Lenders Lost on Laurel Woods: Mortgage Woes Seen Nationally

Myrtle BeachOnline ^ | 1/08/2005 | David Wren

[ex-Texan]

Mortage Fraud Blog Comment on Laurel Woods

[samm1148]

Thanks for the link.

[kublia khan]

Deceptive article or not, Geezer or not the housing market is slowing dramatically. I live in a very hot market area and there is 30% more inventory on the market now than at the same time last year and housing starts are not up. Current energy prices are affecting many of the hot market areas because they were commuter driven markets.

[billhilly]

I'm in the same market, if you are referring to Northern Virginia, but you also have to be aware that we have just been in the slowest period of the year for home sales. That said, the market has slowed. Consumer confidence, jobs, and the economy should revive it by springtime. The country has taken a lot of licks, many of which have been inflicted upon us by our out of power politicians in their efforts to return to power. The media have accomodated them by painting as bleak a picture as possible, yet the facts outweigh the nay sayers.

[Porterville]

KOOK ALERT!!!!

[varon]

I'm a single guy who travels during the week so I couldn't fathom what I'd do with a 5,500 sq foot house with finished basement and 1/3+ acre yard and a 3 car garage.

A 5,500 sq. ft house = chick bait

I opted for a $139,000 condo instead.

A $139,000 condo = step up from dorm room ;-)

[RegulatorCountry]

"The media have accomodated them by painting as bleak a picture as possible"

My own local news daily, the Greensboro News & Record, has an utterly political and inaccurate article, front page and above the fold, prattling on about how badly things are going in the local residential real estate market, blaming high interest rates. But, I have been watching the market for over three years. Average days on market has declined to 70 days, from 120 two years ago. Appreciation is up, to nearly 7% for 2005, and is projected to climb over the next several years, as new companies open and more job opportunities arise. And, here's the real kicker ... in their own real estate section, for crying out loud, they're quoting rates from local banks and mortgage brokers, and the rate most frequently quoted, with less than half a point for origination, is 5.75%.

Oh yeah, 5.75% is a disastrous level of interest for a 30 year conventional. What a bunch of leftie idiots they are, at the N & R.

[RegulatorCountry]

That's in today's paper, Sunday, January 8, 2005.

[sitetest]

I'm not sure that when folks talk about a real estate bubble, they're referring to houses that average less than $100,000 each.

I don't think this article does much to advance the argument one way or the other.

[sgtbono2002]

Reports like this kinda make me wonder who got the inside tips that they could buy a home for 50 to 60% of what its worth. I bet a lot of the homes went to the same "invester"

[BIGZ]

Would be interesting to know the ethnic makeup of the defaulters. In my neck of the woods loans that are defaulted on are made made to unqualified buyers. The loans never should have been made in the first place.

The same scenario plays out with the Homes for Humanity group, when the person receiving the home can't pay the taxes and the home is foreclosed on.

Some people just don't understand economics. A case in point is the Minimum Wage, set at $7.50 an hour does not cost the employer $7.50 it costs him $10.00 and hour when you include labor expense.

[upchuck]

South Carolina Ping

Add me to the list. / Remove me from the list.

[B4Ranch]

What are the foreclosure numbers in your area? I'm looking for a vacation home and I sure wouldn't mind buying one a 75% of the value.

[montag813]

Can you please stop posting a link to "NewsPundit.net"...it has absolutely no relevance to this threa, nor any other where you incessantly (and I presume self-promotingly) post it.

[kublia khan]

Not here yet; get back to me in 6 months. I know one builder who is sitting on 6 new 500,000+ and the current market will bear 430's . Get back to me it will come around to your numbers.

[11Bush]

Maybe you should change your screen name. I have yet to meet anyone from Texas who would want to be called EX-texan. Makes one wonder what you are ashamed of. Not to mention you are about as predictable as williegreen and his choo-choo posts.

[Toddsterpatriot]

(and I presume self-promotingly) post it.

You are correct sir!!

[xrp]

A 5,500 sq. ft house = chick bait

That's just it, I'm trying to steer clear of the gold diggers.

Also, I have the best reason (which is true). I just say "I didn't get a house because I am waiting to marry the one who I will spend the rest of my life with so we can choose a house together and pick carpeting, wallpaper, etc -- TOGETHER!"

[Between the Lines]

Are these modular homes?

The home at 8476 Knollwood Drive, for example, was sold to a manufactured-home dealership that more than doubled its money when the home was resold three months later for $125,000, according to the Multiple Listing Service.

That would be my guess.

[gunnedah]

I believe Citizens Against Government Waste called this shot 2 or 3 years ago. I may be mistaken but I think not. This apparently has been brewing for some time and these are the kind of deals speculators make money on and dump it on the tax payers to pay for if they go down.
I do not know the speculators involved in this but George Soros and people like him have made millions from speculating and that is why they are so actively involved in elections so when the time comes if they lose the government will bail them out. It is like making a wager with government support if you lose.
I suspect both Democrats and Republicans have investments in this. Lobbying is killing America and draining us dry. The Lobbyist are buying those who are supposed to represent us with our own tax dollars. It is shrewd but that is what is happening.