Google map plotting US foreclosures WOW

Hours of fun for any property buffs!.:rolleyes:
This is an interesting map I came across plotting a few foreclosures in the US, a privately made map, you need to put the area you want to see in the middle of the screen and wait for it to load, it shows details such as price sold etc.
http://www.home-fish.com

You need to zoom in.
 
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Thanks for posting this.

Gotta feel sorry for a lot of the people caught up in this - there's some serious wealth destruction going on. Through no fault of their own they get caught up in a whirlwind where their assets suddenly have next to no value. We really are the lucky country to have escaped this (so far!).
 
Thanks for posting this.

Gotta feel sorry for a lot of the people caught up in this - there's some serious wealth destruction going on. Through no fault of their own they get caught up in a whirlwind where their assets suddenly have next to no value. We really are the lucky country to have escaped this (so far!).

No problem, I found when I looked at the different cases it really solidified my thinking about the US and actually how bad it is!, and more importantly how quickly it can happen.
Apparently there is another wave of foreclosures on the way, maybe 3X as many, maybe more than have already occured.
It is really sickening that in effect the fed, the bankers, the stockmarket and the government have stolen these properties, it is as simple as that.
Obama is seriously on the downslide in popularity.
It is not all bad though by the time this is over properties will be far cheaper than they are even now, meaning that in a few years many can buy back in easily but without the same ridiculous expectation.
 
That one is truly off the planet!.:eek:

no wonder there was property crash in the US, who in their right mind would pay 1.4 million for that, it feels like that house is in the middle of nowhere and it looks like a new estate. i dont feel sorry for this person(s) stupidity. :confused:
 
super cheap. some properties in new york are only $30k. :D

Expensive compared with 5 beds for $350 http://www.homepath.com/listingdeta...ouse=&rfa=&cno=000&pi=&pg=&listingid=20805528 ((Cleveland Ohio) - last sale price: $65,600, and that was in 1998. Some poor soul has presumably paid a mortgage for 12 years and ended up with nothing. I had heard and read numerous news stories about the collapse in the USA property market but hadn't realised it was quite so dramatic.
 
No Help in Sight, More Homeowners Walk Away


In 2006, Benjamin Koellmann bought a condominium in Miami Beach. By his calculation, it will be about the year 2025 before he can sell his modest home for what he paid. Or maybe 2040.

“People like me are beginning to feel like suckers,” Mr. Koellmann said. “Why not let it go in default and rent a better place for less?”

After three years of plunging real estate values, after the bailouts of the bankers and the revival of their million-dollar bonuses, after the Obama administration’s loan modification plan raised the expectations of many but satisfied only a few, a large group of distressed homeowners is wondering the same thing.

New research suggests that when a home’s value falls below 75 percent of the amount owed on the mortgage, the owner starts to think hard about walking away, even if he or she has the money to keep paying.

In a situation without precedent in the modern era, millions of Americans are in this bleak position. Whether, or how, to help them is one of the biggest questions the Obama administration confronts as it seeks a housing policy that would contribute to the economic recovery.

How Many Homes Do Banks Have Up Their Sleeves?

For those trying to figure out how much further U.S. house prices could fall, it would help to know how many more foreclosed homes banks need to sell.

Alas, no one has found a way to track precisely how many of those properties are owned by banks, the U.S. Department of Housing and Urban Development (which ends up with homes when FHA-insured loans go bad) and mortgage investors, including securitization trusts and the government-controlled mortgage firms Fannie Mae and Freddie Mac. All of these entities report data on their holdings of foreclosed homes – known in the trade as REO, short for “real estate owned” – but they do so in their own disparate ways.

An invisible threat to home values

If you're living in or hunting for a house in an attractive neighborhood, take a closer look. If other folks are facing foreclosure, you'll pay the price in lost property value.

A convenient location, good schools, well-maintained homes and a modest inventory of properties for sale: These are the traditional cues that homeowners and buyers look for to ensure that home values will hold up in a neighborhood.

But whether values sink or stick is now dependent on an invisible factor: the mortgage balances of homeowners in the area.

Approximately one-third of all mortgage holders have loan balances that are higher than the current value of their homes, according to a recent government report on federal anti-foreclosure programs.

Homeowners in this unfortunate position are dubbed "underwater" borrowers.
 
You can look at foreclosures on the regular Google Maps, but only for US cities.

http://maps.google.com

In the search box, enter, say "Detroit".
Click on "Show Search Options".
In the drop down box, click on realestate and click search maps.

There is a new listing type called "Foreclosure" (as well as for sale and rent).

http://bit.ly/aO5zcE
 
no wonder there was property crash in the US, who in their right mind would pay 1.4 million for that, it feels like that house is in the middle of nowhere and it looks like a new estate. i dont feel sorry for this person(s) stupidity. :confused:

That is true but look at many houses in inner city areas in Aussie they are even less appealing.

How about those that have actually paid off their homes over many years to now find they may be only worth 50% or even lower on what they were a couple of years ago, this is tough, sure they can hold but how long might that be.
It is really tough to watch your equity vanish.
I also read a story where a woman bought a home around the corner from her dads place (where she grew up), and she paid less now than he did many many years ago.
 
Home Fish

I am the creator of http://www.home-fish.com and found this forum through google-analytics.
Thanks for all the positive feedback!

I created this site because all of the other foreclosure listing sites either:
  1. Cost money
  2. Are so ad-ridden, they are almost unusable.
  3. Don't give any actual information, and are fronts for realtors or lendors to get leads. (where to bid / the selling agent / etc)

For instance, all of Google's foreclosure links go to realtytrac or other pay-for-access site.

Let me know of any ideas you have to improve the functionality of HomeFish. I plan to keep it free for users and I expect our housing implosion will last alot longer (with ARM resets and all).

Thanks!
-Mikkel Garcia
 
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