Orlando still near the top in Foreclosures (Spring Hill, Clermont: short sale, to rent)

[Fl1150]

Florida went through a bad housing bust and those other states were not affected as much as here since they weren't haven't 800 people day move to their states.

[tworent]

Originally Posted by tinytrump

I guess the banks like to keep them on their books -they are so slow to deal with them- they have enough money for manpower to clear through the paperwork in a decent time line and the courts not as crowded as they used to be. Foreclosures bring down the market, the neighborhood, as the home deteriorates it loses value...no tax is collected- makes no sense

Makes 100% sense from the bank perspective. First thing is the bank does not care if the house goes down in value, because the stupid government guaranteed payment anyway. From the banks point of view why not loan someone money even if they know that person will not pay it back. . The bank will keep it on the books until it is not worth writing it off anymore and then dump it and then call the government and collect the money.. Government interference caused 100% of the problem.

[chopchop0]

Originally Posted by kyle19125

21 other states use the judicial process as well, so it's not really a non-news event if we're still at the top of the heap in one of those states....

FL has a bigger population than many of those states and also had more of a runup in both housing prices and construction prior to the bust. Again, this should not be a surprise if you know these facts.

[kyle19125]

Originally Posted by chopchop0

FL has a bigger population than many of those states and also had more of a runup in both housing prices and construction prior to the bust. Again, this should not be a surprise if you know these facts.

Except for the fact the "runup in housing prices and construction" went belly up nearly 8 years ago. There's no sign of letting up in terms of foreclosures, and consumer spending/disposable income in this area are still way down (ask pretty much any small business owner still around)...so it's not really as pretty as you homers would love to portray. And no, it's not like this everywhere.

[Spring Hillian]

I guess it's tough cookies for those who cant afford to pay their mortgages. They should have stayed as renters instead. What they would do if they were renters facing the same income problems is beyond me.

I wonder how many of the foreclosures are people who have a sour grapes attitude. They paid too much for the property and now they want out.

[kyle19125]

Originally Posted by Spring Hillian

I guess it's tough cookies for those who cant afford to pay their mortgages. They should have stayed as renters instead. What they would do if they were renters facing the same income problems is beyond me.

I wonder how many of the foreclosures are people who have a sour grapes attitude. They paid too much for the property and now they want out.

Hindsight is 20/20 and armchair critiquing provides little credible insight into the realities...

[tinytrump]

I don't know but I would think most home owners are not happy they lost their homes. that's a lot of effort and upkeep, down payments, repairs and dreams down the toilet. Also the way homelessness has risen- not sure people are happy about it at all. Got to walk in their shoes my friend- BUT-there are some that I read that they quickly bought a better more expensive home that foreclosed down the street, for lower mtg than they paid on their present house--then would let their home go. --I heard that was happening in CA with peeps who qualified for those 2 mtgs. at the same time?

[Spring Hillian]

Originally Posted by kyle19125

Hindsight is 20/20 and armchair critiquing provides little credible insight into the realities...

true, but there is nothing that is going to change the reality. Once the bomb has been dropped there is no calling it back. The situation is not reversible. It is a great lesson to future home buyers. Perhaps they will be more prudent and educated about how adjustable rate mortgages are.

[bmw335xi]

Originally Posted by kyle19125

Hindsight is 20/20 and armchair critiquing provides little credible insight into the realities...

It doesn't take a genius to know a person making $40k can't afford a $750k home. People were greedy plain and simple and that applies to BOTH the borrower and the loan officer.

[annerk]

Originally Posted by tinytrump

I guess the banks like to keep them on their books -they are so slow to deal with them- they have enough money for manpower to clear through the paperwork in a decent time line and the courts not as crowded as they used to be. Foreclosures bring down the market, the neighborhood, as the home deteriorates it loses value...no tax is collected- makes no sense

Not really. I have two foreclosures in my neighborhood. In both cases the owners are still living in the homes and maintaining them. When there has been an empty foreclosure, the bank has maintained it. Our HOA lawyers get after them on day one to keep the lawn up. We also don't waive delinquent dues. We lien and the bank needs to pay them to get clear title to sell.