Google map plotting US foreclosures WOW
- Thread starter markpatric
- Start date
Wow, good find - that is terrible.
Home-Fish is currently indexing over 30,000 properties (increasing each day as we scrape new sites) - many of which are in this same situation.
I hate to say it, but I dont think we will be done with housing depreciation for a very long time. With a ton of ARMs set to reset in 2010 and 2011, and the average time to foreclose being over a year, I'll frankly be suprised if we can turn our housing economy around by 2013.
G'day Homefish!
I've been looking at Florida and it looks like a disaster area. Is it true that for condos which have been foreclosed, the banks pay no longer pay "body corporate fees" (forget what they are called in the US) so that remaining owners have to make up the difference? Those fees could make it uneconomic, no matter how cheap you buy the unit.
I've been looking at Florida and it looks like a disaster area. Is it true that for condos which have been foreclosed, the banks pay no longer pay "body corporate fees" (forget what they are called in the US) so that remaining owners have to make up the difference? Those fees could make it uneconomic, no matter how cheap you buy the unit.
There is no rush then to buy in the US. Especially single family homes (the owner occupiers).
There will be more jingle mail
(keys being posted back to the lenders) and mortgage holders walking away from their non-recourse obligations (sic) as they will likely have upside down equity, regardless of whether they can still afford the loan repayments or not. Must be very demoralising for folks over there
I reckon next year may be the time for a sojourn to the US to do some diligence on the ground with "feet on streets" and follow up on the online research and info one has from here.
The specials will get better
and I'm not intimating that folks buying low are taking advantage of others. On the contrary, we are providing solutions to their problems and providing rental stock to those that need this type of accommodation.The usual caveat of not just buying anywhere applies and won't be entertained here as there are numerous threads on these topics.
Welcome to the forum homefish
This is very interesting. What yall Aussies (I presume
) refer to as body corporate fees, we call HOA (home owner association) fees. The cost of HOA fees are determined by each HOA group, usually consisting of the other purchasers in your condo complex.Usually, when a home becomes a REO foreclosure, all liens on the property are removed. If the property is bought at auction, the rules are different.
My preliminary research suggests that banks do start paying these fees on foreclosures as soon as the liens reset. I do suggest consulting with an experienced realtor when buying any sort of foreclosure, as each state / city seems to have their own variation of laws regarding these REO properties.
I'm currently commissioning a few articles to be written about various aspects of buying a foreclosure for different states, and will definitely have to ask them to look into hidden fees such as this.
Did I say Florida is a disaster area?
NEW YORK (CNNMoney.com) -- What the hell happened to the FHA's loans in Florida?
The state dominates the list of troubled metro areas for Federal Housing Administration-insured mortgages. In fact, 16 of the top 25 locales with the highest default rates are in Florida, as of December, with tiny Punta Gorda on the Gulf Coast leading at 22.7%.
NEW YORK (CNNMoney.com) -- What the hell happened to the FHA's loans in Florida?
The state dominates the list of troubled metro areas for Federal Housing Administration-insured mortgages. In fact, 16 of the top 25 locales with the highest default rates are in Florida, as of December, with tiny Punta Gorda on the Gulf Coast leading at 22.7%.
The specials will get better
Your assessment is spot-on. If it weren't for investors buying these foreclosures, America's housing economy would be much worse.
I am planning to purchase / fix up a foreclosure soon (that's how http://www.home-fish.com got started), and am hoping for an increase in inventory in the next year. Obviously this would be bad for our country, and I feel like that guy at a craps table who always bets on 7.
This is very interesting. What yall Aussies (I presume
Usually, when a home becomes a REO foreclosure, all liens on the property are removed. If the property is bought at auction, the rules are different.
My preliminary research suggests that banks do start paying these fees on foreclosures as soon as the liens reset. I do suggest consulting with an experienced realtor when buying any sort of foreclosure, as each state / city seems to have their own variation of laws regarding these REO properties.
I'm currently commissioning a few articles to be written about various aspects of buying a foreclosure for different states, and will definitely have to ask them to look into hidden fees such as this.
What a facinating thread!
While I feel for the people involved in these tough times, I fear more this catastrohy coming to our shores.
I can't imagine paying $520K for a property, borrowing say $350K, and can't sell your terrace house for $160K? So, the bank sells it for you, gets $180K, and you still owe $170K with no house? How uncomfortable. I also wonder about our real estate in Aus. $520K doesn't buy you any palace, just a comfy home somewhere near facilities, or a paradise without facilities and miles from work.
Personally, I think China will bail Australia out of any major issues in this regard as they progress to become an self consuming reliant country, and "perhaps" a net exporter of our natural resourses to the planet in the process.
Are you still around homefish? Can you give us an update?
Gundini
