Real Estate market - buyers market?? (Greenville, Taylors: foreclosures, mortgage, loans)

[BuddyDog]

Someone help me understand this...we have put offers on two homes on homes in the Taylors/Greer area and both were not accepted. Both homes are somewhat custom and have been on the market since April at least for $499K. House #1 is being sold by the builder and we're told has a lot of $$ tied up in the house and refuses to budge below $489K (we offered $475K). House #2 is being sold by an 'anxious seller' who is in over her head (had a house built, never moved in 'cause she can't afford it). She refuses to budge below $480K even though the comps in the area don't support that price. We offered $460K.

We sold our house in a crappy Florida market for 10% under asking price. Now I know that Gville's market is not as bad, but signs are pointing to increased number of listings and lower number of sales. So it seems that Gville's market is going through the same pains as FL but not to quite the extent. Are offers of 5-8% off asking price too low?

[sojones]

Originally Posted by BuddyDog

Someone help me understand this...we have put offers on two homes on homes in the Taylors/Greer area and both were not accepted. Both homes are somewhat custom and have been on the market since April at least for $499K. House #1 is being sold by the builder and we're told has a lot of $$ tied up in the house and refuses to budge below $489K (we offered $475K). House #2 is being sold by an 'anxious seller' who is in over her head (had a house built, never moved in 'cause she can't afford it). She refuses to budge below $480K even though the comps in the area don't support that price. We offered $460K.

We sold our house in a crappy Florida market for 10% under asking price. Now I know that Gville's market is not as bad, but signs are pointing to increased number of listings and lower number of sales. So it seems that Gville's market is going through the same pains as FL but not to quite the extent. Are offers of 5-8% off asking price too low?

The problem right now, and this is nationwide, is the housing and real estate markets just took a drop

People bought things expecting growth in phase 1 or 2 of these neighborhoosds I presume (aka within first few homes built ratio wise)

BEFORE, when you did this, you got the cheaper price and when the neighborhood closed you, you ended up seeing an increase in property value and you could sell and make a profit

However.. Developers started folding in all kinds of market this last year. In Greenville, I think like 2 or 3 majors are left. The rest packed up and left or folded.

Therefore, they sold the last homes for cheaper than the first couple of homes, and that leaves those people with an overpriced tag but a low end of the year property analysis

I've seen neighborhoods in Greenville that have price values in a 2 block radius from $135 to $180k........ no real difference in square footage or yard size with these homes. That's a problem in a new community.

If you wish to get a deal, I'd suggest watching foreclosures.

In listening to NPR and reading some facts on some National Real Estate Advisery blogs, I found they expect like 1 in 4 mortgages to get foreclosed on this year. WHICH IS CRAZY!

FHA & HUD are stepping in but it's a problem at this point

We've let too much busineses out of the US and in Greenville, this place was HUGE on textiles and manufacturing...... those are the main things that went overseas and it's really hurt some of the local economies

The Millenia / Millennium Campus was supposed to be the answer but it's going to take time.

However, they say people are still spending at all time highs, so the retail industry is good

[dobiefamily]

We just bought in Simpsonville area, close this week actually. We were coming from a horrible market in Ohio where we were just thankful to sell our home.
We found the same thing you are facing. We were in a lower price range.........mid to upper 200's but still found sellers not motivated (compared to Ohio, at least)..........even when their listing said motivated. Our realtor thought we were nuts with our first offer, which was 5% below asking. She said the market is still good in Greenville area and sellers would not budge that much. We did end up settling at about 3.5% below asking price. We still fear we may have overpaid. We just pray Greenville does not get affected in the long run like other markets.
Best of luck to you on your purchase.

[Nausikaa]

Originally Posted by sojones

In listening to NPR and reading some facts on some National Real Estate Advisery blogs, I found they expect like 1 in 4 mortgages to get foreclosed on this year. WHICH IS CRAZY!

FHA & HUD are stepping in but it's a problem at this point

But in reality, as per the news the other night:

Approximately 97% of mortages in the US are paid on time.

Approx 1.6% are in foreclosure.

Apx 1.4% are having trouble with payments.

Not really as scary as the pundits like you to think.

[sojones]

Originally Posted by Nausikaa

But in reality, as per the news the other night:

Approximately 97% of mortages in the US are paid on time.

Approx 1.6% are in foreclosure.

Apx 1.4% are having trouble with payments.

Not really as scary as the pundits like you to think.

really? that's the most amazing stats I've heard

they said foreclosures went up like 90% or something this year? ? i've read that all over.

Please share the wealth with links to knowledge

[Nausikaa]

Originally Posted by sojones

really? that's the most amazing stats I've heard

they said foreclosures went up like 90% or something this year? ? i've read that all over.

Please share the wealth with links to knowledge

South Carolina Foreclosure Rate on the Rise, Unemployment to Blame (broken link)

[sojones]

Thanks for the link. Read this:

Providence Business News (broken link)

IRVINE, Calif. – The number of U.S. homeowners facing foreclosure rose 36 percent in August from their July level, as rising interest rates continued to squeeze holders of adjustable-rate mortgages (ARMs), industry analyst RealtyTrac Inc. said today in its monthly report. Compared with August 2006, foreclosures more than doubled, rising 115 percent.

Overall U.S. foreclosure filings last month – including default notices, scheduled auctions or bank repossessions – totaled 243,947, the highest in the three years covered by RealtyTrak records. But, the company noted, a single home in default may be counted twice or even three times in that total if it is the subject of more than one legal filing in a month.


The highest rate was in Nevada, with one filing for every 165 homes – triple the national average of one filing for every 510 homes. California followed at No. 2, with one filing per 224 households, and Florida was No. 3, with one filing per 243 households.

Rhode Island ranked 24th nationwide with one filing for every 1,207 homes, an increase of 121 percent from July, RealtyTrak said, while Massachusetts came in at No. 12 with one filing for every 594 homes, a 2.3-percent decline from its rate in July.

“The jump in foreclosure filings this month might be the beginning of the next wave of increased foreclosure activity, as a large number of subprime adjustable rate loans are beginning to reset now,” CEO James J. Saccacio said in a statement.

Ominously, the month saw lenders send a record 108,716 notices of mortgage default, the first step in the foreclosure process, RealtyTrac said. The numbers were highest in California, with 41,714 new foreclosures, and Florida, with 26,203, the company said.

Subprime loans often have “teaser” rates that may double at the end of two or three years, Rick Sharga, executive vice president of marketing for RealtyTrac, told Bloomberg News.“There are lots of people who bought homes they could only afford at the ‘teaser’ rates and now have very few options,” he said.

RealtyTrac Inc., based in Irvine, Calif., is a publisher of data and advice for real estate markets nationwide. To learn more, visit Foreclosures Real Estate Foreclosure Listings and Homes at RealtyTrac.

[TimtheGuy]

Originally Posted by sojones

really? that's the most amazing stats I've heard

they said foreclosures went up like 90% or something this year? ? i've read that all over.

Ya, they went from VERY low to low.

[Nausikaa]

Originally Posted by sojones

Thanks for the link. Read this:

Providence Business News (http://www.pbn.com/stories/27453.html - broken link)

IRVINE, Calif. – The number of U.S. homeowners facing foreclosure rose 36 percent in August from their July level, as rising interest rates continued to squeeze holders of adjustable-rate mortgages (ARMs), industry analyst RealtyTrac Inc. said today in its monthly report. Compared with August 2006, foreclosures more than doubled, rising 115 percent.

Overall U.S. foreclosure filings last month – including default notices, scheduled auctions or bank repossessions – totaled 243,947, the highest in the three years covered by RealtyTrak records. But, the company noted, a single home in default may be counted twice or even three times in that total if it is the subject of more than one legal filing in a month.


The highest rate was in Nevada, with one filing for every 165 homes – triple the national average of one filing for every 510 homes. California followed at No. 2, with one filing per 224 households, and Florida was No. 3, with one filing per 243 households.

Rhode Island ranked 24th nationwide with one filing for every 1,207 homes, an increase of 121 percent from July, RealtyTrak said, while Massachusetts came in at No. 12 with one filing for every 594 homes, a 2.3-percent decline from its rate in July.

“The jump in foreclosure filings this month might be the beginning of the next wave of increased foreclosure activity, as a large number of subprime adjustable rate loans are beginning to reset now,” CEO James J. Saccacio said in a statement.

Ominously, the month saw lenders send a record 108,716 notices of mortgage default, the first step in the foreclosure process, RealtyTrac said. The numbers were highest in California, with 41,714 new foreclosures, and Florida, with 26,203, the company said.

Subprime loans often have “teaser” rates that may double at the end of two or three years, Rick Sharga, executive vice president of marketing for RealtyTrac, told Bloomberg News.“There are lots of people who bought homes they could only afford at the ‘teaser’ rates and now have very few options,” he said.

RealtyTrac Inc., based in Irvine, Calif., is a publisher of data and advice for real estate markets nationwide. To learn more, visit Foreclosures Real Estate Foreclosure Listings and Homes at RealtyTrac.

Foreclosures have gone up, but nationally only 1% of all mortgages are in foreclosure. You said that it was looking to go up to 25% of all mortgages.

It's all in the wording, right? The media like to use smoke and mirrors.

[sojones]

yeah, i'll have to pay attention to the wording

but my beliefs and readings taught me it's going to be way worse than 1% by the end of this year

I know Atlanta alone had more than a 1% increase in foreclosures but I have a great opinion on what happ'd to Atlanta....

i know NC = a booming market

so it's definitely ups and downs everywhere

i dont' understand how New Yorkers make it LOL.. I mean I love NYC and i've lived there .... but man, i'm thining like that should lead the nation in foreclosures, not even close i'd assume from things i have read