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Old 03-13-2008, 01:23 PM
 
62 posts, read 211,218 times
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Article in yesterday's Fairfax Times re: Fairfax County foreclosures...

Foreclosures in Fairfax County
2005: 198
2006: 593
2007: 4,527
-----------------------
January 2007: 74
January 2008: 1,330

1,330 foreclosures in January?!? 2008 is off to a heck of a start. The scary part is the bulk of mortgage resets (particularly Option ARMs and Alt-A's) don't slow down until 2011-2012.

The article also has an interesting map of assessments by locality.

Fairfax Times (http://www.fairfaxtimes.com/news/2008/mar/12/foreclosures-fairfax-county-have-ripple-effect/ - broken link)
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Old 03-13-2008, 03:13 PM
 
846 posts, read 3,055,855 times
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Well of course no one goes into foreclosure in a rising market. So comparing foreclosure numbers during a realestate boom to numbers directly after a realestate boom is going to show a big jump.
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Old 03-13-2008, 04:11 PM
 
62 posts, read 211,218 times
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Quote:
Originally Posted by vanyali View Post
So comparing foreclosure numbers during a realestate boom to numbers directly after a realestate boom is going to show a big jump.
It's not the 2005 or 2006 numbers that stand out in my mind. It's the fact that a mere 31 days into 2008, we've already accounted for 29% of the total foreclosures in 2007. That's comparing 2 "down" years. That is an astounding jump!
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Old 03-13-2008, 05:09 PM
 
Location: Arlington, VA
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Those are crazy numbers! Maybe if people had not opted to spend 10x their yearly income on a house they wouldn't be in such a horrible financial position.
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Old 03-13-2008, 09:13 PM
 
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I wonder what the numbers are in Prince William? Probably 10 times worse
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Old 03-13-2008, 09:39 PM
 
846 posts, read 3,055,855 times
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I attribute at least some of this to all the media reports and how-to websites on foreclosing, and the rest to the peculiar nature of mortgages. I didn't even know that mortgages were generally no-recourse loans until reading story after story about how everyone was doing it and it made so much sense to do so. No recourse! So once you walk away, that's it. The lender can't come after any more of your assets. I wonder if that's going to change going forward.
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Old 03-15-2008, 09:23 AM
 
523 posts, read 1,289,237 times
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Quote:
Originally Posted by vanyali View Post
I attribute at least some of this to all the media reports and how-to websites on foreclosing, and the rest to the peculiar nature of mortgages. I didn't even know that mortgages were generally no-recourse loans until reading story after story about how everyone was doing it and it made so much sense to do so. No recourse! So once you walk away, that's it. The lender can't come after any more of your assets. I wonder if that's going to change going forward.
No, that won't change. What will change is that lenders will require 20% downpayments once again. Of course people who put $0 down will walk away, they have no skin in the game. But if a buyer has put 20% down on their house, they will not be so fast to walk away.
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Old 03-15-2008, 02:22 PM
 
4,711 posts, read 10,853,874 times
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Well, there were lots of winners in this real estate mess, me for one. In '05 and '06, I couldn't believe what houses were going for, and said to myself, "Self, this can't last!". Soooo, I decided to unload my 2 rental properties that I had purchased many years before (paid 92K for one and 115K for the other and neither had a mortgage).

I got $575K and $650K for them during the boom! One has already been popped by Deutche Bank....and I've offered them $275K for it. If they take it, I'll be back in the landlord business! LOL

The only worry I have is that the whole debacle will contribute to a total meltdown of the US economy and uber-inflation will render my cool $1M+ profit worthless. Sort of like post WWI Germany where people used their worthless currency for kindling.
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