Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > California
 [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)
 
Old 04-12-2007, 10:40 PM
 
1,868 posts, read 5,666,947 times
Reputation: 536

Advertisements

Just read in the business section today that more than 5000 homes were offered up for sale at foreclosure auctions in March. This number has tripled in 6 months. 90% of these properties attracted NO BIDS!!!

Apparently foreclosures sold at auction now account for 15% of all home sales in California and this percentage is expected to rise.
Reply With Quote Quick reply to this message

 
Old 04-13-2007, 01:15 AM
 
28,107 posts, read 63,374,410 times
Reputation: 23222
Isn't true that many of these foreclosure homes were bought as "Investments" during the last 3 years and most are not owner-occupied?

The Bay Area evening news had a story of a guy in San Jose that bought 6 homes in three years and one-by-one he is losing them. The rents were not able to cover the mortgages once the adjustable loans started adjusting up.
Reply With Quote Quick reply to this message
 
Old 04-13-2007, 02:18 AM
 
Location: Nashville
841 posts, read 2,254,676 times
Reputation: 379
how do i get info about these houses ..legit website
thanks
Reply With Quote Quick reply to this message
 
Old 04-13-2007, 10:40 AM
 
491 posts, read 2,283,435 times
Reputation: 541
I think you're right Utrarunner. These aren't poor folks losing the roof over their heads for the most part. It's flippers who are dumping and cutting their losses.

I think it's a great time to buy.
Reply With Quote Quick reply to this message
 
Old 04-13-2007, 11:12 AM
 
4,610 posts, read 11,071,477 times
Reputation: 6832
It's not just a California problem. Texas has one of the highest foreclosure rates in the nation. And I agree with PureHapa, It's a great time to buy.
Reply With Quote Quick reply to this message
 
Old 04-13-2007, 12:16 PM
 
Location: From Sea to Shining Sea
1,082 posts, read 3,770,938 times
Reputation: 519
This is what happens when folks over buy and get 50 year adjustable rate mortgages with ridiculously high caps!
MBG
Reply With Quote Quick reply to this message
 
Old 04-13-2007, 09:16 PM
 
1,868 posts, read 5,666,947 times
Reputation: 536
[quote=Roma;573638]It's not just a California problem. Texas has one of the highest foreclosure rates in the nation.


For different reasons though.
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:


Settings
X
Data:
Loading data...
Based on 2000-2020 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 > California
View detailed profiles of:

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - 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, 36, 37 - Top