Posted on 07/08/2010 10:25:14 PM PDT by Tempest
More than one in seven homeowners with loans in excess of a million dollars are seriously delinquent, according to data compiled for The New York Times by the real estate analytics firm CoreLogic.
By contrast, homeowners with less lavish housing are much more likely to keep writing checks to their lender. About one in 12 mortgages below the million-dollar mark is delinquent.
Though it is hard to prove, the CoreLogic data suggest that many of the well-to-do are purposely dumping their financially draining properties, just as they would any sour investment.
(Excerpt) Read more at nytimes.com ...
I don’t know what percentage of people with +1.5 million dollar homes and investment properties are poor?
your graph only retells the same bs that the article dropped so warm n moist to the ground. Not the overall debt, or number of accounts.
Since there are more rich Democrats than there are rich Republicans, this could be true. However, it is in the NY Times, so it’s probably a fictional piece written by a soon to be unemployed socialist.
Even worse than that, they stopped paying their HOA dues long, long ago, but still have been coming and enjoying the facilities.
As the President of the HOA, I am SO FREAKING SICK of these people. THey are scumbag deadbeats who think they can get away with it. But they don't know me...I will get the money they owe us.
The New York Times ceased to be a credible source for factual information starting in 1896 when Adolph Ochs bought it from Henry Raymond. The Ochs family and in-laws (Orvil [sic] Dryfoos and the Sulzberger) have controlled it ever since.
A case can be made that Timesman Herbert Matthews was instrumental in the rise of Castro. Later Times reporters, such as David Halberstam and Harrison Salisbury, were part of the disinformation campaign that turned America against our troops in Vietnam.
The New York Times is a leftist organ and virtually anything appearing within its pages should be treated with a healthy dose of skepticism, IMHO.
You’re openly trying to pull this into the present tense, which to all appearances is quite dishonest.
You’re president of a hated HOA — better duck, you’ll be accused of everything including raping infants.
Having read the article, it’s interesting how it starts off telling the tale of woe of these people in upscale homes, how they’re losing their homes, moving in with relatives, and then morphs into how they’re scamming the system, walking away when they can afford to pay and then says but most homeowners ARE paying their mortgages but the economy is bad because there are empty storefronts down the road, and then back to someone else’s sad story—this article is all over the map.
You can pick your agenda, any agenda, and there’s something for everyone in this article.
Brilliant propaganda.
Gosh, are you really this easily manipulated??
The story, which I doubt is true because it states that it is hard to prove and then launches into class envy rheortic against the scum sucking evil rich people.
So, even IF this lousey report is even remotely true, it states that ONLY ONE IN TWELEVE are deliberately defaulting!!!!
So pray tell, WHO ARE THE OTHER eleven?????
Gads, people, this is going to get MUCH worse, this financial crisis has just barely begun.
Put on your thinking cap, for goodness sake!!
Well, isn’t socialism about equally spreading the misery? Sounds like Obummer is succeeding at something.
I'll admit there are some really ridiculous people who love having the power over other people. But most HOA's are made up of people just like you and me who want to keep their poperty, and property values, stable. Nothing wrong with that.
I'm only mad now because on July 4th one of these deadbeats actually came to my home and threatened my life when we told him he had three hours to get his 50 ft. mobile home off the property. I could have towed him without even notifying him, but I'm one of those "nice" Board President. HE THREATENED MY LIFE. He hasn't paid HOA dues in over 2 years.
I went to talk to our lawyer today. No more Ms. nice guy.
Well gee, a reasonable ultimatum for moving a mobile home sounds more like three days, not three hours. When you anger a hick by putting him in an impossible situation you know what you gonna get. And don’t forget the HOAs that forbade the US flag in the months following 9/11.
Good luck (duck’n & runn’n)
BTW, it is the "rich" who provide jobs. Obama and the socialists have destroyed the job creators. The final blow arrives in January as the tax rates skyrocket. Don't be surprised when a lot more people are unemployed. You won't be laughing.
He hasn’t paid his homeowner dues for over two years. In this instance, that’s over $8k. He is not allowed to have any vehicles on common areas (that we maintain through HOA dues) and he is not allowed to take up 8 parking spaces in out limited parking area. what is so hard to understand about that? If he doesn’t pay his share, we all have to make up for it through an “assessment.” Does that sound fair to you? If you pay for one night at the Four Seasons..do you think they’ll let you come and use their facilities for the next three years? That’s what this is about. We don’t have any problem with flag flying. I fly my American and Israeli flags from my balcony everyday. We are not nitpickers...taking away common area priviledges is the only recourse Associations have after liening property. Capiche?
AT the risk of getting into a flamefest (since HOA threads can be as incendiary as those involving the Civil War), please know that you've got an HOA fan here in North Texas.
It's a voluntary association. I personally like the rules since they serve to keep the neighborhood nice. I was cited once for blowing grass trimmings into the street. I called the HOA president and actually thanked him for making me aware of my negligence.
Although I grumble a bit when I write the yearly check for the dues, I realize that our HOA does a good job and that the work is often a thankless task.
Well, how well do you think you could accommodate upon being ordered to move your mobile home “in three hours.” Remember, it can’t disappear into the ether, it has to GO somewhere. Sounds like your tactic was to try to put a psychological pinch on the guy, and it backfired on you.
A patriot is a guy who rejoices that the system works when he gets a parking ticket. I suppose. One might think a good working relationship would imply a request rather than a totalitarian order “in the interest of making everybody equal.”
One more consideration on these defaulting mortgages is that many of these mortgages have probably already been paid in full if you consider most of a mortgage payment is interest. So if the poor fool was paying $5K a month and had been making the payments for 10 years and then defaulted on his million dollar home, he’d already paid $600,000 for that million dollar home. And the bank has had the use of that money for all that time.
Then homeowner defaults and the bank gets back a house that is not worth $1 million anymore, but maybe $600K-$700K and voila! Even with the foreclosure they’ve turned a tidy profit. $600,000 paid by the homeowner over 10 years, homeowner defaults, bank sells home to someone else for $700,000 = a tidy profit of $300,000 over 10 years (hypothetical of course). And here we are feeling sorry for the bank getting stuck with all these bad loans.
And even so, if he had come to me and tried to work something out...a payment would be nice, or even told me he would move it in five hours, it would have been alright. We are not Nazi's. But we have rules and he KNEW THEM BEFORE HE EVEN CAME ON THE PROPERTY. After two years of this crap, he knows what he is allowed and not allowed to do. We can't stop him from going into his condo or his garage, but he is not allowed on common property which includes parking in our parking lots. I don't understand what is so difficult to understand. Again, I was being extremely kind when I gave him the time to move it.
It's a mobile home, you drive it...it's not like something that's on a foundation...he drove it in that day! I'm going to assume you misunderstood that. Again, this was a mobile home he drove in that morning. His condo is a second home that he uses and rents out and makes money from while NOT PAYING US. I hope that clears that up.
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