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Paka,
You know where we can get a listing of property for back tax payment? Sounds like something I need to look into.
You can get it from the tax assessor collector. The whole idea with purchasing tax lien sales is to collect double digit interest. There is a 2 year redemption period. Most homes are redeemed so basically the investor just collects on interest.
Our country is just painting itself into a corner. We can only plug so many holes in the d-i-k-e before it bursts. If the economy experiences a meltdown...San Antonio goes with it. It's a national event, not regional.
I hope folks are not thinking that SA will become a "utopia in the middle of the desert, where everything is rosy".
My biz trips have taken me to every state in the USA during the past 2 years. Some places are genuinely "hurting" while others are OK. Detroit is literally rotting from the inside out. It's sad.
From last year....we were talking about the coming economic crisis...now it is here. It is only a matter of time before San Antonio begins to feel the pain.
The news is not good:
Economy shrinks most in 26 years (http://www.mysanantonio.com/business/Economy_shrinks_at_worst_pace_in_25_years_.html - broken link)
I think the large portion of retirees have alot to do with it. My grandfather who is a retired colonel actually saw his pay go up this year. He and my grandmother aren't cutting back at all, in fact they are shopping for a new car, are doing an update of their alamo heights home. They see no reason to curtail spending, that income is not going to go away and they have plenty saved up in savings and life insurance.
#1--Military derived income. Active Duty, Retired or Civil Service...the paychecks come every month...end of story. We have so many military related jobs (and military retirees) in SA with the number of bases here, it is a HUGE reason.
#2--Medical strength of our city. You can not "decide" not to get cancer, break a bone, or need medical care like you can "decide" to put off buying a new car or taking a vacation. The fact that we have such a strong (and quickly growing) medical job based community is another huge reason.
#3--Texas limited the amount of money that you could get in a home mortage loan to 80% of its value max...we are not like the states that were eating up those Ditech 125% of your current market value home loans just a few short months ago...everyone was seeing (and continued to expect) HUGE annual increases in the value of their home and went out and borrowed to the MAX to buy their toys...now there homes are about half (and really closer to what most of them actually PAID if they bought them 5 or so ago)and they are so upside down they walk away vs even trying to clear their credit record. While the values of our homes did not double in the last 5 yrs like it did in many parts of the country (especially the W/E coast areas, it likewise has not taken the drastic corrections back to reasonable levels either). We have been slow, steady growth.
#4--Cheap cost of living. It means that more people making lower wages lived here to begin with...and it becomes even MORE attractive as prices soar and areas become even more difficult to live in...that plus the fact we are still adding jobs to our city make it attractive for those interested in working or retiring in a lower cost of living area.
Talking about the jobs/hit/economy, how many of us are REALLY seeing a difference in our standard of living PERSONALLY??? Sure, everyone is repeating the "whoooo is me" that the media is throwing out there to be repeated as a mantra...but how many of us have been directly affected but job/income loss here in SA??? I we have one friend that was laid off for "downsizing/reorg", but was picked up by another firm that had wanted him for years 2 days later...and at better pay to boot.
#3--Texas limited the amount of money that you could get in a home mortage loan to 80% of its value max...we are not like the states that were eating up those Ditech 125% of your current market value home loans just a few short months ago...everyone was seeing (and continued to expect) HUGE annual increases in the value of their home and went out and borrowed to the MAX to buy their toys...now there homes are about half (and really closer to what most of them actually PAID if they bought them 5 or so ago)and they are so upside down they walk away vs even trying to clear their credit record. While the values of our homes did not double in the last 5 yrs like it did in many parts of the country (especially the W/E coast areas, it likewise has not taken the drastic corrections back to reasonable levels either). We have been slow, steady growth.
100% loans were available in texas. I dont know if 100%+ percent loans were availab.e
If the stock market keeps acting the way it is do you think we can get into a new Depression cause I think were already in a Recession which is the first step to a depression. What is your opinion on this topic?
seems like you could be right but let us hope not because that was an absolute terrible time that I think a lot of us will not be able to cope with
100% loans were available in texas. I dont know if 100%+ percent loans were availab.e
I was referring to the Home Equity Loans that we use to see on TV every 5 minutes from Ditech and the others...that you could get as much as 125% of your homes CURRENT value in cash loan....folks in those parts of the country that were seeing OBSCENE type of annual increase in value went crazy for those and got $400K plus loans on houses that cost them $150 or so when they bought them...but had increased in value so much because of the location it was in that they figured this was a no brainer...their home would be worth $600 in the next few years, so why not. Now they can't GIVE their homes away and owe so much over the value they just walk away. In Texas, that is capped at the 80% of the current value, thanks to the lessons learned in the 1980's oil bust. Much less likely to walk away from something that you have SOME money invested in than something you are $100K plus upside down in.
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