U.S. foreclosure frenzy

[dancing-loon]

Investors on the prowl amid U.S. foreclosure frenzy

Orlando has always been known for its theme parks but some tourists are now heading to the Sunshine State for a different type of excitement.

For only $45, bargain hunters can sign up for the Foreclosure Bus Tour and spend six hours looking at homes with a real estate agent.

The tours, which are also taking place in other parts of the U.S., come as more and more Americans lose their homes to foreclosure.

In February alone, 223,651 U.S. homes had foreclosure filings -- default notices, auction sale notices and bank repossessions.

The highest foreclosure rates were in Nevada, California and Florida.
"In Nevada and Florida you had a lot of speculative buying going on and a lot of overbuilding of condo units that just haven't turned out to be good investments," ...

In California and Arizona, affordability problems contributed to the high foreclosure rates.
"Prices escalated too rapidly, people overextended themselves to get into these houses. They got into them with risky financing and their loans have gone bad."

In Michigan and Ohio most notably unemployment have contributed to high foreclosure rates.
"Foreclosure properties are selling for significantly less than they did just a couple of years ago".

Ralph Roberts, author of "Foreclosure Investing For Dummies," told CTV.ca that foreclosure investing is one of the hottest segments in real estate sales in the U.S.

"Foreclosures are hitting affordable homes, foreclosures are hitting upper-end homes, foreclosures are hitting middle-America homes -- they're hitting everything."

http://news.sympatico.msn.ctv.ca/Top...sure_US_080327
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If you read the whole article, you will find at the bottom some price examples, ....still to high for me!!

I wonder how things are in Canada.
Apparently, there are more than 220 new foreclosures being registered in Calgary and Edmonton….. each and every month!
I'm not sure, if that is the normal trend.

 

[MikeyDB]

It's evolution Dancing_Loon..

The weak will be made victims to the strong and the species as a whole will grow stronger.

This is simply another example of how the evolution of mankind came to a stop a very long time ago.

 

[Kreskin]

Watch for the coming wave of foreclosure informercials, soon to replace the ones saying "take advantage of the hot real estate market..it's never been a better time to invest in real estate".

 

[MikeyDB]

Kreskin

It's too bad that "truth in advertising" is such a hollow promise! People could have been far happier and the entire social/political dynamic much quieter if only we'd exercise this tenet to its fullest.

"Hire a Hispanic"....make sure they're an illegal and watch your bottom line rise as your employee wage expenses fall!

"Hire an African American"....maybe you won't get a lot of work out of them but you'll have instantaneous access to quality herb..

"Hire a woman" ...You can pay them less and they're much nicer to look at and have around than hairy Hispanics or fat African Americans......

 

[Kreskin]

Kreskin

It's too bad that "truth in advertising" is such a hollow promise! People could have been far happier and the entire social/political dynamic much quieter if only we'd exercise this tenet to its fullest.

"Hire a Hispanic"....make sure they're an illegal and watch your bottom line rise as your employee wage expenses fall!

"Hire an African American"....maybe you won't get a lot of work out of them but you'll have instantaneous access to quality herb..

"Hire a woman" ...You can pay them less and they're much nicer to look at and have around than hairy Hispanics or fat African Americans......

Those are good Mikey. I would also add:

"Help others profit!"...'investors will make a ton of money if you buy their high priced assets - act now!', or, 'sell all of your assets at the lowest possible price so people like Warren Buffet can substantially increase their wealth'.

 

[#juan]

Can we blame Bush?........;-)

 

[Kreskin]

In some ways, yes.

 

[MikeyDB]

Juan

Why would we blame Bush! The man has a degree from Haaaaaavard.......

If anyone knows how to run an economy surely it's a Haaaaaaavard grad!

 

[Toro]

I'm hoping to buy a condo by the ocean out of foreclosure.

But this has some time to play out, so there is no rush.

 

[MikeyDB]

Hey Toro...

Buy some land in Nevada....the shore line will get to you eventually.....

 

[Toro]

In some ways, yes.

In minor ways, but this would have happened no matter who was the President.

The fault lies at the feet of the Federal Reserve. Plus, there were other factors having nothing to do with government.

 

[Toro]

Hey Toro...

Buy some land in Nevada....the shore line will get to you eventually.....

Yeah, I'm thinking about buying some swampland down by the Everglades that is worth nothing now. But with global warming pushing up sea levels, I figure it will be oceanfront some time!

Now excuse me, I have to go turn on my car for 10 hours.

 

[MikeyDB]

Toro

Great stuff!

Waterskiing to work could be the next big transportation industry... Git yerself a parachute an some string...a wide slightly curved board....there ya go!

 

[#juan]

Profiting from a foreclosure feels a bit like a vulture feeding on carrion.

 

[Outta here]

yes Juan, I think that's how the rich get richer, and the rest of us.... don't. :idea:

 

[Avro]

yes Juan, I think that's how the rich get richer, and the rest of us.... don't. :idea:

I have built over half my assets in a similar way, buying homes that people can no longer afford.

It's smart buisness if you ask me.

 

[Outta here]

Don't mind me Avro - a bit of sour grapes is all - and I do feel sorry for people who find themselves on the sh!tty end of that stick - I'm a paycheck to paycheck survivor - one really rough stretch and that could be my wee home adding to your coffers. :-?

I imagine there's people out there who made foolish decision, buying homes that made them house-poor and unable to withstand changes in the economy etc., perhaps they should have known better, but still it's a horrible way to learn that lesson.

 

[#juan]

Don't mind me Avro - a bit of sour grapes is all - and I do feel sorry for people who find themselves on the sh!tty end of that stick - I'm a paycheck to paycheck survivor - one really rough stretch and that could be my wee home adding to your coffers. :-?

I imagine there's people out there who made foolish decision, buying homes that made them house-poor and unable to withstand changes in the economy etc., perhaps they should have known better, but still it's a horrible way to learn that lesson.

Hi Zan
People are at a disadvantage in these days of low inflation. When we bought our first house we could just barely pay the mortgage and eat. Within five years that house was worth almost five times what we paid for it. High inflation drove up the price of houses and drove up wages and salaries. We had our house and quite enjoyed watching inflation raise our income and our standard of living.

 

[Toro]

I have built over half my assets in a similar way, buying homes that people can no longer afford.

It's smart buisness if you ask me.

I agree. And it helps the economy because it establishes a clearing price in which to work down the excess inventory.

 

[Kreskin]

In minor ways, but this would have happened no matter who was the President.

The fault lies at the feet of the Federal Reserve. Plus, there were other factors having nothing to do with government.

Good marketing helps drive people to do nutty things too. On Team1040 sports radio in BC these days is an ad that says "Kelowna is the hottest real estate market in Canada. Get in on this secure investment with a guaranteed rate of return of 15%." Where have we heard that before? Reminds me of the hype that Eron made in the 90's before it imploded.