FreeTime Posted August 22, 2007 Report Share Posted August 22, 2007 RealtyTrac Inc. reports U.S. home repossessions & foreclosures jumped 93% in July from year earlier: http://news.bbc.co.uk/2/hi/business/6957738.stm The July figure is a 9% jump from June. Not the kind of stat to settle still nervous equity markets. Link to comment Share on other sites More sharing options...
Bangkoktraveler Posted August 22, 2007 Report Share Posted August 22, 2007 I believe in Nevada the foreclosure rate is something like 1 in 38. Link to comment Share on other sites More sharing options...
unit731 Posted August 22, 2007 Report Share Posted August 22, 2007 Well, they were giving away money for free. Link to comment Share on other sites More sharing options...
Old Hippie Posted August 23, 2007 Report Share Posted August 23, 2007 Odd is, a few weeks back, I "pre qualified" for a mortgage...on a straight salary of $65K USD/yr, they were trying to convince me I could afford $2400 a month in total payments...now, with all the "new policies" it seems I wouldn't even qualify for a mortgage anymore...not enough down, not enough cash ion had, etc...they would take into account 401K and my private investment portfolio, but still would need 20% down and more cash in savings...hard to do on 1 income, in an area where the average house is $600K++ Link to comment Share on other sites More sharing options...
passingthru69 Posted August 23, 2007 Report Share Posted August 23, 2007 What's funny is I took over the house payments frommy mom last year this time. The loan is in her and my late step dad's name. I applied to put the loan in my name. Well the rate would jump 2 %. I asked why the jump when I know my credit is better than my mom's? They say that with the bust they are being more carefull and tighting up. Then I just said fine. Leave it on old loan and I'll finish the old loan. The credit market has tightened up on homes,but I'm now looking at buying a new heavy haul trailer. 350K no problem on that. Go figure. Link to comment Share on other sites More sharing options...
Old Hippie Posted August 23, 2007 Report Share Posted August 23, 2007 That is what is fucked up, now that housing prices are falling, they don't want to make it easier for people to buy a home. I work with tons of guys who were all going to get "rich in real estate." They knew it all...had 3-4 house etc, and most/all were on interest only loans with a negative cash flow...I am no financial wiz, but even I knew that was a bad way to do business...now comming home to roost. My Ex, bought a house, 5 years interest only, convinced by all these experts that she could refinance, get her equity, make a ton...the bottom line is, the house didn't go up much, and she has maybe 1.5 years left on an interest only loan...long story short, unless the house jumps $150K, it would have been better for her to have rented and invested the difference. Rumor here is this is all just the beginning of the real estate crunch...still, many here think the bay area is "immune" from it, and they cannot lose money...in the short term. Link to comment Share on other sites More sharing options...
passingthru69 Posted August 23, 2007 Report Share Posted August 23, 2007 Yep, those interest only loans scare me.. Now there are people that are trying to rent those homes just to make loan payments. Yes it is nice to have your own home,but why in the world would you jump in like some of these people have done thinking I can do it and the world is great. Take off the rose colored glasses They are spending more in the long run. When ever I borrow money I make sure it is a fixed rate.. The market is way to shaky. Even years ago I have allways went fixed rate. Link to comment Share on other sites More sharing options...
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