homes in foreclosure top 1 million

[Darth Caedus]

Prices haven't lowered here - in fact they are higher than they were a year ago. I think I can afford a parking garage space for my car...that runs about $20,000.....wonder if they'll mind if I put a bed in my space instead.

You don't buy from the person selling the home, you buy from the bank that foreclosed on the home. Where I work, $500,000 homes are being sold for like $325,000 just because they want to get rid of it before it plummets even more.

 

[El Roranous]

You don't buy from the person selling the home, you buy from the bank that foreclosed on the home. Where I work, $500,000 homes are being sold for like $325,000 just because they want to get rid of it before it plummets even more.

Very nice... but still too much for me.

 

[Darth Caedus]

Very nice... but still too much for me.

Just an example, I'm sure there are cheaper deals than that.

 

[Darklord Dave]

LA is one of the hardest hit in the nation by the mortgage crisis - and you still can't even get a decent condo for $325K.

 

[Bannister]

Tent city? Sounds like a place where Gypsies live. Maybe one might find Johnny Depp just wandering around barefoot outside around a campfire.

I think you are more likely to find him wandering around his nice french villa.

 

[The Mike]

Prices in my area have plummeted. Homes that were selling for $600,000 just two years ago are short saled at $299,000......I live in the East Bay and Brentwood is the worst of it, they built homes setting themselves up to try and be a very rich community and people bought into it, but now there is no one available to afford those homes and the neighborhoods are filled with dying grass, empty homes, etc.

 

[carbo-fation]

Glad to see this thread is still around. Too bad the other one got locked down. I wanted to reply to some of the rather ignorant posts. Oh well.....there'll be others.

 

[El Roranous]

I think you are more likely to find him wandering around his nice french villa.

Or his private island.

 

[Bannister]

Or his private island.

I hate that bastard.

 

[El Roranous]

I hate that bastard.

Me too.

 

[Anzik]

Expecting people to read their mortgage papers would be as ridiculous as expecting them to anticipate their fresh, McDonald's coffee is hot.

We need another law to protect them from complicated wording that our last law made mandatory.

 

[wofford29]

Expecting people to read their mortgage papers would be as ridiculous as expecting them to anticipate their fresh, McDonald's coffee is hot.

We need another law to protect them from complicated wording that our last law made mandatory.

Why shouldn't we expect it? RESPONSIBILITY!

A loan officer would go over the highlights with them, the pros and cons, even if it's a hard sale and the loan officer is just trying to close the deal, they still have it available to read for themselves, and if that's not enough they have it read to them again at the closing table before they sign the paperwork. All it takes is paying attention and being responsible. This goes for both ends, but a 98% of it should fall on the mortgagee's shoulders. All the opportunity is there, just open your ears, or your eyes and make the right choice.

 

[BadMoon]

Expecting people to read their mortgage papers would be as ridiculous as expecting them to anticipate their fresh, McDonald's coffee is hot.

We need another law to protect them from complicated wording that our last law made mandatory.

I used to work retail and you wouldn't believe the stuff people would try to pull on returns. Something as simple as keeping their receipt or reading the back of it. They would say things like "Who reads those?" Or "Who keeps those?" People need to bare some of the responsibility. People are too quick to blame other people for everything.

 

[Bannister]

Why shouldn't we expect it? RESPONSIBILITY!

A loan officer would go over the highlights with them, the pros and cons, even if it's a hard sale and the loan officer is just trying to close the deal, they still have it available to read for themselves, and if that's not enough they have it read to them again at the closing table before they sign the paperwork. All it takes is paying attention and being responsible. This goes for both ends, but a 98% of it should fall on the mortgagee's shoulders. All the opportunity is there, just open your ears, or your eyes and make the right choice.

I think he was being sarcastic.

 

[Bannister]

I used to work retail and you wouldn't believe the stuff people would try to pull on returns. Something as simple as keeping their receipt or reading the back of it. They would say things like "Who reads those?" Or "Who keeps those?" People need to bare some of the responsibility. People are too quick to blame other people for everything.

When I worked at Quizno's a guy asked me what came on a turkey ranch and swiss sandwich. After I told him, he asked me what kind of dressing came on it.

 

[woodsy]

Being a bit on the older side, I am absolutely amazed at how few people there are of this younger generation who are willing to take responsibilty for their own actions. Blame Bush, blame your parents, blame anyone and everyone, but whatever the hell you do ...don't look in the mirror and blame yourself Did Bush put a gun to anyone's head when they decided to buy a $300,00 house instead of the $200,00 one they could afford? Did he put a gun to the head of anyone who decided to slap $3000 on their credit card to buy the latest LCD or plasma TV?

Tha fact of the matter is American's, and to a lesser extent Canadians, have been living well beyond their means for years. Unfortunately in this age of instant gratification the concept of actually waiting to buy something until you have the money upfront is almost dead. It's this "I gotta have it now" mentally that is finally catching up to us and killing our economy's. If you want to blame Bush knock yourself out, but if you want to know who the real culprit is...just look in the mirror.

 

[tylerd]

You do realize that this housing bubble started in 1995, right?

just coincidence that the most recorded foreclosures in history and the highest fuel costs in history just happened when bush was in office, in the second half of his final term? he's a victim of circumstance.

what happens when a pro team has a great roster and loses? they fire the manager or head coach. the foreclosures are a direct result of an unstable housing market. doesn't bush and his republican cronies ever take responsibility for anything? our government should take the reins and guide our country. why else are we paying all this money in *od damned tax?

 

[El Roranous]

I really liked that show... Duck Tales.

I always thought girls with really harsh Australian accents were so hot. Yum.

 

[hairlesswookiee]

Being a bit on the older side, I am absolutely amazed at how few people there are of this younger generation who are willing to take responsibilty for their own actions. Blame Bush, blame your parents, blame anyone and everyone, but whatever the hell you do ...don't look in the mirror and blame yourself Did Bush put a gun to anyone's head when they decided to buy a $300,00 house instead of the $200,00 one they could afford? Did he put a gun to the head of anyone who decided to slap $3000 on their credit card to buy the latest LCD or plasma TV?

Tha fact of the matter is American's, and to a lesser extent Canadians, have been living well beyond their means for years. Unfortunately in this age of instant gratification the concept of actually waiting to buy something until you have the money upfront is almost dead. It's this "I gotta have it now" mentally that is finally catching up to us and killing our economy's. If you want to blame Bush knock yourself out, but if you want to know who the real culprit is...just look in the mirror.

AMEN!!!!! can you teach a finance class for high school kids??? seriously, don't they teach economics or simple budgeting anymore??? there was a guy in my class last term.. couldn't have been a day older than 18. just out of high school. what's he driving???? a new 5 series BMW. now i'm almost 100% that his mommy and daddy got it for him, but he was constantly ^^^^^ing about all the bills he had and how he couldn't afford rent, or whatever. i just chuckled and asked how much his car payments were. seriously, i think these dumb kids that have to have the 28,999 sq. foot house, and brand new BMW or Lexus out to be kicked in the ass. they finish school and go bury themselves even further into debt??? no thanks.... i have no problem renting for a couple more years until i can get completely finished with school and settled with my career and finances. sure, my parents are always ^^^^^ing at me about how i spend so much on my collecting habits, but i really don't over extend myself to where i can't pay my bills and put it on credit cards. (finally)

 

[hydrobud]

It's Bush's fault? It's his fault that SO many people were stupid enough to take ARM loans that they later could not afford just so they could get into a house? Lets not balme it all on the price of gas and groceries. If you're living to the very ends of your means and the price of gas and food pushes you over the edge then perhaps you should live in a smaller home with a smaller mortgage?

Again, I can't stand W, but this is hardly ALL his fault. The people themselves are to blame as well.

shouldn't the bank know if you can afford the loan or not ?