Posted by PJM/MI on 2/6/07 7:30am
Msg #174219
Foreclosures (Kind of OT)
My local paper ran an article stating there were 240 foreclosures in my county in 2005.
There were 194 last MONTH.
(But hey.. the Wal-Mart parking lot is full!)
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Reply by MistarellaFL on 2/6/07 7:41am
Msg #174224
I have been seeing alot of repeat brw's in the last year or so.
Some are almost at the point of foreclosure, and many claim it is becasue of the
2/28's and 3/27 ARM's they signed back in 03-05.
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Reply by ColleenCA on 2/6/07 7:46am
Msg #174226
Re: We will be seeing more and more of these
As these loans were the only way some could even think of entering the housing market.
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Reply by Teddog/CO on 2/6/07 9:35am
Msg #174247
Re: We will be seeing more and more of these
It's very true. So many people got themselves into impossible positions with interest only loans. Just one little thing goes wrong or they waited to long to get into a conventional loan. And for some , well they just kept spending, spending . Not a happy thing for all parties involved.
Now they are giving away new Mustangs trying to sell new homes. That way you can drive to the poor-house.
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Reply by Stamper_WI on 2/6/07 9:38am
Msg #174251
Re: We will be seeing more and more of these
I recently saw one in the paper where he only owed $9,000! The assessed value (not open market value was $130,000.
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Reply by PAW on 2/6/07 9:44am
Msg #174254
Re: We will be seeing more and more of these
>>> Now they are giving away new Mustangs trying to sell new homes. That way you can drive to the poor-house. <<<
A national builder tried that here too. (I do EOM closings for the builder each month.) I asked about the program and if there were any takers. In the three months they had the "sale", they did not give away any. Instead, the buyers took seller concessions, upgrades on the home, etc.
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Reply by ZeeCA on 2/6/07 12:57pm
Msg #174299
giving away mercedes in my area.... n/m
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Reply by MichiganAl on 2/7/07 2:28am
Msg #174469
I'm in Wayne Cnty, I think we lead the nation in forclosures n/m
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