Has its advantages.
Posted on 12/13/2006 7:56:28 AM PST by GodGunsGuts
Foreclosure activity surges in Mass.
Numbers up nearly 300% from last year
By Kimberly Blanton, Globe Staff | December 13, 2006
Massachusetts experienced the second-biggest increase in foreclosure activity in the country last month, according to a report yesterday from a firm that tracks the housing market.
The Bay State came in second only to Alabama in the rise in total properties that entered some stage of foreclosure, including lenders' initial notices that homeowners were in default, foreclosed property sales and auctions, and lenders' sales of repossessed property, said RealtyTrac , an Irvine, Calif., company that researches and provides information about US properties for sale.
In November, 2,100 Massachusetts properties were in or facing foreclosure, up 299 percent from 526 in November 2005, the firm said. Alabama's increased 466 percent during the same period.
By the end of the year, Massachusetts could surpass its 1991 record for the number of initial foreclosure notices by lenders against homeowners, according to a separate report yesterday by ForeclosuresMass.com, which culls the data from filings in state Land Court. There were 15,133 filings statewide between January and October, compared with 17,000 in all of 1991.
"Some of the states that had the biggest booms over the past few years are now experiencing the highest number of new foreclosure filings," including Massachusetts, said Rick Sharga, RealtyTrac's vice president of marketing...
(Excerpt) Read more at boston.com ...
ping
... and so it begins....
LOL...I feel for you!
If these lenders overreached by raising interest rates in their ARMs, I hope they enjoy caretaking all these vacant properties.
Meantime, the borrowers who are gainfully employed will all get a second chance to buy a the right sized home in the right location at the right price and on the right terms next time.
Actually, I had one Chapter 7 client (was temporarily out of work due to illness) let her overleveraged house go during her case. The day before the redemption period was up, a relative bought her house back for her for half of what she owed, and they worked out a lease with option to buy between themselves. The Chapter 7 left her owing nothing to the mortgage company.
...and Northern Virginia, too. Gah. They're turning Virginia into a tax-happy state like Taxachusetts.
In the not-too-distant future,I'm gonna be leaving the land of my birth,the Gay State,and heading either to VA or NC.When I arrive,I solemnly promise never to vote for a RAT for President,Governor,Senator,Congressman,Mayor or Truant Officer.
No.
NO!
There is no economic equilibrium, only gloom. We are poised on the precipice of the abyss, a yawning chasm of apocalyptic chaos, real wrath of God stuff: bleeding walls, fire, brimstone, dogs and cats living together . . . mass hysteria!
"In the not-too-distant future,I'm gonna be leaving the land of my birth,the Gay State,and heading either to VA or NC.When I arrive,I solemnly promise never to vote for a RAT for President,Governor,Senator,Congressman,Mayor or Truant Officer".
...if you come to Richmond and are looking for a home please let me know. I'm a Realtor with Prudential and would be tickled beyond hysteria to have a fellow Freeper as a client.
...and Northern Virginia, too. Gah. They're turning Virginia into a tax-happy state like Taxachusetts.
The problem with this is I'll feel inclined to move further south. Texas is out after the Bonilla loss. Perhaps Charleston, SC or the western panhandle of Florida. Golden Isles in GA.
Non-traditional mortgages will do that every time. Nothing like a 30-year, fixed rate to give you a little cost certainty (well, aside from taxes and insurance anyway)...
a solid second point, IMHO... I'll never understand people who buy "all the house they can afford" rather than "all the house they expect to need".
Has its advantages.
I'll keep that in mind but I must say that I'm leaning more toward NC...at least partially because it seems to me that VA could very well become "blue" down the road and I'm sick and tired of living in a blue state.
Also,I've heard very bad stories about Richmond....crime,etc.
" Then go back and do it again when the market becomes reasonable again. "
Well-and-good, assuming that there will still be lenders in existence...
This is not taking place in a vacuum -- everything is interconnected and intertwined, and how many strings need to break before(mixing metaphors) the whole house of cards collapses?
Remember that the stock market crash of 1929 didn't cause the "Great Depression" -- it was the subsequent collapse of the banking industry....
There are some really scary parallels here.....
I don't remember the world ending in 1991. There have been Booms and Busts since this country was founded and we survived...
Yup.
I keep hearing "If the prices fall, I'll buy. If they are going up, I'll sell. If... If... If..."
It ALL DEPENDS ON LIQUIDITY AND THE AVAILABILITY OF LOANS!!
Seems everyone just assumes they will always be able to borrow as much as they need or want.
There's not alot of folks walking around with 3 or 4 hundred thousand dollars buried in coffee cans in the basement.
Folks don't forget the bankruptcy law also changed.
Many creditors INTENTIONALLY held back on collection acts in order to take advantage of the new law. Such as the elimination of the "bankruptcies default the contract" prohibition, or the lien stripping on homes.
However given the incredibly POOR writing of the new law, and the MASSIVE holes in many of the provisions, judges are forced to use prior legislation to fill in the gaps for the sake of consistency and equity.
It also matters regarding the level of homestead protection given by a particular state. I would look to the trend in the last five years before going all "weeee're dooooomed".
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