Comments on: Foreclosures up in Connecticut http://polizeros.com/2008/05/25/foreclosures-up-in-connecticut/ Musings on politics: anti-war, global warming, peak oil and otherwise Thu, 08 Jan 2009 06:30:29 +0000 http://wordpress.org/?v=2.7 hourly 1 By: 2007 us home foreclosure filings http://polizeros.com/2008/05/25/foreclosures-up-in-connecticut/comment-page-1/#comment-152801 2007 us home foreclosure filings Tue, 27 May 2008 21:29:23 +0000 http://polizeros.com/?p=11718#comment-152801 [...] Farmington River Valley outside of Hartford, is mostly unaffected by the current collapse in realhttp://polizeros.com/2008/05/25/foreclosures-up-in-connecticut/US foreclosure filings surge 65 per cent in April, home values slide The Canadian Press via Yahoo! [...] [...] Farmington River Valley outside of Hartford, is mostly unaffected by the current collapse in realhttp://polizeros.com/2008/05/25/foreclosures-up-in-connecticut/US foreclosure filings surge 65 per cent in April, home values slide The Canadian Press via Yahoo! [...]

]]> By: Bob Morris http://polizeros.com/2008/05/25/foreclosures-up-in-connecticut/comment-page-1/#comment-152771 Bob Morris Sun, 25 May 2008 15:57:17 +0000 http://polizeros.com/?p=11718#comment-152771 Good points. Our realtor in LA, a long time friend, says in 4-5 years prices in that now devastated market should be much healthier. He's also a real estate investor. He buys houses, rents them out, and owns them for years, often decades. I don't think he's ever flipped a house. Right now, he's thinking about buying again after ten years of not buying anything. The problem, as you mention, often are ARMs and other resetting mortgages which force people to sell, whether they want to or not. Good points. Our realtor in LA, a long time friend, says in 4-5 years prices in that now devastated market should be much healthier. He’s also a real estate investor. He buys houses, rents them out, and owns them for years, often decades. I don’t think he’s ever flipped a house.

Right now, he’s thinking about buying again after ten years of not buying anything.

The problem, as you mention, often are ARMs and other resetting mortgages which force people to sell, whether they want to or not.

]]> By: Tony Derbyshire http://polizeros.com/2008/05/25/foreclosures-up-in-connecticut/comment-page-1/#comment-152770 Tony Derbyshire Sun, 25 May 2008 15:48:24 +0000 http://polizeros.com/?p=11718#comment-152770 I'm a Realtor. I also have many sayings adopted through my time in this business and my prior career of two decades in the recruiting business. Both fields, by the way, are very similar. Here's the saying that I think of when I think of your comments. Life isn't easy, but it's simple. We screw it up when we complicate things. For a while there, buying and selling homes became a get rich scheme. I speak for myself, to an extent. We bought our first home in 2000 here in Fairfield, CT. We sold it in 2005. I think our profit was in the 70% neighborhood. That's one side of the equation. The other side of the coin is all of the people that decided to get interest only, ARMS that are now coming home to roost. Both of these components got us away from reality. The present market is simplyfying. Here's the good news, though. If you have good credit, if you have saved your money, it's a GREAT time to buy. You may have a few more people looking at your paper work and it may take a bit longer, but, if you follow the rules above, you're in great shape. The day of smoke and mirror mortgages are over. Trying to sell your home? Good news and bad news. The bad news is you may not sell it for what you sold your home three years ago. The good news, though, is that, if you've owned your home for any period of time, you're going to make money. You're probably even going to make a TON of money. Sad because your sale price will give you less buying power? Take heart. The homes you're trying to buy cost less. There is a ton of mis information out there. If there is a hysterical tone to any of it, it's probably not true. I’m a Realtor. I also have many sayings adopted through my time in this business and my prior career of two decades in the recruiting business. Both fields, by the way, are very similar. Here’s the saying that I think of when I think of your comments.

Life isn’t easy, but it’s simple. We screw it up when we complicate things.

For a while there, buying and selling homes became a get rich scheme. I speak for myself, to an extent. We bought our first home in 2000 here in Fairfield, CT. We sold it in 2005. I think our profit was in the 70% neighborhood. That’s one side of the equation. The other side of the coin is all of the people that decided to get interest only, ARMS that are now coming home to roost. Both of these components got us away from reality. The present market is simplyfying.

Here’s the good news, though. If you have good credit, if you have saved your money, it’s a GREAT time to buy. You may have a few more people looking at your paper work and it may take a bit longer, but, if you follow the rules above, you’re in great shape. The day of smoke and mirror mortgages are over.

Trying to sell your home? Good news and bad news. The bad news is you may not sell it for what you sold your home three years ago. The good news, though, is that, if you’ve owned your home for any period of time, you’re going to make money. You’re probably even going to make a TON of money. Sad because your sale price will give you less buying power? Take heart. The homes you’re trying to buy cost less.

There is a ton of mis information out there. If there is a hysterical tone to any of it, it’s probably not true.

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