2nd wave of foreclosures to hit

not everyone who "walked away" are bad people

I know a handful of people who had no choice but to walk away
 
mei lan said:
Guard Dad said:
sadie612 said:
Guard Dad said:
I've been expecting this. There's a commercial real estate foreclosure wave coming too.

And yes, the system is broken. Wanna guess who broke it? (Hint - It wasn't evil corporate America).
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I KNOW THE ANSWER ( jumping up and down waving my hand)

It was the GOOOOOBERMENT and the obama administration
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Yes the government. But to be fair, it didn't start with the Obama administration. It started many years ago.
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In the Carter years, if I'm not mistaken. I swear, liberalism is at the root of every ill we have. :BH
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Started then, yes. Ramped up again under Clinton and ran into the ground by Chris Dodd and Barney Frank.

Sadly, the Republicans didn't do much to fix it when they had the chance.
 
C. Mark said:
STOP READING THIS GARBAGE.

Most of the foreclosures you're going to see hit the market won't be trashed beyond repair. You'll see investors snap them up (as they are doing now) to flip and rent. The Rental market is going to be even hotter than it is now. And frankly, we need some inventory. And as long as seller's either can't or won't price (I'm so sick of hearing "I'm not going to give it away.") there won't be anything for me to show anyone. The inventory is so low now, I'm at a loss for what to show anyone. There's less than three months of inventory in Paulding and that's mostly crap that would need extensive repairs to be habitable.

What I hope we learn from this, as a culture, is that we must stop being arrogant. We are the most arrogant bunch of sob's. We don't own the world, some invisible deity in the sky didn't anoint us the chosen ones and sometimes America loses because we are simply too big for britches. We let this happen. We continue to let it happen. I'd say if you don't like the way the house next door to you looks and it's bringing down your value, mobilize your neighbors and get your asses to work. Turn off the big screen TV, that race or sporting event isn't nearly as important as you think it is. Focus on your family, your friends, your own neighborhoods. And, GASP, those that are difference than you. Teach your kids the value of volunteering. Take away their video games and buy them a bike. Take a trip to the library. Take a walk.

I'll share something very personal with you. I can't believe I'm even going to do this. I'm currently four months behind on my mortgage and I was in danger of having my power turned off this week. If it had not been for the generosity of a friend who made me the small loan to cover it, I would have been in the dark Saturday morning. I'm not behind because I'm lazy. I'm not behind because I'm out partying and not paying my bills. I'm behind because two of the three closings I had scheduled for December blew up through no fault of my own. Then another blew up last month. HUD and a foreclosing bank screwed both me and my clients because of their ineptitude. And once you're behind it's hard to catch up. Banks and the government caused this and we can trace it all the way back to the New Deal and the creation of HUD and FHA. Because of this bullshi.t I went three months without a pay check. I was fortunate enough that Jimmy took on a few freelance design jobs and I did get a couple of small rental fees in. We're talking a couple of hundred dollars over a near 12 week period. Nothing fancy. I did some odd jobs like painting an office for my broker. That coupled with one closing in March allowed me to make a mortgage payment and thankfully save my dogs life when she needed emergency surgery last month (when it rains, it pours). HOWEVER, April is going to be a killer month for me. I've got $9k in net commission coming my way. Month's of work is finally going to pay off. I'll catch everything up, replenish my savings and can finally grocery shop without feeling guilty about spending a little more to eat healthy. I haven't had television in two months. I have cut back on everything possible. And I already live well below what most people would think of as poverty level. I chose wisely. I purchased a home eight years ago that I could afford. When I had a vehicle it was used when I bought it. I've never owned a new vehicle in my life. I'll be 36 years old in July. This is one of the reasons I'm also planning a move to Nashville at the end of this year. Their market is doing much better than ours (even though ours is improving drastically) as they never had the inflated values that we saw. I'm choosing to move to a better location that will allow me to be more financially successful. I'm making a choice to not wallow in it. I'm doing what I need to in order to make it. I'm leaving my friends, family and six and a half years of business behind to start fresh. That's what America is about to me. Being humble enough to know when it's time to move on. And having the personal responsibility to actually do it. Not waiting for someone to do it for me.

Through all of this you've probably noticed I remain optimistic. I focus on the positive. I choose to tell you each week what's good about the state of the housing market. I choose to wake up everyday and go to work, thankful that I have a talent and the education that I can use to earn money. Thankful that we can still afford for Jimmy to go to school full time. He was laid off from his job at that other forum last April. No warning, no notice. Just, "We don't need you anymore. Three years was all we needed." We didn't cry and whine. We stopped eating out. We cut back our expenses. When my vehicle died (something that is imperative to my business) I didn't replace it. And I still haven't. I've been doing a job that requires a car for nearly a year and I don't personally own one. We make do with Jimmy's car and my business partner has been a huge help because thankfully he has reliable transportation. I guess what I'm trying to say is, Would any of you that know me or even just read my posts have guessed I was anything other than successful? I sure hope not, because to me I am successful. I get my ass up every day and I go to work. I focus on what's good about life and not what's bringing me down. I live meagerly. My expenses are just under $2000/month. That's mortgage, insurance, food, etc. I don't have any credit cards. I do owe the IRS some bucks but they will get paid this month too, if all goes as planned. So, I'll say it again, STOP FOCUSING ON THE NEGATIVE. Get up, take a deep breath, and get your ass to work doing something productive. You'll feel a whole lot better. And the world won't be nearly as frightening. And besides, death is coming for all of us. Some of you are looking forward to a splendid after life. I'm just getting as much good out of life before it claims me. Auntie Mame said it best, "Life is a banquet, and most poor suckers are starving to death!"

And above all else, have a great day.
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Would never have guessed any of this. You are made of good stuff Mark! Been there and done all of that too. With your attitude and work ethic it will all turn around. I just know it will! I wish you the best because you deserve it. :thumbsup
 
Nation Star doesn't waste time. My Mom passed away in '04. We kept her house with the hopes of buying it and keeping it as a rental, blah, blah. We "gave it" to them(NS) in Oct. of last year (2011). They have already sold it on the Court house steps and it is up for sale.

Now, the house next door has been abandoned for 3 or so YEARS!! I have had to call the Sheriff's Dept. to get the grass mowed. They were AWESOME, by the way.
 
sadie612 said:
not everyone who "walked away" are bad people

I know a handful of people who had no choice but to walk away
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I agree...in your post above where you described how your friend tried to work with the mortgage company...I have heard that same thing more than a few times.
 
mei lan said:
C. Mark said:
Thank you. I appreciate the support.
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You are awesome. Thank you for the perspective. That's exactly what I was looking for.
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I'm not sure that's exactly what you were looking for but I sure felt better after getting that off my chest. The universe is throwing all kinds of signs and lessons at me from every direction. They all have a common theme. That's remain positive even though the bullshi.t is piling up around you. Keep that outlook and that work ethic and you'll survive stronger. That message is resonating from everywhere with me today.
 
C. Mark said:
mei lan said:
C. Mark said:
Thank you. I appreciate the support.
Click to expand...

You are awesome. Thank you for the perspective. That's exactly what I was looking for.
Click to expand...

I'm not sure that's exactly what you were looking for but I sure felt better after getting that off my chest. The universe is throwing all kinds of signs and lessons at me from every direction. They all have a common theme. That's remain positive even though the bullshi.t is piling up around you. Keep that outlook and that work ethic and you'll survive stronger. That message is resonating from everywhere with me today.
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Well, I know you don't believe in God, but I'm still keeping you in my prayers. ;) I love your attitude, and I could not agree more. Negativity affects me in a really bad way, and I think it's important to keep the big picture in focus. Thanks.
 
mei lan said:
C. Mark said:
mei lan said:
C. Mark said:
Thank you. I appreciate the support.
Click to expand...

You are awesome. Thank you for the perspective. That's exactly what I was looking for.
Click to expand...

I'm not sure that's exactly what you were looking for but I sure felt better after getting that off my chest. The universe is throwing all kinds of signs and lessons at me from every direction. They all have a common theme. That's remain positive even though the bullshi.t is piling up around you. Keep that outlook and that work ethic and you'll survive stronger. That message is resonating from everywhere with me today.
Click to expand...

Well, I know you don't believe in God, but I'm still keeping you in my prayers. ;) I love your attitude, and I could not agree more. Negativity affects me in a really bad way, and I think it's important to keep the big picture in focus. Thanks.
Click to expand...

I do believe in love.
 
C. Mark said:
mei lan said:
C. Mark said:
mei lan said:
C. Mark said:
Thank you. I appreciate the support.
Click to expand...

You are awesome. Thank you for the perspective. That's exactly what I was looking for.
Click to expand...

I'm not sure that's exactly what you were looking for but I sure felt better after getting that off my chest. The universe is throwing all kinds of signs and lessons at me from every direction. They all have a common theme. That's remain positive even though the bullshi.t is piling up around you. Keep that outlook and that work ethic and you'll survive stronger. That message is resonating from everywhere with me today.
Click to expand...

Well, I know you don't believe in God, but I'm still keeping you in my prayers. ;) I love your attitude, and I could not agree more. Negativity affects me in a really bad way, and I think it's important to keep the big picture in focus. Thanks.
Click to expand...

I do believe in love.
Click to expand...

:thumbsup :love
 
I didn't read all the comments as I barely have both eyes open this time of night and it's been a busy day.

This is really the 3rd or 4th wave of foreclosures coming, mostly from those that have been in the system for the last 2 years. The real flood is just now entering into the early stages and will be another year before they hit the market....if the gubernuts don't do something again to delay things. This next wave will be equal to all the previous waves before...combined.

If you dig deep into the real numbers, it will take another 3 to 5 years to work all this out. And (sorry Mark, I did not read all of your comment) Mark is right, we have record low inventory and more and more buyers coming into the market.

I know it may sound cruel, but we need the gubernuts to get out of the way, leave the housing market alone and let the market fix it's self. We have to have the final crash, prices to bottom out and the foreclosures to finish the process, before there is any return in property values. The market has been bouncing along for the last 4 years. It has to be allowed to crash before we see the recovery.

I hope that made sense as I'm about to fall asleep at the keyboard?
 
Winchester said:
I didn't read all the comments as I barely have both eyes open this time of night and it's been a busy day.

This is really the 3rd or 4th wave of foreclosures coming, mostly from those that have been in the system for the last 2 years. The real flood is just now entering into the early stages and will be another year before they hit the market....if the gubernuts don't do something again to delay things. This next wave will be equal to all the previous waves before...combined.

If you dig deep into the real numbers, it will take another 3 to 5 years to work all this out. And (sorry Mark, I did not read all of your comment) Mark is right, we have record low inventory and more and more buyers coming into the market.

I know it may sound cruel, but we need the gubernuts to get out of the way, leave the housing market alone and let the market fix it's self. We have to have the final crash, prices to bottom out and the foreclosures to finish the process, before there is any return in property values. The market has been bouncing along for the last 4 years. It has to be allowed to crash before we see the recovery.

I hope that made sense as I'm about to fall asleep at the keyboard?
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Made perfect sense and I agree with you.
 
We all know that this inventory exists, but that doesn't discount the recent market improvements. While the reasonable release of this inventory may delay the price expansion in housing and thus the building industry recovery, I think that we have seen the bottom, or are at least very close to it. I have said all along that buying now is not a guarantee of instant riches. Think more like 10 years down the road. That said, we just bought a cabin in Blue Ridge for about what it was built for in 1996.

I tell you this new wave of student debt is what is scaring the crap out of me right now.
 
lotstodo said:
We all know that this inventory exists, but that doesn't discount the recent market improvements. While the reasonable release of this inventory may delay the price expansion in housing and thus the building industry recovery, I think that we have seen the bottom, or are at least very close to it. I have said all along that buying now is not a guarantee of instant riches. Think more like 10 years down the road. That said, we just bought a cabin in Blue Ridge for about what it was built for in 1996.

I tell you this new wave of student debt is what is scaring the crap out of me right now.
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Amen to that, brother...I truly cannot imagine leaving college owing $100K or more right out of the gate. The thought of it makes me want to puke.

Also - I assume by your comment that your sale went through? Woo hoo!!!
 
mei lan said:
lotstodo said:
We all know that this inventory exists, but that doesn't discount the recent market improvements. While the reasonable release of this inventory may delay the price expansion in housing and thus the building industry recovery, I think that we have seen the bottom, or are at least very close to it. I have said all along that buying now is not a guarantee of instant riches. Think more like 10 years down the road. That said, we just bought a cabin in Blue Ridge for about what it was built for in 1996.

I tell you this new wave of student debt is what is scaring the crap out of me right now.
Click to expand...

Amen to that, brother...I truly cannot imagine leaving college owing $100K or more right out of the gate. The thought of it makes me want to puke.

Also - I assume by your comment that your sale went through? Woo hoo!!!
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This is why I worked nights ad weekends to pay for my daughter's college. I didn't want either us or her strapped with that kind of debt. I was very fortunate to have been able to pull that off.
 
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