Thanks for the ideas, suggestions, and well-wishes for the blog!
How long will foreclosures persist?
Flat or bumpy pricing isn’t enough – because homeowners on a tight budget can have a single life-changing event that forces them to sell. They need a rising market to be able to break even with costs, and with little or no penalties or stigma attached, we’ll probably see a steady trickle/stream of foreclosures from now on.
I saw one today where the seller, who purchased using FHA on 9/30/09, was already short-selling!
We offered to help here, where the previous owner had lasted less than a year:
Wow…what a crazy house…I would had thought I was looking at something from Dr. Seuss.
Yes, I think we can agree that him letting this go to foreclosure was no big loss…..
CoreLogic estimated that the Realtors group overstated sales in 2010 by at least 15%.
Among the reasons for the inflated figures, the Realtors group says: changes in the way the Census Bureau collects data, population shifts and some sales being counted twice. Last year’s total sales figure of 4.91 million was the worst in 13 years.
http://www.usatoday.com/money/economy/housing/story/2011-12-12/Home-sales-revision/51838420/1
1. Wow… what a crazy house… I would had thought I was looking at something from Dr. Seuss.
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Reminded me more of “The Shining” hedge maze.
Perhaps I’ve not had enough caffeine yet this morning but did you say that the current owner (recently foreclosed) was a client that you were working with to get a loan mod?
…and that the foreclosee had moved here from a house he short sold recently? If so, wow.
Richard was working on that case and I didn’t get the full details of how it ended until after the video was shot.
This foreclosee purchased this home from the bank that foreclosed on the previous owner, who paid $780,000 in May, 2006 and financed 100%.’
I doubt that they made a payment, because their lender foreclosed 11 months later.
This latest foreclosee paid $655,000 in May, 2007, and got foreclosed in October, 2011. The bank’s opening bid was $474,383, so they bumped the price a bit when they listed, probably just due to the square footage. But that floor plan has its quirks.
Richard had tried to help him sell one of several condos he bought for investment around the peak, because his business was great – he made good money doing acoustical-ceiling removal for condo conversions. But a typical example of what has happened to people whose income weas related to the housing boom, the bottom fell out and now he’s just hanging in there.
I looked at this place back in 2007 when it was on the market. It was trashed back then and I remember walking into the unlit garage room with a carpeted floor that 1 inch deep in rat crap. The realtor showing the place commented that there were wood chips on the floor. As soon as I told her it was rat crap a she sprinted out of the house almost running me over. Not an ideal showing.
Thanks for clarifying, Jim.
Ouch, lots of suffering in the trades and related fields. I worked in telecom c&e until the bottom fell out in 2008 but we could see it coming for the last year or two of the boom. From 2004 to early-2007 we couldn’t engineer and build infrastructure fast enough to keep up with demand, then things slowed down before screeching to a dead stop in 2008. I’ve seen a few mothballed subdivisions get built out this year but, of course, the utilities went in long ago so still no work for me yet. 🙁
JE,
I’m not surprised about the realtor’s reaction. You can get serious respiratory illnesses from inhaling stirred up rat feces, and possibly even die.
An interesting fact… once there has been a rat infestation, it’s very hard to keep them from coming back. The pheremones and scents get absorbed into the wood, concrete, even nails. You have to treat the area more carefully than a mold house. I personally would steer clear of any house with obvious signs of rat presence; they will come back; the best treatment is to bulldoze the house, remove any concrete start fresh. YMMV.
Sometimes, structures are worth nothing. Jim, how much do you think the lot is worth?
Remember, being an REO, they are under no obligation to disclose prior issues.
Chuck