[jfkIII]

Most retired folks like the cash at hand and available to them to use for such things as travel, medical expenses, etc., rather than tie it all up in their house. The final disposition and settlement can come later...at a time where they no longer are around to worry about it. Taking out a mortgage gives them more cash on hand now, as well as providing a maybe needed tax deduction.

[MadManofBethesda]

Originally Posted by cecnj

Not everyone who retires does so with so much spare cash to cover all expenses for 20 or 30 years of retirement plus enough to pay cash for a home. Many have saved diligenty but are still working class folks who must pay over time.

I would think that the majority of retirees who pay cash for a retirement residence don't do so by taking money out of their savings. They accomplish this by selling their former primary residence and using the proceeds/equity built up over many years of home ownership to pay cash for their new (and most likely smaller) home.

[eventusstultorummagister]

More comic relief courtesy of Hubble Smith:

Direct Title apparently out of business - Business - ReviewJournal.com

"Phone calls to Direct Title's office at 8965 S. Eastern Ave. could not be completed as dialed"

[eventusstultorummagister]

A Treasury Department report generated by an investigation of the "First Time Home Buyer's Tax Credit" has concluded that 14,100 taxpayers fraudulently received more than $26 million in tax credits (including roughly 1,300 prison inmates who received over $9 million while incarcerated).

Who said crime don't pay?

[007 license to sell]

This article in the Huffington Post is incredible, it sheds light on the banks that are abandoning properties after they have sent a foreclosure notice to a home owner. You may have to sign up to see this article it's free and well worth the read. They address what states like Nevada and Chicago are doing about abandon homes.




Coping With Foreclosure 'War Zones'


March 2, 2011

Bryan Esenberg's job is to tend the graveyard of Chicago's housing boom.

Esenberg works for a local nonprofit that steps in to prevent abandoned buildings mired in the foreclosure process from falling apart while mortgage companies, lenders, owners and investors grapple over who is responsible.

Once, he was called in because the entire facade of an abandoned house had fallen onto the sidewalk, he said. In another case, a young family was stuck in a house with a basement full of raw sewage after the landlord had walked away.

In the first such case he handled, Esenberg said, a homeowner had just packed up and left after getting a foreclosure notice. "But then the bank never foreclosed," said Esenberg, who works with Neighborhood Housing Services of Chicago. "So three years down the line, there's just this house that's been completely abandoned."

As of last year, there were roughly 15,000 vacant buildings in Chicago, 85 percent of which were caught in some stage of the foreclosure process, according to city figures.

Cities around the country face similar battles with such foreclosure ghost towns, struggling to cope with a growing number of empty properties left in the wake of the foreclosure crisis. Mortgage lenders alone have anywhere from 1.3 million to 5.3 million properties on their books, the vast majority sitting vacant while lenders wait for the housing market to improve.

[olecapt]

Originally Posted by eventusstultorummagister

A Treasury Department report generated by an investigation of the "First Time Home Buyer's Tax Credit" has concluded that 14,100 taxpayers fraudulently received more than $26 million in tax credits (including roughly 1,300 prison inmates who received over $9 million while incarcerated).

Who said crime don't pay?

Sorry - this is an absolute gnit. The foreclosure loss is in the trillions not the millions. Bill them all twice the rip off and make a little money.

But below the perception level in the current mess.

[olecapt]

Originally Posted by 007 license to sell

This article in the Huffington Post is incredible, it sheds light on the banks that are abandoning properties after they have sent a foreclosure notice to a home owner. You may have to sign up to see this article it's free and well worth the read. They address what states like Nevada and Chicago are doing about abandon homes.




Coping With Foreclosure 'War Zones'


March 2, 2011

Bryan Esenberg's job is to tend the graveyard of Chicago's housing boom.

Esenberg works for a local nonprofit that steps in to prevent abandoned buildings mired in the foreclosure process from falling apart while mortgage companies, lenders, owners and investors grapple over who is responsible.

Once, he was called in because the entire facade of an abandoned house had fallen onto the sidewalk, he said. In another case, a young family was stuck in a house with a basement full of raw sewage after the landlord had walked away.

In the first such case he handled, Esenberg said, a homeowner had just packed up and left after getting a foreclosure notice. "But then the bank never foreclosed," said Esenberg, who works with Neighborhood Housing Services of Chicago. "So three years down the line, there's just this house that's been completely abandoned."

As of last year, there were roughly 15,000 vacant buildings in Chicago, 85 percent of which were caught in some stage of the foreclosure process, according to city figures.

Cities around the country face similar battles with such foreclosure ghost towns, struggling to cope with a growing number of empty properties left in the wake of the foreclosure crisis. Mortgage lenders alone have anywhere from 1.3 million to 5.3 million properties on their books, the vast majority sitting vacant while lenders wait for the housing market to improve.

We don't live in Chicago or the rust belt east. It is interesting but totally irrelevant to the situation here.

[BlueGreen85]

I'm considering buying my first apartment or condo. I know very little about real estate though I'm trying to learn more about it. In your opinion, do you think it's wise to purchase real estate in Vegas right now? And why or why not?

Thanks ahead of time.

[airics]

1. you are not here yet 2. you don't have a job yet... so no it is not wise

[BlueGreen85]

I do live here and I do have a job...this forum is not been very helpful thus far.