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Wow tons of forclosures

Discussion in 'Off Topic Threads' started by smsnyder, Dec 10, 2010.

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  1. smsnyder

    smsnyder Well-Known Member

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    Just in Odessa Florida alone there are 331 homes up for sale by banks. Don' people pay ther mortgages these days?
     
  2. TOOLMAKER 251

    TOOLMAKER 251 Active Member

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    Have you watched the news, or picked up a newspaper in the past 2 years?
     
  3. Shooting Jack

    Shooting Jack Active Member

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    Funny that you should mention that but was reading the newspaper in my town(2500 people) and there were over 20 foreclosures listed on their legal arm. Jackie B.
     
  4. phirel

    phirel TS Member

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    smsnyder- You sell automobiles. If you were to sell and finance an automobile to someone with marginal credit, a rather heavy debt burden and no down payment, would you be surprised if they defaulted?

    Another related thought for your business. A good friend and very good shooter has an automobile business in South Carolina. He has a sign in his office for high credit risks customers. It says "the best way to get back on your feet is to miss two car payments".

    Pat Ireland
     
  5. otnot

    otnot Active Member

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    Yes and there is another 1.5 million homes in forclosure. The value of homes continued to decline this year as well with a loss of $1.7 Trillion.
     
  6. W.P.T.

    W.P.T. TS Member

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    You ain't seen nothin yet ... I have that from a very knowledgable source that predicted this recession several years before it took place ... WPT ... (YAC) ...
     
  7. Twinbirds

    Twinbirds TS Member

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    you can't pay it if you aren't working. Suppose you suddenly find yourself without a job, you are middle aged and haven't got the house paid for because you just sent 3 kids through 4 years of college each. Your on your second marriage and the first wife took all of the nest egg, you thought you were going to have. You are use to makeing 75k plus but you can't find any openings in your field because there are so many people out the like you, what to do?
     
  8. melbournemike

    melbournemike TS Member

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    I bought my retirement home in Florida in 2004 just before the peak! Added $100000 in improvements and is now worth 60% of the purchase price!I'm glad I dont have to sell now.If I did I would have wasted 45yrs of work and end up in poverty!And definitly no more trapshooting!
     
  9. al391

    al391 TS Member

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    Seems like everything is losing value except model 12's
     
  10. Unknown1

    Unknown1 Well-Known Member

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    A lot of vacation/second/retirement homes are being bought using "interest-only" mortgages.

    Initially the payments are low because they're not paying on the loan itself. This gives the buyers a false sense of financial well-being and they extend their credit to other purchases. Then when it comes time to start paying on the principle, the monthly payment skyrockets and the added financial debt burden drives them into foreclosure or bankruptcy.

    MK
     
  11. smsnyder

    smsnyder Well-Known Member

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    Buy a house for $350,000 and when value drops walk away from your contract. These people should never get a loan again.
     
  12. likes-to-shoot

    likes-to-shoot Well-Known Member

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    Its easy to see who is still working, they are the ones who like to criticize others who are out of a job. I was very fortunate that I was able to retire as this recession hit but here in my home town (8,000 pop.) we just lost another 800 jobs going to Mexico. Thats after 300 from another plant closing and another 500 from still another one in the last 4 yrs. Here in the midwest it hits pretty hard even for those that are still working or who are retired.

    So smsnyder, criticize, belittle and make fun of most of these hard working people that are out of a job all you want but be careful what you say because it ain't over yet, you or someone from your family could be next. Then watch the catcalls come your way!!!!
     
  13. Barrelbulge(Fl)

    Barrelbulge(Fl) TS Supporters TS Supporters

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    SNYDER, NOT ONLY DO THEY WALK AWAY FROM THE HOME THEY TAKE EVERYTHING SALVAGABLE WITH THEM. We looked at a house in Hudson Fl. 10 miles from the Dollar. It was a beautiful home in a deed restricted neighborhood. The shower haeds were missing, the appliances were missing. They even pulled the dishwaser out and they definately don't do it in a professional manner. You can get a good buy but be prepared to sink a lot into the house. Been looking for almost 3 years. The banks try to hold onto them trying to bump your offer up so they can reduce their losses. Bulge.
     
  14. phirel

    phirel TS Member

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    There are many reasons a family is forced into a foreclosure situation. Sometimes it is not the fault of the family and sometimes it is because the family lacks an understanding of basic economics.

    Pat Ireland
     
  15. smsnyder

    smsnyder Well-Known Member

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    1.5 million homes in forclosure in the U.S is scary. Feel bad for the folks that lost there jobs. I say its because nothing is being built here anymore. Many jobs going to China and Mexico etc. Korea sold 500,000 of there cars here but we have only sold 5000 of our cars there. There government don't want us to sell our cars there. No wonder jobs are gone.
     
  16. Bob Hawkes

    Bob Hawkes Well-Known Member

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    Did I hear a message from Grammie Bill? I hope you're wrong about not having seen the bottom yet, but I've had that feeling myself. Too much uncertainty, and our government is clueless, still covering their own tails and could care less about the every day honest,average citizen. Bob
     
  17. likes-to-shoot

    likes-to-shoot Well-Known Member

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    Bulge.....I have a couple of friends who just bought houses south of Tampa. They are saying the same thing. Its like if I can't have it no one else can either.

    Whether it a house, car, job or anything else you can't start at the top. Too many have wanted it all right now to begin with and are now suffering the consequences. Unfortunately they have drug us into the mess with them.
     
  18. smsnyder

    smsnyder Well-Known Member

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    9.8 unemployeement. You count the people off the unemployeement rolls, retired etc its more like 15%.
     
  19. Twinbirds

    Twinbirds TS Member

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    You have been blessed if the wolf has never been at your doostep. There is a lot of learning and growing that takes place to overcome the difficulties of a hardship that was suddenly thrust upon you. Life doesn't always play out has planned, you dig in, regroup and do without. You make do, and suffer through the shortages, finding solace that you are still alive, and hope to rebuild your life, knowing that you have been dealt a life changing blow and that survival was the most important factor. No one ever wants it to happen to them,and no one really knows how they are going to handle it until you see the gleaming fangs of destiny!
     
  20. highflyer

    highflyer TS Member

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    Don't worry about it. Our money isn't going to be worth anything in a few years anyway. We are printing it trying our best to catch up to our sky high debts that can never be repaid. Living in a place where homes never skyrocketed I remember watching shows on television showing homes that would sell here for 100,000 dollars going for a million dollars. I remember thinking that the home owners could sell those homes and move here with a fat retirement check. Those 1,000,000 dollar homes weren't worth more than the 100,000 dollar homes here in reality. Our greed has caught up to us in so many ways. The bottom is about to drop out. You ain't seen nothing yet. Watch the little pieces of crap over there rioting in England. The hard times haven't even hit yet.
     
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