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i think it is true that some people come down here thinking what a great deal the homes are --compared to where they are from. they have a vision of what they would love to have, they get it and forget that the stress was what they were trying to get away from in the first place.
when we moved down here, i made sure we spent under a certain amount because i didnt need a 2500 sq ft house, and what i really didnt need was all the stress that i had back home.
the whole point for me was to get away from all that, be able to stay home and still have a house of our own.
How many of these people really knew in their gut that they couldn't afford the payments, but since the banks approved them anyway they jumped off the deep end anyway figuring 'something will work out'.
And by golly something has worked out, energy and food costs soared and people sink. It is NOT the place of government to bail out people that choose to make bad decisions, nor to bail out banks that made risky loans out of greed.
The headline qoute from wral: The surge in real estate actions in the state is more than double the U.S. increase, which jumped 55 percent, a tracking firm said Thursday............................Nc has doubled the us average for foreclosures wow what a mess. what state do you think the flippers are thinking about rigt now.
i honestly dont think flips would work here. many of the older homes are in bad neighborhoods and need to just be torn down. the rest are new.
i feel like as long as builders keep building new, no one is going to want a flip, when they can get a better deal new.
This is bad news, how many of these do you think are related to people moving here thinking its cheap and then not making enough to survive?
I would say less than 5%. I think it has more to do with people who were already in NC for whatever reason and they got in over the head with homes they couldn't afford in the first place or bad loan programs that they should have known better than to have signed.
I have to disagree here based on a couple of facts. Homes in the area were alot more affordable pre transplant surge(4 years ago). Most of the forclosures in this area (Raleigh) are high end, and newer homes. also (i would assume)exsisting residents of nc had jobs that payed nc salary, compared to transplants whom see a 1300 sq foot house at 180,000 as a deal because salary much higher in the NE ,but not the case for people who are from here. And lastly the last one in the door first one out, in regards to job cuts, new residents would be more at risk of losing there jobs and homes then a long term resident working inthe same job for many years. But if you find facts to go the other way I will bite.
I agree with you that it is all the yankees who moved down South and can't pay the bills. People dont' understand that while everything is cheaper, you don't make as much. I think all this is temporary though, NC is booming.
Im not saying its Yankees or westies or florida halfbacks; but it is the whole crazy move here without a job, Nc is cheap you will have a better life thing going down in flames. It makes no sense to think that people who lived in a place all their lifes and worked in the state at state wage would over price themselves in homes at a rate of 127 %. you can see all over this board that people are running for the light from other states and not making good choices in a state they are clueless in. wages equal home price thats why ny nj ca are so expensive..also Im not going to blame some one just because they are from some where else, alot of these transplants are good folks and are struggling because they followed the hype.
Homes in the area were alot more affordable pre transplant surge(4 years ago).
Surge started only 4 years ago???
I'm thinking the surge started more like 20 + years ago when IBM came to town. Definitely way more than just 4 years ago.
FWIW, the foreclosure numbers I've seen for the triangle point more towards the lower end of the market in areas of more affordable homes for first time buyers like in SE Raleigh and outlying areas of Wake County like Fuquay.
I still think it has more to do with people who got in over their heads with bad 0% down loans and adjustable ARMS. Like the rest of the country, that is unless you think everyone across the country is going into foreclosure because they moved without a job. I doubt it myself. The foreclosure crisis is a national phenomenon, hardly isolated to NC or Raleigh for that matter.
Also, I know many 40-50 year old career workers who would strongly disagree with your "last in first out" theory about job cuts. That is hardly the case these days.
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Less than you think!
