what caused so many in Texas to have so many foreclosures? Was it false equity? I doubt it, I’ve seen the “percentages†and they don’t look too good. Maybe it was all the CA people moving, or buying rentals with all their equity? If that’s the case then that speaks to my theory about CA money going to other states for investment properties. Maybe the CA investors let their Texas properties go into foreclosure instead of their homes in CA. Or maybe it’s a jobs issue? I don’t have any stats to explain Texas’ foreclosure problem, sorry.
I read into it some. Texas is the easiest state to foreclose on a home in the USA. We looked at moving there. ALL the houses we were looking at were vacant! I thought that was weird and started asking why and was told, they had moved on to better things until I found a site that showed different.
I read into it some. Texas is the easiest state to foreclose on a home in the USA. We looked at moving there. ALL the houses we were looking at were vacant! I thought that was weird and started asking why and was told, they had moved on to better things until I found a site that showed different.
I just read an article in today’s paper, which stated “17.9% of mortgages taken out to buy O.C. homes form January through April went for investment properties or second homes.” “That’s up from 14.1% for all of 2005.”
The example of one investor is using is a 6% fixed for 10 years before it adjusts. He already has a renter in place and almost is at a break even position. His quote “Am I buying at the top”? “I’m not selling soon”
The article continues, “In theory, these owners aren’t as deeply tied to a property like a household using the residence as a shelter. One thesis is that investors are more likely to sell when market conditions change.”
“Obviously, sky-high housing profits generated in recent years were a huge lure to investors. If the easy money vanishes, some observers fear that these investor types would quickly become sellers – not buyers – and put added pressure on home prices.” “But data showing investors‘ growing share of the home buying business – even in a slowing market – hints that these folks aren’t extremely bothered by rising mortgage rates or slowing sales pace.”
“So far.”
“One reason may be that investors, for the most part, have stronger finances than the typical homebuyer.” “Deeper pockets may not be as stressed by unsettling economic developments.”
“Of course, investors are by no means always tight.” “Numerous cycles in various kinds of assets have been filled with tales of investors racing in at the exact wrong moment.”
“Loan Performance figures indicate, at a minimum, that investors to date, retain a stubborn faith in housing’s long-term potential.”
I have to think that as the baby boomers really begin to retire, and those close to retirement will be looking for more investments the housing market will be the place to invest. There are definitely signs of this happening now.
You're right. I think people see the boom to buy is gone, when actually it just slowed down. People are still buying. They are just looking more for deals and have a better selection than before.
California (which is my home state) currently has 44,000+ in pre-foreclosure. The most of any state.
Pre-foreclosure, NOT foreclosure! You are wording things to benefit your arguement. Play fair. I said Texas had more foreclosures. removed
Also, California had 44,000 preforeclosure BUT 3,332 foreclosure! Looks like they were able to sell OR catch up. Lets look at Texas shall we?
Texas had 10,650 preforeclosure and.......11,179 foreclosures. What does that tell you? They couldn't sell nor catch up do to jobs or what not.
Last edited by Yac; 07-24-2006 at 03:10 PM..
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.