U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Virginia > Northern Virginia
 [Register]
Please register to participate in our discussions with 1.5 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.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
Reply Start New Thread
 
Old 01-19-2010, 10:53 AM
 
Location: Falls Church, VA
722 posts, read 1,245,272 times
Reputation: 306

Advertisements

Quote:
Originally Posted by Guamanians View Post
I don't think the banks have been selling them quickly... There may not be thousands of foreclosures around here, but the banks are shady nonetheless. And, I don't think foreclosures on the market will attract crime, and it certainly shouldn't affect how a neighborhood looks. It's not like a foreclosed home has to keep a big FORECLOSED sign up in their front yard for life.
Have you ever lived in a neighborhood with a vacant house or two? The lawn gets shaggy, things break and don't get repaired - it does bad things to property values. The banks don't care enough about these properties to keep them in good shape, and it's not uncommon for angry/desperate homeowners on the verge of eviction to let the place go to hell before they leave. After all, how many hours would you put into mowing the lawn and painting the fence if you were broke and about to be kicked out, anyway? And sometimes people squat in abandoned houses, which leads to crime.

I definitely agree with the points you made before about affordability and investors and just ending up back in the same old mess if we aren't careful. I'm a member of a middle-class family and despite a lifetime of good credit, I've been absolutely shut out of the market by the insane prices here. And I am sometimes bitter about it. But I'm still not pulling for a flood of foreclosures to hit the market at once. That isn't a stable situation.
Reply With Quote Quick reply to this message

 
Old 01-19-2010, 11:14 AM
 
437 posts, read 663,111 times
Reputation: 233
Quote:
Originally Posted by Guamanians View Post

I agree that unloading all the foreclosures at once would drop prices, but is that so bad? Wasn't it the super-inflated real estate market that got us into this mess in the 1st place? The 2 main problems that I have are
1. The banks did not want to negoitiate with the homeowners to keep them in their homes. This forced people to choose between putting food on the table, or going into foreclosure.
2. Banks were taking bailout money while holding onto foreclosures.
Again, I have no love lost for bankers. I don't think the government needs to be bailing them all out either. But it sure wouldn't help the U.S. economy, and locally it can create crime and other negative effects in neighborhoods as the other posters mention to have a bunch of vacant houses sitting around.
Reply With Quote Quick reply to this message
 
Old 01-19-2010, 03:21 PM
 
2,774 posts, read 1,768,261 times
Reputation: 516
I think there is some miscommunication here... Let me clarify my points. Regarding banks not selling foreclosures quick enough, -- I assumed that the homes were already in foreclosure, and thus were already vacant. If this is true, then I see no reason to let them sit vacant (for reasons mentioned by athousandlogins) So, wouldn't it be better if the banks did all they could to keep the original owner in the house? And, plan B should be to get a new owner (or renter) in the home quickly so that they it doesn't stay vacant. I am strongly opposed to banks sitting on a foreclosed homes while they collect bailout money.
Reply With Quote Quick reply to this message
 
Old 01-19-2010, 03:50 PM
 
26 posts, read 48,086 times
Reputation: 22
Quote:
Originally Posted by snorkey View Post
It seems like Northern Virginia is doing better than most of other counties in the country. Do you think foreclosures are disappearing and the house prices increasing?
I definitely felt my house was worth 30% lower last year than this year looking at Zillows and MLS sites.

Homes are selling faster and the prices are slowly rising again. There are still lots of foreclosures as there are still lots of people living above their means.
Reply With Quote Quick reply to this message
 
Old 01-19-2010, 04:17 PM
 
2,774 posts, read 1,768,261 times
Reputation: 516
Quote:
Originally Posted by StupidityPolice View Post
Homes are selling faster and the prices are slowly rising again. There are still lots of foreclosures as there are still lots of people living above their means.


I agree... but another reson why the demand did not drop like a rock is the fact that we have the FEDERAL GOVERNMENT hiring all the time. As long as we have big gov't, then we will have more potential buyers than other locals. Now, I'm not saying that everyone in this area is going to buy a house; but there are more people in the market.
Reply With Quote Quick reply to this message
 
Old 01-20-2010, 08:42 AM
 
Location: Virginia
18,717 posts, read 15,672,488 times
Reputation: 42363
I think all this talk about hundreds of foreclosures is way over exagerrated. At least, it is in my community. When the blizzard hit, every house had someone out shovelling the walk, that's how I know we don't have a lot of foreclosed homes around here.
Reply With Quote Quick reply to this message
 
Old 01-20-2010, 08:48 AM
 
2,774 posts, read 1,768,261 times
Reputation: 516
Foreclosures around here are not a major problem, but it's good information to know regardless. I think there are pockets of foreclosures in NOVA, but its not widespread.
Reply With Quote Quick reply to this message
 
Old 01-20-2010, 09:37 AM
 
3,988 posts, read 6,604,221 times
Reputation: 2450
What about the "next wave" of foreclosures that is supposed to hit soon?

Allegedly, lots of the wacky mortgage "products" (option ARMs, etc) that fed the "boom" are supposed to reset in the next few years. Payments on these mortgages will skyrocket...and due to declining house values, folks won't be able to refinance....so many will walk.
Reply With Quote Quick reply to this message
 
Old 01-20-2010, 09:44 AM
 
Location: Virginia
18,717 posts, read 15,672,488 times
Reputation: 42363
Quote:
Originally Posted by car54 View Post
What about the "next wave" of foreclosures that is supposed to hit soon?

Allegedly, lots of the wacky mortgage "products" (option ARMs, etc) that fed the "boom" are supposed to reset in the next few years. Payments on these mortgages will skyrocket...and due to declining house values, folks won't be able to refinance....so many will walk.
There might be some, but as far as this alleged "tidal wave" I think it's wishful thinking and that's about all. On the scale of things I think will actually happen, this one falls above the end of the world in 2012. But below the rumor that aliens will land in Loudoun County (and may even be here already, hanging out with the Salahis).
Reply With Quote Quick reply to this message
 
Old 01-20-2010, 10:16 AM
 
2,135 posts, read 3,159,941 times
Reputation: 1690
there are two backlogs. the first is visible and consist of the bank-owned homes that are available if the bank is willing to sell. at the present, there are about five times as many bank-owned properties as there are active listings in my zip code. the the second backlog consist of the homes where the government and the banks are deferring default through a number of programs.
Reply With Quote Quick reply to this message
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.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2011 data
Loading data...

123
Hide US histogram

Over $84,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Virginia > Northern Virginia
Similar Threads

All times are GMT -6. The time now is 10:30 PM.

© 2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top