2010-year of the "strategic default"? (foreclose, rent)

[housingcrashsurvivor]

Originally Posted by fwi

Yeah, I'm sure they ACTUALLY reviewed all 19 million transactions!!!!!!!!!
The housing bust has its roots firmly planted in the government's own programs of the last 10 years, all of which got their start by the Clintons, with credits to the the likes of Janet Reno, Chris Dodd, and, let's not forget everyones favorite***MOD CUT*** Barney Fwank!.
This gang of thieves FORCED good banks to make RE loans to BAD people, who could never afford to repay a loan!
Because the banks had been forced into making these loans, my RE office in Fort Lauderdale was besieged daily with mortgage brokers hustling us for business.
They always catered (lavishly) our weekly broker's open houses, I am talking about multi million dollar homes where they spent thousands of $$$ just to try and pick up some financing clients.
Of course we were only too happy to let the mortgage brokers pick up the open house tabs, as we enjoyed the lavish parties.
btw, I did some of those "suspicious" flips as you call them, so here's some more wood for your fire.

Post incendiary much? How hateful to steal opportunity within otherwise civil discussion to not just gay bash someone who you do not know, but also to blame democrats for forcing realtors to be an accessory to thievery. You must be very proud of yourself and your participation in all that about which you now both brag yet shrug off all blame.

[faithfulFrank]

Originally Posted by fwi

Like I said, I am retired and not looking for any RE business on this site. Just want to "raise awareness" about south florida real estate and what is really going on here from a professional's viewpoint........... as opposed to some flamer's agenda.
Ban me if you wish, the truth will surface eventually!

ps/ I've told you who I am, where I live and what I do (retired).... what do we know about Yoko to support his/hers/it's comments?

Like I said before....you are allowed to discuss and even debate here, but "calling out", insulting, or being rude to other posters will not be allowed.

You are welcome to share your insights here on Real estate,(after a few days) obviously your area of expertise. Nothing is "going on" here.....no one has an agenda, and no one is hiding any "truth". If you disagree with someone, state your facts in a respectful way. Calling someone a "flamer" is rude and unprofessional....

TOS violations will be infracted.

Frank

[Compression]

I was just made aware of this interesting website..............

You Walk Away - Foreclosure Protection Plan and Kit, Strategic Default, Mortgage Loan Modification, Foreclosure Assistance, Debt Consolidation, Credit Repair from Foreclosures

even has a forum for people comtemplating different strategies to deal with their foreclosure issues, and a whole section devoted to "strategic" default.

This is the kind of exposure I was concerned about initially. Once the idea of walking away loses it's stigma, and even gains advocates that show "a better" future is to be had by doing so, I predict many more will decide to simply take the "easy way" out.

[nhkev]

I think I'm warming up to the idea that this is going to be a problem. I saw this on good morning america today and it was like an infomercial on how to walk away from your mortgage. They even had a college professor saying it was ok, and gave that same website that you gave link to.

I was left thinking that was one of the most irresponsible things I've ever seen from a somewhat respected media source. It didn't have any opposing view, or warning of why it may not be right for some people, and even gave rationalizations to people by saying " the big banks are doing it themselves, maybe you should too"

[nhkev]

http://www.cape-coral-daily-breeze.c....html?nav=5011

[hiknapster]

Are you kidding? They've been doing that for a LONG time now. I suspect that the folks that bought in 2004-2007, and were the type to do it, have already walked away.

[housingcrashsurvivor]

Walk Away: It is God's Work - CEPR

[hiknapster]

Originally Posted by housingcrashsurvivor

Walk Away: It is God's Work - CEPR

I don't know if anyone is going to bother clicking on the link. Most don't.

But in essence it is saying that the average upside-down homeowner would save about $1,000 a month if they could rent. If they get an agreement to rent out the current home, it keeps the property off the market and the money that goes into the homeowner's pocket will go out into the economy.

Here's the exact breakdown:

"If five million underwater homeowners saved an average of $10,000 each by becoming renters, this would free up $50 billion a year for additional spending. This would have the same impact on the economy as a $50 billion tax cut. If we assume a multiplier of 1.5 on these savings, the five million walk-aways will generate close to 750,000 jobs."

[gilad]

Originally Posted by fwi

I don't know who this yoko is, where they live, what they do for a living, what they smoke, nor where they get all this real estate misinformation, nor do I care, because it is all media and skewered statistical boolsheet!
What I do know is this: there are 18 houses on my isle in CC, 6 of them sold for cash in the last year (including the one I own), 1 is vacant, 1 is for sale (not foreclosure or short sale).
There are NOT 42000 foreclosures in CC, in all of Lee County yes and most of them are in the not so nice parts of Lehigh Acres, Ft Myers and C.C.
Real estate in CC is selling at a very brisk pace and has been since last fall, especially the well priced, well located properties.
The very active market has been in the $100-$300K properties, with many receiving multiple offers and often selling for more than listed prices.
I am a (more or less retired) Florida realtor, I know what I am talking about.

hi, i am an israeli investor looking at CC land at 12k 4 per acre, what do you think? thank you gilad

[nhkev]

Originally Posted by gilad

hi, i am an israeli investor looking at CC land at 12k 4 per acre, what do you think? thank you gilad

Not sure exactly what you're looking to buy but from another one of your posts I'm guessing in the northwest section on 24th avenue at 12k per 1/4 acre if this is correct the going rate of those lots are 8k per 1/4 acre.

also if it is in this area the area does not have public utilities and there are a lot of murky plans at this time regarding them but each 1/4 acre will most likely be assessed $20,000 of impact fees and installation fees. So if you were to buy 4 of them you would be assessed 80,000.

because this could be coming down the pike it is of my opinion that there are a lot of land owners that will just walk away from their properties or just accept any offer to not be laden by the assessments. There is a lot of open land in the north sections of cape coral so as an investment goes supply and demand are what dictate whether it will become a good investment choice. do you think there is something that is going to impact the supply?

two things to keep in mind... if you bought land for 12k and it was an additional 20k to bring utilities, about $140k to build house why would anybody do this when there are houses available in this neighborhood for $118k?

the second is it is not a highly sought after area which is why it is only 30% built up , it is the farthest commuter location , and farthest from beaches, amenities.

I'm not telling you not to buy , that is an individual decision and it would make me a hypocrite as I will be buying a property very close to there within the next couple of months ,, but I am not buying it as an investment, in fact I think I will lose money off of it but I've got other purposes for it.