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Foreclosures Up 39 Percent in 1Q
MSNBC ^
| 5/21/2006
| Liz Flaisig
Posted on 05/24/2006 9:38:32 AM PDT by ex-Texan
NORTHEAST FLORIDA -- The rise in foreclosures that analysts predicted would follow an easing in lending restrictions, low interest rates and creative mortgage products has emerged in metropolitan Jacksonville.
Recently released data from California-based RealtyTrac Inc. showed the five-county metro area experienced a 39 percent increase in foreclosures over last year's first quarter, or 3,579 foreclosures for the first three months of this year compared with 2,570 for the same period in 2005.
The increase was just above the national foreclosure increase of 38 percent for the first quarter, which RealtyTrac analysts said could mean foreclosures going above 1.2 million in the United States this year.
(Excerpt) Read more at msnbc.msn.com ...
TOPICS: Business/Economy; Crime/Corruption; Culture/Society; Extended News; Government
KEYWORDS: andagonyonme; badplanning; brokenrecord; bubbles; bushbubble; bushdepression; cereal; chickenlittle; despair; dontworrybehappy; doomandgloom; extexanluvskeywords; fear; fliphorseoverrepeat; foreclosures; getalifeex; gloom; gloomanddoom; goldpimp; helpme; housevultures; housing; ilovemisery; iluvwilliegreen; markettrasher; mortgages; newsubjectplease; realestate; recordhomesales; recordinventory; sameoldsameold; wereallgoingtodie; whatstheagenda; whatsyourpoint; wrongsince2003; zottthisposterplease
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Makes perfect sense to me. More people buying over priced homes they cannot afford. And more people signing up for option ARM loans with 1% teaser rates. That means the unpaid interest is added to to the amount owed every month. Thus, after the first year a consumer who took out a $ 400,000 loan using a 1% option ARM will owe a total of about
$ 422,000.
Hip Hip Hoo-ray! The naysayers will probably trash and vadalize the KEY WORDS again in this post. Yada, yada
1
posted on
05/24/2006 9:38:33 AM PDT
by
ex-Texan
To: ex-Texan
So you state $22,000 per year which is $1833 a month of interest?? But the 1% loan payment is so small that they should have no problem making the payment, so your facts don't add up.
2
posted on
05/24/2006 9:42:40 AM PDT
by
mmyers
To: ex-Texan
I smell cheap homes acomin soon.
3
posted on
05/24/2006 9:45:20 AM PDT
by
x5452
To: ex-Texan
I'll bet the rise in insurance costs is huring NE FLA homeowners.
To: ex-Texan
As the those "interest only" loans start coming due with balloon payments, watch the foreclosures skyrocket. It's already starting.
5
posted on
05/24/2006 9:48:26 AM PDT
by
TommyDale
(North Carolina looks forward to the disbarring of Mike Nifong.)
To: ex-Texan
I read the forclosure notices daily. There is a very significant number of forclosures of single women.
Going it alone as a single young woman or divorcee getting the house is failing. They can't hack having it all.
6
posted on
05/24/2006 9:48:51 AM PDT
by
bert
(K.E. N.P. Slay Pinch)
To: mmyers
Some people don't expect to make *any* mortgage payments. They plan to flip the house or have the rents cover the payments. They're the ones who are in a precarious position.
7
posted on
05/24/2006 9:49:29 AM PDT
by
ladyjane
To: mmyers
Click the yada yada above. 29% of people who purchased home in 2005 owe more than the house is worth. A 1% option ARM loan defers unpaid interest at the normal rate and includes build in penalties (often undisclosed by the mortgage broker). An option ARM will reset at the current rate in about two or three years. People who sign up for that type of exotic loan will owe even more than my simple example. Probably about $ 425,200 + after the first year. The interest compoonds every month. Do you understand now?
8
posted on
05/24/2006 9:49:48 AM PDT
by
ex-Texan
(Matthew 7:1 through 6)
To: bert
"Going it alone as a single young woman or divorcee getting the house is failing. They can't hack having it all."
This is probably the only time where the husband saying to his attorney, "make sure she gets the house." is a good thing.
9
posted on
05/24/2006 9:50:52 AM PDT
by
EQAndyBuzz
(Democrats = The Culture of Treason)
To: ex-Texan
I was in Jacksonville just last week...why AHYONE would choose to live there is beyond me!
10
posted on
05/24/2006 9:52:38 AM PDT
by
TommyDale
(North Carolina looks forward to the disbarring of Mike Nifong.)
To: x5452
I smell cheap homes acomin soon. Good deal. I doubt they will be cheap enough for me to speculate on, however. At least not in Southern California.
11
posted on
05/24/2006 9:55:06 AM PDT
by
Smogger
(It's the WOT Stupid)
To: All
More cowardly KEY WORD vadalism, just like I predicted. These real estate and/ or mortgage pimps just keep pumping their 'hate ex-Texan' message. They ought to be ashamed of themselves. Typical.
BROKENRECORD;CEREAL; FEAR; GLOOMANDDOOM; GOLDPIMP; SAMEOLDSAMEOLD
12
posted on
05/24/2006 9:59:39 AM PDT
by
ex-Texan
(Matthew 7:1 through 6)
To: TommyDale
Why do you say that? Jax is the largest city landwise in the US (city bought up all the county land years ago)
To: TommyDale
We in Savannah know what you mean. The wind always blows here because Jacksonville and South Carolina both suck!
14
posted on
05/24/2006 10:05:43 AM PDT
by
geezerwheezer
(get up boys, we're burnin' daylight!!!)
To: ex-Texan
Don't forget all the amatuer Trump wannabees who bought real estate at the top of prices with Arm and negative arm loans believing they would flip it in 6 months and make massive profits.
They are all over the place in bubble markets like SF, FL, and LA.
15
posted on
05/24/2006 10:07:25 AM PDT
by
Proud_USA_Republican
(We're going to take things away from you on behalf of the common good. - Hillary Clinton)
To: ex-Texan
Housing Sector Shows Resilience in April
16
posted on
05/24/2006 10:08:09 AM PDT
by
dakine
To: ex-Texan
The unexpected jump in April home sales was not likely to change the overall view that the booming housing industry is beginning to cool off after setting sales records for five straight years.
17
posted on
05/24/2006 10:09:16 AM PDT
by
dakine
To: TommyDale
My wife and I are looking at trading up in 1 1/2 years. I can easily see us in a foreclosure that needs a little tld.
To: ex-Texan
Economists believe the slowdown in housing will be gradual as long as inflation pressures remain moderate enough to allow the Federal Reserve to soon take a pause in its two-year campaign to push interest rates higher.
19
posted on
05/24/2006 10:10:01 AM PDT
by
dakine
To: TommyDale
"I was in Jacksonville just last week...why AHYONE would choose to live there is beyond me!."
Downtown Jax is just like any city. Jax Beach is nice not to mention Ponte Vedra just 2 miles south. Great surfing, lots of good shopping/restaurants and well if you golf, Sawgrass!
20
posted on
05/24/2006 10:16:20 AM PDT
by
poobear
(The most critical job that Americans will not do (just illegals): Vote for Democrats!)
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