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Old 07-07-2008, 11:26 AM
 
Location: Houston, Texas
10,425 posts, read 45,470,693 times
Reputation: 10419

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Quote:
Originally Posted by KevK View Post
We had enough trouble with the dozen or so vacant houses in the neighbourhood that are forclosures sitting empty. Aside from the fact they are not paying their HOA dues which is causing the rest of us to have to pay more as of Sept 1st, and the HOA having to cut their lawns because the banks won't, now one of them has burned down night before last and damaged the 2 adjacent houses that are occupied. That will certainly do wonders for the neighbourhood property values! And some folks say that this friggin mess caused by greedy sub prime lenders doesn't "effect the majority of homeowners" to which I say "bulls**t!"
Your right. This situation we are in with the housing is not going to go away soon like some predict. We need some govt intervention. Hey dont shoot me. I hate this govt even more then the terrorists do. But govt does have a role besides stealing and extorting our hard earned dollars and butting their nose in other countries business. It needs to get involved in our own problems right here.

I am also not for bailing out homeowners. But there are other ways and they all have been beaten to death by we the peons with ideas your govt will not do. They would rather fight and argue about their silly parties.

Where I live we have the highest foreclosure rate on earth. One in every 44 houses are in foreclosure. Some of these homes are being occupied by criminals hiding from the law. It's a great hiding spot if you can stay in these houses with no AC when the temp is 118.

For those of you who dont want your govt to do anything. This is a perfect example why we do need to. You might not want to invest in fixing this problem but if you dont then your neighbor also will be walking from his house soon. Then YOU TOO will have a vacant foreclosure next to you. Then watch your value go down even more. Then YOU will eventually walk away from yours.

Dont say no you wont. Some homes around here are down 50% from 2004. By next year it could be 75%. Again, dont say no. No one predicted 20 or 40 or even 50%. Why not more? Yes it is that bad out there.
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Old 07-07-2008, 05:13 PM
 
4,711 posts, read 11,172,432 times
Reputation: 3778
Quote:
Originally Posted by pghquest View Post
The fact that the home sold for $570K in August is laughable.. Here thats about a $90K home, and about $40 if it caught fire

Very true! LOL

However, that house is about 10 miles from the White House. Residential land there STILL commands close to $1 mil per acre. But there is no undeveloped land, so you have a booming business in "tear-downs" around here.

There will be a McMansion on that lot soon, I guarantee it.
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Old 07-07-2008, 06:22 PM
 
Location: Texas
4,933 posts, read 6,968,030 times
Reputation: 5506
I wish I was catching some of those falling prices here in Texas. Instead we have an influx of people moving into the state driving up the price of everything and ruining this beautiful state with their crappy cookie cutter homes. Being in a business/tax friendly state sure does suck if you're looking for real estate bargins. Damn our prosperity lol. I may just have to move to Montana to escape it all.
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Old 07-07-2008, 07:23 PM
 
26,661 posts, read 40,602,977 times
Reputation: 14759
Quote:
Originally Posted by desertsun41 View Post
Your right. This situation we are in with the housing is not going to go away soon like some predict. We need some govt intervention. Hey dont shoot me. I hate this govt even more then the terrorists do. But govt does have a role besides stealing and extorting our hard earned dollars and butting their nose in other countries business. It needs to get involved in our own problems right here.

I am also not for bailing out homeowners. But there are other ways and they all have been beaten to death by we the peons with ideas your govt will not do. They would rather fight and argue about their silly parties.

Where I live we have the highest foreclosure rate on earth. One in every 44 houses are in foreclosure. Some of these homes are being occupied by criminals hiding from the law. It's a great hiding spot if you can stay in these houses with no AC when the temp is 118.

For those of you who dont want your govt to do anything. This is a perfect example why we do need to. You might not want to invest in fixing this problem but if you dont then your neighbor also will be walking from his house soon. Then YOU TOO will have a vacant foreclosure next to you. Then watch your value go down even more. Then YOU will eventually walk away from yours.

Dont say no you wont. Some homes around here are down 50% from 2004. By next year it could be 75%. Again, dont say no. No one predicted 20 or 40 or even 50%. Why not more? Yes it is that bad out there.
I understand what you are saying but with a foreclosed home across the street (luckily just sold after 2,5 years being empty), having an empty house next to me in foreclosure and last week the neighbors across the street moved out because of a divorce and they are letting their house go in foreclosure. Next to that house the home is in foreclosure and so is the house next to house that was foreclosed but recently sold...and more and more...Still I don't want the gov. to bail these people out. Most people already stole enough. No down payment and leaving with all the appliances, etc...I wish the government will go after them and that their credit score will hunt them for a long time unless they have proof they aren't at fault (for the mortgae signing, the stolen appliances is IMO grand theft) and some one else is to blame...Mortgage companies have told many people stories that weren't true but many buyers have lied on their applications and knew they were getting to much equity out of their homes. If this wasn't true the percentage would have been much higher. Many other buyers did sign normal mortgages.
If you bail these people out they will start doing the same thing in a few years because the gov. is there to help out again. I thought different but after checking some public records I notice that many of the foreclosed home owners had previous foreclosures or tax liens, etc...not people who just were so innocent as they all want us to believe.
Sorry we disagree but experience made me chnage my opinion.
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Old 07-09-2008, 09:02 AM
 
55,039 posts, read 43,890,652 times
Reputation: 34443
Quote:
Originally Posted by KevK View Post
We had enough trouble with the dozen or so vacant houses in the neighbourhood that are forclosures sitting empty. Aside from the fact they are not paying their HOA dues which is causing the rest of us to have to pay more as of Sept 1st, and the HOA having to cut their lawns because the banks won't, now one of them has burned down night before last and damaged the 2 adjacent houses that are occupied. That will certainly do wonders for the neighbourhood property values! And some folks say that this friggin mess caused by greedy sub prime lenders doesn't "effect the majority of homeowners" to which I say "bulls**t!"
Did property prices rapidly fall in your subdivision?
Did your neighbors drive really nice cars?

Funny how the majority of foreclosures aren't due to lending but rather the people walking away from upside down houses that they could still make payments on....or that spent like crazy on other things and then couldn't get the refinance they were planning on when their mortgage adjusted.

You have a severe deficit in the personal responsibility department to lay this whole mess at the lenders feet.
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Old 07-09-2008, 09:14 AM
 
55,039 posts, read 43,890,652 times
Reputation: 34443
Quote:
Originally Posted by desertsun41 View Post
Your right. This situation we are in with the housing is not going to go away soon like some predict. We need some govt intervention. Hey dont shoot me. I hate this govt even more then the terrorists do. But govt does have a role besides stealing and extorting our hard earned dollars and butting their nose in other countries business. It needs to get involved in our own problems right here.

I am also not for bailing out homeowners. But there are other ways and they all have been beaten to death by we the peons with ideas your govt will not do. They would rather fight and argue about their silly parties.

Where I live we have the highest foreclosure rate on earth. One in every 44 houses are in foreclosure. Some of these homes are being occupied by criminals hiding from the law. It's a great hiding spot if you can stay in these houses with no AC when the temp is 118.

For those of you who dont want your govt to do anything. This is a perfect example why we do need to. You might not want to invest in fixing this problem but if you dont then your neighbor also will be walking from his house soon. Then YOU TOO will have a vacant foreclosure next to you. Then watch your value go down even more. Then YOU will eventually walk away from yours.

Dont say no you wont. Some homes around here are down 50% from 2004. By next year it could be 75%. Again, dont say no. No one predicted 20 or 40 or even 50%. Why not more? Yes it is that bad out there.
This is a regional problem. Homes in my area didn't go from 200k to 500k and then back down to 250k like they did in parts of the country.

I propose that you go take the people in your area that sold at 500k and walked off with large gains and ask them to contribute rather than taking a stab at my wallet. It's not impacting me in the slightest and I'm not inclined to pay to bail out people that speculated and then walked on the investment when things went sour....or had 70k+ of new vehicles in their garage while I drive my basic little car so I can make my house payment.

Hey, lets be honest. This is mostly self-inflicted overspending and speculation gone bad by people who were living beyond their means or gambling. It's not much different than the people that got nailed day trading, dot com speculating or that got burned in California when this happened back around 1990.

It will happen again....probably all the people that rushed into the precious metals after the run up because "they were missing out on the big gains".
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Old 07-09-2008, 01:17 PM
 
3,283 posts, read 4,753,919 times
Reputation: 753
Quote:
Originally Posted by KevK View Post
We had enough trouble with the dozen or so vacant houses in the neighbourhood that are forclosures sitting empty. Aside from the fact they are not paying their HOA dues which is causing the rest of us to have to pay more as of Sept 1st, and the HOA having to cut their lawns because the banks won't, now one of them has burned down night before last and damaged the 2 adjacent houses that are occupied. That will certainly do wonders for the neighbourhood property values! And some folks say that this friggin mess caused by greedy sub prime lenders doesn't "effect the majority of homeowners" to which I say "bulls**t!"
surely the banks have to pay hoa fees?
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Old 07-09-2008, 01:37 PM
 
26,661 posts, read 40,602,977 times
Reputation: 14759
Quote:
Originally Posted by 58robbo View Post
surely the banks have to pay hoa fees?
Yes they have and either pay it every month or the whole sum at clsoing, because the HOA's have liens on these homes, and they need to be paid off when the bank sells the home other wise they won't get a clean title and can't sell.
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Old 10-16-2008, 07:38 PM
 
16,308 posts, read 25,547,436 times
Reputation: 8305
Quote:
Originally Posted by pghquest View Post
If your HOA dues are going up because of foreclosures, you need new HOA representatives because even though a home is in foreclosure, HOA should still be billing the owners (i.e. the banks) who do pay their bills.
Reason #154,639 to never purchase in a HOA area.
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Old 10-16-2008, 08:57 PM
 
Location: Raleigh, NC
9,043 posts, read 11,813,311 times
Reputation: 1394
Quote:
Originally Posted by KevK View Post
We had enough trouble with the dozen or so vacant houses in the neighbourhood that are forclosures sitting empty. Aside from the fact they are not paying their HOA dues which is causing the rest of us to have to pay more as of Sept 1st, and the HOA having to cut their lawns because the banks won't, now one of them has burned down night before last and damaged the 2 adjacent houses that are occupied. That will certainly do wonders for the neighbourhood property values! And some folks say that this friggin mess caused by greedy sub prime lenders doesn't "effect the majority of homeowners" to which I say "bulls**t!"
The faster the property values fall, the faster these houses will be bought by happy young couples and other folks have saved their pennies.
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