Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Georgia foreclosures jump 99%; rate is nation's 3rd highest
Atlanta Journal-Constitution ^ | December 6, 2006 | MICHAEL E. KANELL

Posted on 12/06/2006 6:24:53 PM PST by GodGunsGuts

Hundreds of Georgians lost their homes Tuesday.

The houses, taken from debt-laden homeowners, were sold to bidders on courthouse steps statewide.

The increasingly busy monthly auctions show that not all of the residential market is in decline.

Foreclosures are rising.

More than 115,000 properties across the country were in the foreclosure process in October — up 42 percent from the same month a year earlier, according to RealtyTrac, a California company that tracks foreclosures.

Foreclosures in Georgia are up a stunning 99 percent in the past year...

(Excerpt) Read more at ajc.com ...


TOPICS: Business/Economy; Culture/Society; News/Current Events; US: Georgia
KEYWORDS: andagonyonme; anguish; arm; bubble; despair; despondent; foreclosure; georgia; gloom; grapesofwrath; helpme; housing; housingbubble; iluvwilliegreen; imtomjoad; misery; realestate; runawayrunaway; skyisfalling; slitmywrist; williegreenismyhero; woeisme
Navigation: use the links below to view more comments.
first previous 1-20 ... 41-6061-8081-100101-107 next last
To: GodGunsGuts

It will pass. Real Estate is like everything else - it trends up and down. We're in our third home in 25 years and it is paid for, so it really doesn't bother me right now. We had talked about moving but the market is slow here so we'll wait.


81 posted on 12/06/2006 10:08:14 PM PST by greccogirl
[ Post Reply | Private Reply | To 13 | View Replies]

To: org.whodat
In most cases the first bid on a piece of foreclosed property is made by the lender or is representative they bid the loan payoff.

OK so the lender buys the house for its payoff.

What happens next? The bank or mortgage company doesn't really want the house. They can't live in it, and very, very few would ever rent it out.

They might list it with a realtor, or even have an in-house realtor, but in order to get back the money they lent on the house, they have to sell it sooner or later. And, if the market has declined they are going to get back less than they lent.

82 posted on 12/06/2006 10:17:04 PM PST by CurlyDave
[ Post Reply | Private Reply | To 63 | View Replies]

To: GodGunsGuts

Just wait till hundreds of billions in arm and no money down/exotic loans readjust upward from the teaser rates over the next couple years.


83 posted on 12/06/2006 10:22:13 PM PST by Proud_USA_Republican (We're going to take things away from you on behalf of the common good. - Hillary Clinton)
[ Post Reply | Private Reply | To 1 | View Replies]

To: FLOutdoorsman
Dam, who was number 1?

As others have posted, Colorado is #1 right now. The Denver Post has a special series that is going into some of the details of these forclosures. Although it will take a while, reading all of these articles is worth it. Occasionally, the Post and the Rocky Mountain News do a good job of investigating, and this is one of those times.

Foreclosures

84 posted on 12/06/2006 10:22:37 PM PST by Vince Ferrer
[ Post Reply | Private Reply | To 5 | View Replies]

To: GodGunsGuts
2. Nevada 1 out of 389 homes (557 % increase)

I was just about to say Nevada because I've lived there several times
and people try to win rent through gambling. Admittedly.

The market in Nevada will never dry up though. Also, you must include
all the retirees who move there and die.

Anybody here familiar with the Nevada market may correct me.

Merry Christmas,
MaxMax.

85 posted on 12/06/2006 10:24:08 PM PST by MaxMax (God Bless America)
[ Post Reply | Private Reply | To 13 | View Replies]

To: raftguide; GodGunsGuts; Toddsterpatriot; nopardons
99% from what to what? 10 to 19 is a 90% increase!

There aren't any sources or background numbers here because this is not a technical discussion, this is a religious discussion.  Welcome to the  Church of the Miserable where we read from the sacred texts of the Atlanta Urinal and Constipation.

If you've come here by mistake and you were merely looking for information about home defaults,  you can see this info from the Federal Reserve (home delinquencies are down) or this info from Bureau of Economic Analysis (home equities are up).

86 posted on 12/07/2006 4:52:35 AM PST by expat_panama
[ Post Reply | Private Reply | To 79 | View Replies]

To: CurlyDave
They might list it with a realtor, or even have an in-house realtor, but in order to get back the money they lent on the house, they have to sell it sooner or later. And, if the market has declined they are going to get back less than they lent.

That is correct, but they cannot write off a perceived loss, nor can they collect insurance until there is a real loss. The job is not done until you finish the paper work. After they try to sell it at the price to not lose money and have the paper work to prove a good faith effort. Then they will sell at a reduced price if they haven't sold it to a customer by then. Most often a person who works with the lender on a regular bases buy the property.

87 posted on 12/07/2006 5:52:00 AM PST by org.whodat (Never let the facts get in the way of a good assumption.)
[ Post Reply | Private Reply | To 82 | View Replies]

To: Pukin Dog
The housing market will NEVER be overbuilt, because of the above. Cheaper housing means more people can qualify. I suggest you educate yourself.

So you are applying the laws of supply and demand to real property that you use to sell candy bars. "LOL"

88 posted on 12/07/2006 5:54:44 AM PST by org.whodat (Never let the facts get in the way of a good assumption.)
[ Post Reply | Private Reply | To 78 | View Replies]

To: org.whodat

You didn't answer my question. I make MONEY from Real Estate. Do you? If not, you can just STFU for all I care. I've been buying foreclosures for 3 years and have made a killing. I'll take cash over YOUR opinion any day.


89 posted on 12/07/2006 6:13:19 AM PST by Pukin Dog (I will vote for Hillary Clinton for President, before I will vote for John McCain.)
[ Post Reply | Private Reply | To 88 | View Replies]

To: MaxMax

Old people have started treating reverse mortgages as free money. My mother is doing one. When the money runs out, she's just screwed.


90 posted on 12/07/2006 6:18:57 AM PST by AppyPappy (If you aren't part of the solution, there is good money to be made prolonging the problem.)
[ Post Reply | Private Reply | To 85 | View Replies]

To: GodGunsGuts
Television commercials and full page advertising is blanketing the Portland Metro area right now. The message is "get rich quick" by buying foreclosures. Headline in the Oregonian says "Buy Real Estate 30% to 50% Below Market Price." The advertisers are focusing obviously on people who are least qualified in term of credit. . Obviously attempting to lure more suckers in for exotic loans. My telephone has been ringing off the hook from automated calls pitching loan scams. Yesterday I spent eight hours out looking around. Every neighborhood has "for sale" signs with "price reduced" notations. 2007 will be very interesting. I have no plans to take action next year. Better pickings will be out there in 2008.
91 posted on 12/07/2006 8:08:24 AM PST by ex-Texan (Matthew 7: 1 - 6)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Attention Surplus Disorder

awesome insight and many thanks...Something for nothing is still a fantasy.It makes imminent sense to be aware and again my honest thanks for your excellent heads up


92 posted on 12/07/2006 8:21:30 AM PST by advertising guy (If computer skills named us, I'd be back-space delete.)
[ Post Reply | Private Reply | To 54 | View Replies]

To: org.whodat

thanks for your expertise and taking time to share


93 posted on 12/07/2006 8:22:55 AM PST by advertising guy (If computer skills named us, I'd be back-space delete.)
[ Post Reply | Private Reply | To 63 | View Replies]

To: ex-Texan
I agree. Although, I would wait even longer as this correction will probably last quite a bit longer given how distorted the housing market has become.


94 posted on 12/07/2006 8:31:37 AM PST by GodGunsGuts
[ Post Reply | Private Reply | To 91 | View Replies]

To: GodGunsGuts
The housing collapse is picking up speed rapidly. Much faster than most economists imagined. Bargains galore will be out there by this time in 2008. I'm planning on buying at discount in another state.
95 posted on 12/07/2006 8:39:34 AM PST by ex-Texan (Matthew 7: 1 - 6)
[ Post Reply | Private Reply | To 94 | View Replies]

To: ex-Texan

I don't know, that last leg up looks like it will take a longer than usual correction IMHO.


96 posted on 12/07/2006 8:45:37 AM PST by GodGunsGuts
[ Post Reply | Private Reply | To 95 | View Replies]

To: digerati
In this case, foreclosures on these houses cost taxpayers a total of about $140,000 because the FHA protected the lenders.

Great. Just freaking great. Tack this money onto the healthcare costs they stick us with.

97 posted on 12/07/2006 8:46:14 AM PST by VeniVidiVici (What's the one elected position Ted Kennedy has never held? Designated Driver.)
[ Post Reply | Private Reply | To 30 | View Replies]

To: GodGunsGuts

Price in Oregon will probably fall back to 2001 levels. Wiping out all "gains" in the past five years.


98 posted on 12/07/2006 8:55:25 AM PST by ex-Texan (Matthew 7: 1 - 6)
[ Post Reply | Private Reply | To 96 | View Replies]

To: advertising guy

My pleasure!

You may want to go to http://www.hud.gov/homes/ and search for homes in your state/area. I'd recommend you just follow some number of these auctions to see how they go. HUD auctions are, for want of a better word, somewhat "controlled" in that (as I said earlier) the properties usually have to be brought up to minimum standards. This is a govt-mandated practice that tends to get the lenders better $$ for their props. By "controlled" I mean; with these HUDs, you're far less likely to be dealing with a drug-crazed dude with 4 pit bulls who bashes his fist through walls or three dead cars on the front lawn or pipes ripped out of the walls. In the "real world" literally anything is possible. One thing about these HUD deals is that you'll never get snarked by some last minute bankruptcy declaration by the deadbeat borrower or something that creates an ongoing right of redemption.

You HAVE to bid/buy these props thru a HUD-approved realtor and it would behoove you (if you want to pursue this) to get to know one or more in your area. In real estate, there is absolutely no substitute for local knowledge. Such a realtor may have seen loads of these things happen, know how they happen, and might know the name of a local HUD administrator. Because the whole process is a lot less chaotic, the properties go for more than they would in a Wild West setting, but it can be well worth it not to get a bargain on a bad headache.

BTW, there are dozens of govt agencies who sell foreclosed homes, the USDA & GSA being among them. Check out:

http://propertydisposal.gsa.gov/Property/PropforSale/ShowProperty.ASP?Propertyid=1497

and

http://www.resales.usda.gov/ (Nice site)

The real experts at buying these properties get chummy with the local administrators and make their jobs easier by submitting easy-to-accept bids. Determining precisely what an "easy-to-accept" bid is is your task. Buying half a dozen at a time would be one approach. Showing deep readiness to act is another.


99 posted on 12/07/2006 9:48:15 AM PST by Attention Surplus Disorder (When Bubba lies, the finger flies!)
[ Post Reply | Private Reply | To 92 | View Replies]

To: GodGunsGuts

100 posted on 12/07/2006 11:22:02 AM PST by ex-Texan (Matthew 7: 1 - 6)
[ Post Reply | Private Reply | To 96 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-20 ... 41-6061-8081-100101-107 next last

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.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson