U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Florida > Tampa Bay
 [Register]
Tampa Bay Tampa - St. Petersburg - Clearwater
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 11-16-2009, 07:00 AM
 
5,453 posts, read 7,754,913 times
Reputation: 2141

Advertisements

bentlebee: Look, one thing is for sure, NOT ALL foreclosures are due to irresponsible buyers...THAT I know for a FACT.........there are people who owned their homes for 10+years that foreclosed now because they lost their jobs in the private sector....do you really think that ALL GM employees and other car companies that closed their doors were irresponsible buyers??? that's a bunch of c**p and it's just NOT TRUE. I bet you that the %-age of people who lost jobs in the private sector is much larger than the ones that worked for the Gov......also the %-age of people who worked in the private sector and foreclosed on homes is also MUCH larger than the ones who worked for the Gov........MOST jobs are held in the private sector here....not the GOV......

The real estate market crashed and burned thanks to irresponsible/GREEDY LENDER'S & REALTOR'S, not the average JOE who hoped for the so called "American Dream" = to own a home.......DO you think that every Realtor back in 2004, 2005, 2006 read the entire HUD statement or the mortgage lender explained every term in those mortgage docs? cause that's another bunch of C**p........the %-age of people who EDUCATED THEMSELVES BEFORE BUYING A HOME was very small in those years.........which led to this disaster!

What about those other people who were so called "real estate investors" or better known as: "HOUSE FLIPPERS", my hubby knows quite a few of those who bought, bought, bought and now they foreclosed, foreclosed, foreclosed............
Reply With Quote Quick reply to this message

 
Old 11-16-2009, 08:56 AM
 
Location: on the edge of Sanity
14,269 posts, read 15,852,965 times
Reputation: 7898
I was the victim of a housing slump 16 years ago in NH. I had worked for the same company since college and spent years saving up enough to purchase a home. According to Bentlebee, it was my fault when the company where I worked for over 20 years downsized a few years later after home values had plummeted.

Moving ahead from 1993 to the present, one of my neighbors in Bonita Springs moved out of the rental next door to me and bought a home in 2006 after saving up a downpayment. He had a good job working for a builder. He was working 6 days a week earning about $75,000. His wife stayed home with the children, since one was an infant. The slow housing market cost him his construction job, so he got another one in a few weeks. He didn't even apply for unemployment. Then that job ended. His wife began cleaning houses and cooking meals for people. According to Bentlebee, they were irresponsible for buying a house because they didn't foresee a future economic collapse.

I do agree with one thing, sales have been strong in some areas of Florida. However, the majority of buyers are not working families. I thought that was what America is all about and how our country became strong.
Reply With Quote Quick reply to this message
 
Old 11-16-2009, 08:58 AM
 
25,784 posts, read 38,999,165 times
Reputation: 13786
Quote:
Originally Posted by algia View Post
What about those other people who were so called "real estate investors" or better known as: "HOUSE FLIPPERS", my hubby knows quite a few of those who bought, bought, bought and now they foreclosed, foreclosed, foreclosed............
Of which many of them their self are mortgage brokers/lenders, realtors, etc...

Isn't great if free markets let people fail if they do a bad business deal...just as Gov. should have let failed evey company who did their business in a bad way and others who did good would survive...No people need bailouts and handouts...which makes this mess only take longer and others step in since isn't it easy if you get help....when you fail!

How many HO are living for free for over 1 yr...too many!
Reply With Quote Quick reply to this message
 
Old 11-16-2009, 09:12 AM
 
5,453 posts, read 7,754,913 times
Reputation: 2141
yes of course a LARGE %-age were mortgage lenders and realtors who got greedy and over bought property...........

I do agree that these bailouts are USELESS AND ONLY AGGRAVATE THE SITUATION............ THAT is a HUGE waste of time and money.........if they did bad business they need to learn from their mistakes and fall......just because a car manufacturer makes cars for the GOV that is NOT an excuse to bail them out.........they must have done something wrong to get themselves into THAT situation............

HOWEVER......

In the end, it all falls right back on that "credit" thing and how it has been and is been abused daily. Until people who have some or any power will realize that the credit WILL bring this country to ruin, and nothing will get better.

It is ONE thing to have it available for who needs it, and a whole other to infiltrate it in every single aspect of daily LIFE.
Reply With Quote Quick reply to this message
 
Old 11-16-2009, 02:07 PM
 
25,784 posts, read 38,999,165 times
Reputation: 13786
Over here there over 90 homes in foreclosure out of 400...Do you really want me to believe they all lost their job...

Since I know many (of course not all of these families, but I know over a 100 families who are here in foreclosure) of these HO...I can tell you that the majority had lying mortgages...most of them where so called "professionals" (realtors, mortgage lenders, investors, etc...) and went very early in foreclosure...

Many had zero down mortgages, the so called ARM's, which everybody who can read should know that if your rate goes up so high that you won't be able to afford it....but they gambled and thought they would sell before that happened and lost that gamble...

Than you have the few sad cases...divorce (with less money the love is out the window easily)...sickness (very sad!), etc...but that is maybe 1% of the cases....

Maybe from this crisis people learned to read before they sign...we did and didn't want the ARM!....if we would have taken it, we would have been stupid, which IMO every one who took it and lost, is a loser to me! Don't whine about it, what do these people do when they gamble and sell fast...did they share? No of course not, only when they loose out they whine and wnat others to pay for it!
Reply With Quote Quick reply to this message
 
Old 11-16-2009, 02:26 PM
 
5,453 posts, read 7,754,913 times
Reputation: 2141
Bentlebee..I dare you go to Seminole Hights and ask the people there is they have any idea what an ARM is!

This is not stuff you learn in middle school or even high school and you are forgetting that a large part of these people are non-English speaking people.........these people come from countries where there is no such thing as ARM or "mortgage versions and shortcuts" available......these are those people that mow your lawn....or the ones that mow the ones where we live..........or the people who built these homes......... since construction was the #1 business to work in here a few years back..........

Look, I am sure that there are people who signed 100% financing purposely, however, that gives people anywhere between 3 to 5 to 7 years until the rate adjusts, if the real estate market didn't blow the way it did, these people would have been able to gather some equity and refinance!!!!! however they all got trapped when the market fell...probably 56 people out of your 90 had no idea what a heck they were signing, had great or good credit and were just happy to own a home, the rest to 90 were those "investors/realtors" that flipped......

I am telling you as clear as I can, NO ONE in their right mind would have ever get an ARM loan especially people with kids who belong in the hard working middle class community! That makes absolutely NO SENSE LOGICALLY, not everyone is familiar with ARM loans, all they heard was that they can buy a home with zero down, and most people in the US don't have 10% or more down and even if they do, they probably save that for emergencies, however everyone knows fully well that a foreclosure will ruin your credit and therefore YOU as a person in this country! since everything (basic necessities) are based on that...........so, no, you are absolutely wrong thinking that people purposefully got themselves into to those loans....all the investors etc hoped to make a killing by gathering equity in a few years refinance and then get into a conventional (normal) loan.....that was what they hoped for......you really think that this MANY people just wanted their credit ruined? in a country where you don't exist without it? seriously! think about...........
Reply With Quote Quick reply to this message
 
Old 11-16-2009, 02:28 PM
 
Location: on the edge of Sanity
14,269 posts, read 15,852,965 times
Reputation: 7898
Quote:
Originally Posted by bentlebee View Post
Over here there over 90 homes in foreclosure out of 400...Do you really want me to believe they all lost their job...
No, I will agree with you that Nicholas Cage is still very rich!

[URL="http://money.cnn.com/2009/11/13/real_estate/Nicolas_Cage/"]Nicolas Cage loses 2 homes in foreclosure auction - Nov. 13, 2009[/URL]


This article explains it more clearly. So it's a mixed bag.

" Homeowners can have trouble paying their mortgages for a variety of reasons, which can be set off by illness, divorce, unemployment within dual-income families or business losses, for example. Investors, who bought up properties gambling that they could quickly resell them for a higher price, became another source of foreclosures when housing prices fell. "

Source: [url]http://www.washingtonpost.com/wp-dyn/content/article/2008/05/14/AR2008051403698.html[/url]
Reply With Quote Quick reply to this message
 
Old 11-16-2009, 02:36 PM
 
5,453 posts, read 7,754,913 times
Reputation: 2141
yeah exactly, and due to the greed of one of his employees........lost 2 homes......... no less.....
Reply With Quote Quick reply to this message
 
Old 11-16-2009, 05:01 PM
 
25,784 posts, read 38,999,165 times
Reputation: 13786
Quote:
Originally Posted by algia View Post
Bentlebee..I dare you go to Seminole Hights and ask the people there is they have any idea what an ARM is!

This is not stuff you learn in middle school or even high school and you are forgetting that a large part of these people are non-English speaking people.........these people come from countries where there is no such thing as ARM or "mortgage versions and shortcuts" available......these are those people that mow your lawn....or the ones that mow the ones where we live..........or the people who built these homes......... since construction was the #1 business to work in here a few years back..........

Look, I am sure that there are people who signed 100% financing purposely, however, that gives people anywhere between 3 to 5 to 7 years until the rate adjusts, if the real estate market didn't blow the way it did, these people would have been able to gather some equity and refinance!!!!! however they all got trapped when the market fell...probably 56 people out of your 90 had no idea what a heck they were signing, had great or good credit and were just happy to own a home, the rest to 90 were those "investors/realtors" that flipped......

I am telling you as clear as I can, NO ONE in their right mind would have ever get an ARM loan especially people with kids who belong in the hard working middle class community! That makes absolutely NO SENSE LOGICALLY, not everyone is familiar with ARM loans, all they heard was that they can buy a home with zero down, and most people in the US don't have 10% or more down and even if they do, they probably save that for emergencies, however everyone knows fully well that a foreclosure will ruin your credit and therefore YOU as a person in this country! since everything (basic necessities) are based on that...........so, no, you are absolutely wrong thinking that people purposefully got themselves into to those loans....all the investors etc hoped to make a killing by gathering equity in a few years refinance and then get into a conventional (normal) loan.....that was what they hoped for......you really think that this MANY people just wanted their credit ruined? in a country where you don't exist without it? seriously! think about...........
To be short...I'm a foreigner and came here in 2000...so I never heard of an ARM ever before...English isn't my native language either....but I can do math and get what an ARM is...and I haven't gotten a College degree....


Excuse, excuse, excuse...if you don't know what you sign, you are obligated to either get an explanation or DON'T sign!
Reply With Quote Quick reply to this message
 
Old 11-16-2009, 06:26 PM
 
5,453 posts, read 7,754,913 times
Reputation: 2141
Bentlebee...I am from Europe and never did I hear about ARMs either, however when I moved here in 2001 the first thing EVERYONE told me that now I have to build my Credit!!!! And keep my scores high if I ever want anything....I found that disturbing Then and I continue to find it disturbing today after all this time, My parents taught me to spend what I make and never borrow money... And by the way, according to my hubby who works in real estate, Tampa foreclosures may be down this week, but there is a whole new wave coming so the end is not near here by any respect....
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 > Florida > Tampa Bay
View detailed profiles of:
Follow City-Data.com founder on our Forum or

All times are GMT -6. The time now is 05:20 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