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 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.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 01-20-2010, 09:47 AM
 
Location: Sterling, VA
1,059 posts, read 2,623,292 times
Reputation: 613

Advertisements

Here is a link to use to find statistics for your area, you can specify a month and search by county or zip code. MRIS Statistics (http://www.mris.com/reports/stats/index.cfm - broken link) You can judge for yourself how the market is doing in your area. It does not specify the percentage of foreclosures, short sales, or fair market sales, but in most areas short sales are the majority. However, I am seeing more fair market sales now than a year ago, so there has been some improvement. You need to remember that short sales are not bank owned property, do not confuse them with foreclosures.
Reply With Quote Quick reply to this message

 
Old 01-20-2010, 11:17 AM
 
131 posts, read 371,151 times
Reputation: 39
it would be extremely dumb for banks to release all their foreclosures immediately, and suggesting this is absolutely ridiculous and in no ones best interests.

bank releases foreclosures to market. market has excessive supply. property values drop. more people now owe more then their property is worth. more people go into foreclosure. repeat.

If the bank has the capital to hold on to properties, of course they should until they see fit to sell. It's the same as a normal homeowner. If you can avoid it, you don't sell at the bottom of the market!
Reply With Quote Quick reply to this message
 
Old 01-20-2010, 02:13 PM
 
Location: Home is where the heart is
15,400 posts, read 25,778,611 times
Reputation: 18989
Quote:
Originally Posted by Margery View Post
Here is a link to use to find statistics for your area, you can specify a month and search by county or zip code. MRIS Statistics (http://www.mris.com/reports/stats/index.cfm - broken link) You can judge for yourself how the market is doing in your area. It does not specify the percentage of foreclosures, short sales, or fair market sales, but in most areas short sales are the majority. However, I am seeing more fair market sales now than a year ago, so there has been some improvement. You need to remember that short sales are not bank owned property, do not confuse them with foreclosures.
Thanks Margery--that link is very interesting indeed.
Reply With Quote Quick reply to this message
 
Old 01-21-2010, 07:00 AM
 
Location: Censorshipville...
2,676 posts, read 6,238,435 times
Reputation: 1543
I've got two friends who are in the market for their first homes and they have been struggling. They can find the homes, but they're competing with a lot of people. They've also said that house prices have increased and the link that Margery has posted supports that.

In my area, less homes have sold since last year, but the prices have gone up and they are spending less time on the market.
Reply With Quote Quick reply to this message
 
Old 01-21-2010, 09:02 AM
 
3,378 posts, read 3,234,619 times
Reputation: 709
Quote:
Originally Posted by qwertman View Post
it would be extremely dumb for banks to release all their foreclosures immediately, and suggesting this is absolutely ridiculous and in no ones best interests.
Quote:
Originally Posted by qwertman View Post

bank releases foreclosures to market. market has excessive supply. property values drop. more people now owe more then their property is worth. more people go into foreclosure. repeat.

If the bank has the capital to hold on to properties, of course they should until they see fit to sell. It's the same as a normal homeowner. If you can avoid it, you don't sell at the bottom of the market!


I agree with your post, but there's more to it. If the bank has the capital to hold onto properties, then they SHOULD NOT take baliout money!
And, a normal homeowner would rent out the property rather than let it sit vacant.
Reply With Quote Quick reply to this message
 
Old 01-21-2010, 09:10 AM
 
Location: Virginia
18,717 posts, read 26,831,493 times
Reputation: 42860
Quote:
Originally Posted by Guamanians View Post

I agree with your post, but there's more to it. If the bank has the capital to hold onto properties, then they SHOULD NOT take baliout money!
And, a normal homeowner would rent out the property rather than let it sit vacant.
Not all banks took bailout money. Not all foreclosed homes held by banks are vacant, many banks rent them out (especially to their employees). Not all homeowners choose to rent out their property, many prefer to leave their homes vacant on the theory that tenants can damage property and may not be friendly to potential buyers who want to view the house.
Reply With Quote Quick reply to this message
 
Old 01-21-2010, 09:22 AM
 
3,378 posts, read 3,234,619 times
Reputation: 709
Yes it's true that not all banks took bailout money... and not all cops eat donuts! The problem is really all about GREED. Investors, banks, politicians, etc. Greedy people with power can really mess things up for the rest of us. (sorry if you've heard this before) but I think its wrong for only one company to make the game Monopoly :-)
Reply With Quote Quick reply to this message
 
Old 01-21-2010, 09:28 AM
 
Location: Virginia
18,717 posts, read 26,831,493 times
Reputation: 42860
Quote:
Originally Posted by Guamanians View Post
Yes it's true that not all banks took bailout money... and not all cops eat donuts! The problem is really all about GREED. Investors, banks, politicians, etc. Greedy people with power can really mess things up for the rest of us. (sorry if you've heard this before) but I think its wrong for only one company to make the game Monopoly :-)
????? It seems to me Nova real estate involves hundreds of lending institutions, not to mention thousands of different companies and individuals who own properties. Which company is the "only one company" that you're talking about?
Reply With Quote Quick reply to this message
 
Old 01-21-2010, 09:40 AM
 
3,378 posts, read 3,234,619 times
Reputation: 709
OK, 2 companies... Fannie Mae and Freddie Mac... If there are thousands of companies that you speak of, then can't we find some good & honest ones to do business with? Who are the good companies? I want to know. And, why does the Gov't continue to pump $$$ into bad/shady institutions? Certainly there are a few legitimate lending institutions who could do a better job now than the big players in 2005.
Reply With Quote Quick reply to this message
 
Old 01-21-2010, 09:53 AM
 
Location: Virginia
18,717 posts, read 26,831,493 times
Reputation: 42860
Quote:
Originally Posted by Guamanians View Post
OK, 2 companies... Fannie Mae and Freddie Mac... If there are thousands of companies that you speak of, then can't we find some good & honest ones to do business with? Who are the good companies? I want to know. And, why does the Gov't continue to pump $$$ into bad/shady institutions? Certainly there are a few legitimate lending institutions who could do a better job now than the big players in 2005.
So you think Fannie Mae and Freddie Mac are the banks that are allegedly holding thousands of foreclosures in Northern Virginia?
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 2000-2016 data
Loading data...

123
Hide US histogram

Over $104,000 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
Follow City-Data.com founder on our Forum or

All times are GMT -6. The time now is 01:23 PM.

© 2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

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, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top