Hundreds of malfunctioning fire alarms have been going off in foreclosed homes in Arizona, forcing firefighters to come to the location. Often the alarms are caused by the electricity being shut off. But by law firefighters can not enter a home unless they have the owner’s permission or smell smoke. So instead, neighbors are forced [...]
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You better hope I don't come to the financial markets too. Financial markets suddenly seem oddly and seriously unsettled. Mortgage rates and treasuries yields are spiking while foreclosures and unemployment soars. Mortgage rates rise fast and hard, resulting in many mortgage applications in the pipeline getting blown out of the water. Treasury yields spike. [...] In Phoenix, the real-estate market is fixing itself with no help from the government. How? Houses owned by folks who can’t afford to own them are being sold at auction. In some cases, happily, the buyers are then turning around and renting the houses to their previous owners with at rents that are much lower [...] Properties in foreclosure, Palmdale CA From Rob Dawg at Exurban Nation P = NOD filed A = NTS filed B = Back to the Bank / REO / Foreclosure 119 properties currently in the foreclosure process at some point for just 1 development. At this point an earthquake would be a kindness. Given that [...] Another video in the fine series by Jim the Realtor, showing trashed and bizarre foreclosures as well as deliberate evasions and tricks by real estate agents. Check out the “ocean view” towards the end. The 200+ page mini-book this cover came from lists over 1500 foreclosure auctions happening California the next few weeks, just from USHomeAuction.com alone. Quite a few have starting bids of $500-1,000 for homes that were previously valued at $200,000 or more. They aren’t dumps, not at all. Many are in the semi-arid bedroom communities [...] There were more foreclosures in California in 2008 than in the previous nine years combined. Appalling, isn’t it? That’s a lot of pain and broken dreams. Foreclosures are now being driven by job loss, not subprime risk-taking. “The people who are defaulting now are not really people who recklessly got into loans they never [...] 2,800 homes a day were lost to foreclosure during July-Sept 2008, up from 1,200 a day in the previous year. Yikes. One bright spot: The BofA / Countrywide settlement takes effect Dec. 1 and 400,000 homeowners will get much lower interest rates. The Inland Empire area of southern California is one of the hardest hit areas for foreclosures.This TV report (which I meant to post earlier) shows some of the devastation. One guy has a business clearing out foreclosed homes. Everything must go. The people often leave behind computers, TVs, furniture, etc. He started the [...] Foreclosure filings in Connecticut rose 54.5% in 1st qtr 2008 compared to 1st qtr 2007. We sold our house in Connecticut recently. The area we were in, the Farmington River Valley outside of Hartford, is mostly unaffected by the current collapse in real estate. We sold the house for a bit more than we paid [...] |  | ||||
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