Springfield....635 foreclosures last 12 mo. (St. Louis, West Plains: sale, new home, purchase)

[Veiled Prophet]

Originally Posted by 8 SNAKE

It could be the cause for a few, but I'd argue that people have had the same potential exposure to high medical bills for the last few years. To me that wouldn't explain a short-term surge in foreclosures.

Oh, I quite agree. I didn't mean it was the cause of the foreclosure crisis at all. I meant that a lot of people fall under because of the medical bills they may incur.

I agree with everyone else about the fact that the mortages should not have been given to probably 50% of the people who got them. I never heard of getting any kind of a loan without income verification and then when I saw the commercials for second mortages for 125% of the value of a home, both my husband and I would just look at each other. It just made no sense and of course all of our predictions have come through. They gave far too many loans out to people who had not right to even have a loan. And who are the idiots who thought of "interest only" loans?

[2beamissourian]

Could the for closures be due to this- (I might have read this somewhere as well)

A person from out of state buys a home .. in the price he / she is use to paying back home (wherever home maybe) . and example California my friend has a basic ranch 1000 sq foot ... and paid 600,000 I do believe ........ now say same person comes to MO. and says wow look at what I can have for 600,000 .......... but then the job market dont match the houses .....
Am I making since? The purchase was over the top for the income they will receive .. while expecting the same .......in short term they did not do the homework.

I recall years ago .. 1987 to be exact my husband was offered a job in California .. his cousin lives there ...... well Min wage was 3.25 or something like t hat and he was offered $13.00 an hour back then.......... sounded great to us we were ready to go .........his cousin informed us we would have to live in the getto to afford to live on $13.00 an hour. so we did not take the chance and did not go ....... Ca was never a place I wanted to visit or go ..so we were ok with it.
Same type of deal ..

[8 SNAKE]

Originally Posted by Veiled Prophet

I agree with everyone else about the fact that the mortages should not have been given to probably 50% of the people who got them.

You're absolutely right. Now I think that we'll see the pendulum swing the other direction. Lenders are getting very tight with their money and many people will have a hard time getting loans for mortgages.

[Lake Junkie]

Originally Posted by NOLA2SGF

For the average house (not really good or really bad), what % of asking price is common? Down here the selling prices are on the internet, so I kept track and the median in 2002 when I bought my home was 93% with peaks at 90% and 95%. Just wondering if that is in the ballpark up there, or if homes usually sell for a much lower percentage. (I can't find the selling prices on the internet or I would keep track and find out myself...)

You know, I threw out the 95% figure because that's what our average sales were for the whole area for all of last year...according to the data we can get. Statistics are only good if they have very large sample sizes.
You won't see sale prices because Missouri is a non-reporting state, which means that what a property sells for is not reported to the public. On your deed you will see "for good consideration and ten dollars..." because the state of Missouri has historically respected the individual's right to privacy.
So I apologize, but the statement, after re-reading it, was not entirely clear. I would have to be able to divide houses up into "really good ones" and "average ones" and "crappy ones"...and I don't know how you would actually do that.
My statement came from my own gut feeling about what I've seen in the past couple of years in real estate.
The properties that are "what everyone wants" are selling. And at very close (I'm gonna stay away from percentages from now on) to asking price.
What I haven't seen AT ALL is homes dropping 25-30% from the original asking price, like they have in Florida and other places.
And this information comes to me from people who are leaving Florida and other places to move here. I don't have any real good data with large sample sizes, just the things I hear from my clients.
Hope that's clearer!

[kareybear]

Originally Posted by 2beamissourian

This is one I found .. It has charm but yes it needs work not to bad of a price .. a house like this in my area would be around ... 300,000 and taxes for what is there .. more like $4000... I think it is listed for 140,000

Oh 2be we looked at that house together and dang it where did we see that site at. We looked on so much together. I hate when that happens. I hope one of our friendly realtor will help you.

[NOLA2SGF]

Originally Posted by Lake Junkie

You know, I threw out the 95% figure because that's what our average sales were for the whole area for all of last year...according to the data we can get. Statistics are only good if they have very large sample sizes.
You won't see sale prices because Missouri is a non-reporting state, which means that what a property sells for is not reported to the public. On your deed you will see "for good consideration and ten dollars..." because the state of Missouri has historically respected the individual's right to privacy.
So I apologize, but the statement, after re-reading it, was not entirely clear. I would have to be able to divide houses up into "really good ones" and "average ones" and "crappy ones"...and I don't know how you would actually do that.
My statement came from my own gut feeling about what I've seen in the past couple of years in real estate.
The properties that are "what everyone wants" are selling. And at very close (I'm gonna stay away from percentages from now on) to asking price.
What I haven't seen AT ALL is homes dropping 25-30% from the original asking price, like they have in Florida and other places.
And this information comes to me from people who are leaving Florida and other places to move here. I don't have any real good data with large sample sizes, just the things I hear from my clients.
Hope that's clearer!

Thank you!!! That is VERY helpful - - it gives me a rough idea, which is exactly what I need for planning purposes. I really do appreciate it (and I realize that when I actually buy, a reasonable percentage for whatever particular home I buy is likely vary, either higher or lower).

It is also very helpful to know that Missouri is a non-reporting state, so that I don't waste any more time looking for selling prices on the internet!

And, I'm glad to hear that sales prices in Springfield aren't 30% below asking prices like in Florida. I have no idea what they have been here lately (since I haven't been keeping track of asking prices here this year, just selling prices... haven't compared the two since 2002). I do know that they aren't selling very fast and the inventory of available homes is much higher than last year.

[Lake Junkie]

Originally Posted by NOLA2SGF

It is also very helpful to know that Missouri is a non-reporting state, so that I don't waste any more time looking for selling prices on the internet!

We always say there's three prices a house sold for: The price the buyer says he paid, the price the seller says he got, and the truth.



This non-reporting business is also good because the assessor doesn't know either...

[2beamissourian]

Originally Posted by kareybear

Oh 2be we looked at that house together and dang it where did we see that site at. We looked on so much together. I hate when that happens. I hope one of our friendly realtor will help you.

I have the info on this one still.......... they told me it had a contract on it ....but 2 months later its still be advertised!
well i think this area had a "risk for holes"

well I found a simple one ... but I cant find it now on line .. it had 30 acres (room for dh toys and hunting) walk out basement finished for me to set up school!
full covered back deck /porch .. I could so see my hot tub and the lightening bugs together as I soak with my glass of wine each night! lol or even heck snow flakes in the winter ... ahhhhhhhhhhhh that would be the life!

[2beamissourian]

Originally Posted by Lake Junkie

We always say there's three prices a house sold for: The price the buyer says he paid, the price the seller says he got, and the truth.



This non-reporting business is also good because the assessor doesn't know either...

non reporting ?? do they not have court records?

hmmm does that cut out one of those stupid fees to file something at the court house?

[Cali BassMan]

Originally Posted by kareybear

Oh 2be we looked at that house together and dang it where did we see that site at. We looked on so much together. I hate when that happens. I hope one of our friendly realtor will help you.

Was that the Swiss Chalet over by West Plains? Wifie seen the add for that and was ready to move right then.. I think it was on 10 acres for around 130K...