[Jammie]

Speculation Blamed For Surge In Foreclosure Cases

It looks like it isn't only the cities that are seeing foreclosures.

[MrTudo]

Thanks for posting that Jammie. There's still some people in denial there.

Reality is starting to set in though.

[Jammie]

Originally Posted by MrTudo

Thanks for posting that Jammie. There's still some people in denial there.

Reality is starting to set in though.

You're welcome!!! Yes, it seems like it's taking a while. I can understand how some people feel about the situation, especially the ones who bought at the high end of the market. It has to be an awful feeling to see what's happening. But it just couldn't keep going that way.

So have you bought the house we talked about or have you decided to stay where you are?

[Cougar31]

from what I read, it sounds like Florida and California top the list.
Mortgage Institutions are laying off more and more! how far will the Domino's Theory go?

[MrTudo]

Originally Posted by Jammie

So have you bought the house we talked about or have you decided to stay where you are?

We're probably making another offer eventually, but letting them sit with that empty house for a while longer would probably be the smarter thing to do.

There's a LOT for sale and when researching the local tax assessors office, it becomes clear real fast which ones are owned by "speculators" and which ones are locally owned.

[MrTudo]

Well, we're trying to make an offer on a different house but frankly these people are starting to wear my patience thin.

Perhaps the best thing to do is to simply enjoy our house here in Port Charlotte and buy one over there when the prices drop yet another 20-40% or when they are in foreclosure.

My Wife and I took a drive around the neighborhood here today and picked up flyers in front of houses. I can tell you that some of these realtors really don't represent their customers very well ( flyers that are soaking wet as one case in point) which is ONE reason why most of them don't make any money and why some people can't stand their un-professionalism.

What we saw in those flyers are prices that are getting dang near 2003 prices.

Dang near. Yet an hour from here, in a country whose economic base such as INCOME is less than HALF of what it is here, shows asking prices that are considerably MORE than what they are here. Of course there's still very few sales ( Gee what a shocker).

This country is in a lot of trouble. I still see people driving NEW cars ( mostly leased) and don't have a pot to you know what in.

And ask Boca Raton prices for houses in a community that's barely 20% above poverty scale and wonder why nobody is buying anything.

Amazing.