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Old 06-11-2009, 09:30 AM
 
199 posts, read 482,475 times
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When will it end?


Palm Beach County foreclosure filings spike 33 percent in May from April (http://www.palmbeachpost.com/localnews/content/business/epaper/2009/06/11/0611foreclosures.html - broken link)
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Old 06-11-2009, 10:12 AM
 
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I believe foreclosure filings spiked in May because filing fees were set to triple on June 1...I would expect filings to be lower in June but still high. We've yet to see most of the foreclosures brought on by option-ARM recasts.
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Old 06-12-2009, 10:44 AM
 
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Quote:
Originally Posted by Native51 View Post
I believe foreclosure filings spiked in May because filing fees were set to triple on June 1...I would expect filings to be lower in June but still high. We've yet to see most of the foreclosures brought on by option-ARM recasts.
When do you think the ARM foreclosures should start hitting the market?
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Old 06-12-2009, 01:42 PM
 
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According to a Credit Suisse study it's just starting to occur and should peak in mid to late 2011.
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Old 06-12-2009, 02:02 PM
 
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http://business.theatlantic.com/foreclosures.png (broken link)
Here are the cities with the worst credit card debt in the country. Conclusion: Orlando is inundated like a family at the bottom of Splash Mountain. What stands out to me is that eight of the top ten cities are in Florida and California, which, as the map after the jump demonstrates, is also pretty much exactly where we've seen the glut of home foreclosures.

What's Wrong With Florida and California? - The Atlantic Business Channel
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Old 06-15-2009, 08:54 PM
 
1,237 posts, read 2,796,519 times
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Quote:
Originally Posted by Scientifical Madness View Post
Here are the cities with the worst credit card debt in the country. Conclusion: Orlando is inundated like a family at the bottom of Splash Mountain. What stands out to me is that eight of the top ten cities are in Florida and California, which, as the map after the jump demonstrates, is also pretty much exactly where we've seen the glut of home foreclosures.

What's Wrong With Florida and California? - The Atlantic Business Channel
Interesting, but not surprising. I always wondered how average working people in Florida were able to afford $200-300K+ homes.
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Old 06-16-2009, 11:38 AM
 
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Originally Posted by Starglow View Post
Interesting, but not surprising. I always wondered how average working people in Florida were able to afford $200-300K+ homes.
It's the difference between home affordability and home price.

If everyone bought homes in cash, home "price" would mean a lot more.

The subprime mess, however, allowed people to "afford" 500k homes, when financed over 30 years at 3% interest rate. When the rate went to 6%, 7% or more, however, after a few years, then they could no longer afford it.


There is usually an inverse relationship between home price and interest rate. If the interest rate shot up to, say, 10% on mortgages, then the "affordability" of a 100k house is actually LESS than a 200k house at 5%.


When people talk about "income/price" ratios being a determinant, they probably should be talking more along an "income/average payment" ratio instead.
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