MASSIVE number of foreclosures Wilkes-Barre NEPA area (Pittsburgh, Allentown: for sale, real estate)

[coal cracker]

[SIZE=3][/SIZE][SIZE=3]https://www.zillow.com/homes/for_sale/PA/fore_lt/pmf,pf_pt/47_rid/globalrelevanceex_sort/41.277999,-75.809613,41.184532,-75.971489_rect/12_zm/[/SIZE]
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northeastern Pa. Wilkes-Barre, Scranton, Hazleton area
is a sea of foreclosures
there appears to be more foreclosures than normal homes for sale
on the map the blue and red dots are foreclosed homes, or homes in pre-foreclosure


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[SIZE=3]https://www.zillow.com/homes/for_sale/PA/fore_lt/pmf,pf_pt/47_rid/globalrelevanceex_sort/41.277999,-75.809613,41.184532,-75.971489_rect/12_zm/[/SIZE]
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[thecoalman]

Making some claim based on some blue dots on a map is not very scientific.

How do these results compare to other areas in the state with similar household densities using raw data?

[Gerania]

They're all covered in blue dots. I checked.

[coal cracker]

Originally Posted by thecoalman

Making some claim based on some blue dots on a map is not very scientific.

How do these results compare to other areas in the state with similar household densities using raw data?

it's not a "claim"- it's how they sell the foreclosed homes based on location on the map
Zillow is where all the realtors and banks list the foreclosures, for resale.
click on any blue dot on the map- every one is a home at that location that is being foreclosed on,
and is now for sale. the auctioned ones, you will have to join Zillow and get a username/password.
first they are auctioned with the bank also bidding on them, as a shill bidder or stalking horse.
if they don't sell as an auction, then they are listed for a fixed price.
if they still don't sell, eventually they are BULLDOZED, as need be...
really pathetic.
believe it, it's for real. the market is flooded with foreclosures.
NATIONWIDE.
a home is about the worst investment you can possibly make today.
borrow $100k, to pay back $200k over the life of the loan including the interest...or more...
then it's worth what, $75k or less ?
what a joke ! that's not an investment, it's slavery...and a farce.

[Gerania]

Originally Posted by coal cracker

it's not a "claim"- it's how they sell the foreclosed homes based on location on the map
Zillow is where all the realtors and banks list the foreclosures, for resale.
click on any blue dot on the map- every one is a home at that location that is being foreclosed on,
and is now for sale. the auctioned ones, you will have to join Zillow and get a username/password.
first they are auctioned with the bank also bidding on them, as a shill bidder or stalking horse.
if they don't sell as an auction, then they are listed for a fixed price.
if they still don't sell, eventually they are BULLDOZED, as need be...
really pathetic.
believe it, it's for real. the market is flooded with foreclosures.
NATIONWIDE.
a home is about the worst investment you can possibly make today.
borrow $100k, to pay back $200k over the life of the loan including the interest...or more...
then it's worth what, $75k or less ?
what a joke ! that's not an investment, it's slavery...and a farce.

It's not an investment. You're either paying rent or a mortgage. Sure, some people play that game. You can either make out or get badly burned.

What's your point?

[thecoalman]

Originally Posted by coal cracker

it's not a "claim"- it's how they sell the foreclosed homes based on location on the map

You are missing my point, based on their data and assuming 100K households in Luzerne county it might be 0.5% to 1% in foreclosure.... that's just a quick guess. Is that out of the ordinary for the rest of the country?

[thecoalman]

Originally Posted by Gerania

It's not an investment. You're either paying rent or a mortgage.

I don't know if investment is the correct term but the fact is if you rent you are left with $0 after 30 years. You have paid someone else's mortgage, taxes and put some money if their pocket all those years. If you buy you may not get it all back but you will get something back.

[fisheye]

Originally Posted by thecoalman

I don't know if investment is the correct term but the fact is if you rent you are left with $0 after 30 years. You have paid someone else's mortgage, taxes and put some money if their pocket all those years. If you buy you may not get it all back but you will get something back.

There are some that can win and some that can loose by buying. Home/business ownership is not for everybody. The idea is not to go deeper in debt and much of our Country is already in in debt. Every place you turn you see signs saying: No money, no credit come on down. While I realize that most of those signs are to buy cars; it is that thinking that got us in this mess where so many houses are up for foreclosure. I also know that it is not always that simple; some people are hit with staggering medical bills or unforeseen, expensive, repairs.

I worry that we have people that will look at 'bargain' home prices and act too quickly without doing all of their homework. Then they end up only becoming another foreclosure. People that are contractors, handymen, or familiar with local rea estate have a better chance of succeeding - but they also have to know about any problems in the neighborhood.

What is worth noting, with your Zillow link, are all that areas that have no foreclosures. It might be a more interesting question of why some areas fair better than others or it is simply chance?

When I was a commercial landlord in the 1970's I had two tenants that ran successful businesses and, even after I sold; they stayed at that location for the new landlord all of these years. I have asked the one old tenant, that I go to occasionally, why he never bought. He told me that several times he considered it but was afraid of the expense. He simply likes knowing the rent and not having to worry about the upkeep. He can concentrate on his business.

[Gerania]

Originally Posted by thecoalman

I don't know if investment is the correct term but the fact is if you rent you are left with $0 after 30 years. You have paid someone else's mortgage, taxes and put some money if their pocket all those years. If you buy you may not get it all back but you will get something back.

Sometimes you don't get anything back. There are numerous reasons how or why that happens, but it's not uncommon. If you do get some cash, it may not nearly cover your losses.

[Gerania]

Originally Posted by fisheye

There are some that can win and some that can loose by buying. Home/business ownership is not for everybody. The idea is not to go deeper in debt and much of our Country is already in in debt. Every place you turn you see signs saying: No money, no credit come on down. While I realize that most of those signs are to buy cars; it is that thinking that got us in this mess where so many houses are up for foreclosure. I also know that it is not always that simple; some people are hit with staggering medical bills or unforeseen, expensive, repairs.

I worry that we have people that will look at 'bargain' home prices and act too quickly without doing all of their homework. Then they end up only becoming another foreclosure. People that are contractors, handymen, or familiar with local rea estate have a better chance of succeeding - but they also have to know about any problems in the neighborhood.

What is worth noting, with your Zillow link, are all that areas that have no foreclosures. It might be a more interesting question of why some areas fair better than others or it is simply chance?

When I was a commercial landlord in the 1970's I had two tenants that ran successful businesses and, even after I sold; they stayed at that location for the new landlord all of these years. I have asked the one old tenant, that I go to occasionally, why he never bought. He told me that several times he considered it but was afraid of the expense. He simply likes knowing the rent and not having to worry about the upkeep. He can concentrate on his business.

Between job loss and areas in decline, there's a lot of hard luck going around. While it happened years ago, Detroit is the "poster child" for that mess. Many, many people lost their homes. That's not much different than Pittsburgh, Allentown, and all of the coal towns. I can't imagine that anyone makes a living as a real estate agent in Schuylkill County.

My husband and I reluctantly became landlords in the 1990s when our house in the place we'd left didn't sell. We had the world's best tenants, but that doesn't always happen. What if they had destroyed it? We wouldn't have been able to take that hit.

Money pit, illness, job loss, whatever, and you're done.

My son is looking to buy. The things he likes are pretty scary. A house built in 1930 with a slap foundation and has a well, septic system. Seriously. Nope. The split level with the primary living space in the basement? No.

Kids today.