Upcoming Foreclosures

Good economy? Foreclosure stats...?

http://www.realtytrac.com/news/press/pressRelease.asp?PressReleaseID=83 This is just for one city. Cite your case where housing is up and with what type of loans...adjustable which is guaranteed to foreclose i 5 years?

Public Comments

1. A big chunk of the foreclosures are due to people who signed up for ARMs with a low fixed rate for an initial period of 1-5 years. Once that period ended, the rate became tied to some interest rate indicator (usuall the prime), and since interest rates have been going up, those people have had their payments increase. Some of these people didn't even understand that they were signing up for an ARM. I have seen interviews with these clueless folks who act completely stunned that their payments are going up. I don't understand how someone could go to a mortgage closing and not have a clue what they were signing up for. Lesson for everyone else - when interest rates are at historical lows, there is absolutely no need to sign up for an ARM. Just go fixed.
2. check foreclosure rates. check how few employment ads here in the OC ca jobs other than Starbucks and Walmart are getting scarce
3. Most foreclosures these days are the result of interest-only loans that come-a-knockin' now that interest rates aren't as low as they were when the loans originated. Instead of being a commentary on the economy, the resulting foreclosures are simply the consequence of families buying more house than they could afford.
4. HOUSING GOES UP AND DOWN IN CYCLES. IT IS CURRENTLY A BUYERS MARKET THE PEOPLE THAT THOUGHT THEY COULD HANDLE ALL THOSE REFINANCES DUE TO A STRONGER HOUSING MARKET A FEW YEARS AGO, GOT SCREWED. THEY SHOULD HAVE INSULATED THEMSELVES. YOU CAN'T BLAME THE GOVERNMENT FOR PEOPLES POOR CHOICES IN LIFE. IT'S LIKE THE STOCK MARKET WHEN IT'S RIDING HIGH YOU MAKE MONEY WHEN IT DROPS YOU LOSE. SMARTER CHOICES AND MORTGAGE COUNSELING WOULD HAVE ADVERTED ALL THOSE FORECLOSURES.
5. Yeah what good economy?? I love how the Redsters site the DOW as a sign of good economic health. The very week that America hits 300M population, the DOW which is a reference to profit taking of the 30 largest US corporations. A minuscule.000003% of America is doing great. DUH there is a war going on if the top 30 businesses are not getting rich now I would be worried. Go big Red Go
6. OK. This is for Los Angeles and Orange County. A 2,500 square foot house sells for over $1 million. The same house in Ohio sells for $250,000. So the cost per sqare footage is not the same in different parts of the country. Your question is skewed to meet your own personal agenda. Where does this stat say that foreclosures are due to the economy? Typically bankruptcies and foreclosures are due to the fact that the people in these situations cannot afford what they have and they keep spending until the debt snowballs and this is the only way out.