Posted on 02/12/2015 9:12:47 AM PST by george76
There were more than 2,300 homes and condos in the foreclosure process last month. That is up 104 percent from December.
Statewide that increase is 109 percent from January 2014.
The jump in foreclosures comes as the Phoenix housing market tries to shake off a slow 2014 where low demand for homes and tough mortgage qualifications stymied sales.
Foreclosure activity was also up in states such as Ohio, New Jersey, Maryland and California and metropolitan areas such as St. Louis, Los Angeles and San Francisco.
The worst cities for foreclosures include Atlantic City, Las Vegas and eight Florida markets including Tampa, Orlando, Miami and Jacksonville.
The year-over-year increase in REOs in January was the first annual increase nationwide following 25 consecutive months of declines, getting the foreclosure spring cleaning we anticipated in our last foreclosure report off to a quick start in 2015
(Excerpt) Read more at bizjournals.com ...
Ya see all these foreigners, Muslims who bring in truck loads of money, driving around in new Mercedes and Lexus's, living in upscale neighborhoods? The same one's buying up fast food franchises by the dozen. Ya see this everywhere in CA. None of this is an accident.
We're all being incrementally replaced.
I moved back to the area in 2012 and had a hard time finding a house in a short close period for the home I was selling in NC.
Three years forward and it's full out insanity out there. New builds everywhere and they are building those large 4000 sq foot heat boxes again. Last bust you couldn't give one of those things away, they were selling for less than the one story ranches half their size.
The thing about the way they build out here too. The houses really, truly suck. Bad. (said in my best Obamaphone lady voice).
They are horrible. On really small lots, no storage--they feel like large, crappily built apartments. So, no one really, really has any feeling of permanence or "home" feeling to the house. You hate your neighbors because, well, living right on top of just about anyone is not a recipe for tranquility. Stuff starts falling apart after a year or two. So, I understand how many, less disciplined people, just look at it and say, "Eh, not worth it, here are the keys".
In Phoenix metro, there has been and is yet another orgy of condo and apartment building, despite the insanity of it. Where these developers are getting the money to do this is a very good question.
Where these developers are getting the money ...
Government money printing to their pals ?
I bought in 2014. Small ranch in a newer far NW subdivision. I am satisfied with the “build” quality but someone needs to tell them that the small ranches are going to be used by retired folk that have four seasons of clothing that they want to keep when they travel to relatives and the closets need to hold something. The prices are still moderate but not the giant bargains of 2007-2010. I don’t much care if the prices come back to the 2003 - 2007 range because I am going to be in this until I die or go to the “home” in 20 years — I didn’t buy with resale in mind.
Like you say, you can buy a 2800 two story for less than a 2000 foot ranch. We seniors don’t want to pay utilities on those bigger boxes but we do want space.
I think the lots are platted so small because half the houses have pools and they will all need the wall enclosures due to that. One neighbor from California use their garage for evening parties as is more a custom out there but we hate it. It is only one house on the block that does this however. A lot of homes were bought up by hedge funds looking to park money — there are lots of rental houses in good shape in Phoenix where people bought when the market went in the toilet and they rent them until they retire and come out here.
I have one younger couple that bought a three car garage model like mine, had the builder put a solid wall and window where the garage door would be and they have a 240 SF walk in closet.
This impending collapse brought to you by big government and shady lending.
Maryland “Freak State” PING!
Conversely, I love living here. (17 years in total) and I have, pretty much, hated every house I have had here--mostly. LOL.
Tis the price of sunshine-which I need to stay sane.
Ironic that our local TV station here the The Great White North East had a segment last night on people swarming the travel agencies to get to some place warm. Anywhere.
Google: Las Vegas, zillow
Click on Las Vegas, NV Single Family Homes For Sale then Cheapest
The first 20 webpages are almost all foreclosures and auctions!!
But don't forget the even larger element of “property investors”, whose members couldn't flip/rent the properties soon enough to generate any actual “profit” for their “get rich quick” schemes, and were foreclosed upon when they refused to absorb their investment losses.
Nobody ever talks about THOSE people/groups/funds though.
Those who “invested” in properties, and artificially drove up both the sales and rental markets, until all the bubbles they created burst.
We are not allowed to talk about that aspect at all...
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.