$200/ft/ appear to be the going rate now, IIRC.Quote:
Originally Posted by meatdrink9
Printable View
$200/ft/ appear to be the going rate now, IIRC.Quote:
Originally Posted by meatdrink9
Lenders Swamped By Foreclosures Let Homeowners Stay
Quote:
April 4 (Bloomberg) -- Banks are so overwhelmed by the U.S. housing crisis they've started to look the other way when homeowners stop paying their mortgages.
...
``Some people stay in their houses until someone comes to kick them out,'' said Angel Gutierrez, owner of Dallas-based Metro Lending, which buys distressed mortgage debt. ``Sometimes no one comes to kick them out.''
...
``Some of the banks just don't want the houses to be empty, especially if it's in an area where there's a lot of theft or there are five other houses empty on the street,'' said Kapsalis, who works at Added Value Realty LLC in Livonia, Michigan, another Detroit suburb. ``They'll lose toilets, plumbing, appliances, everything. Banks are getting wise and allowing people to live there longer.''
...
Few mortgage companies will admit they allow homeowners to stay in their homes without paying their bills.
``No servicer will say you can live rent-free for six months, go ahead,'' said Paul Miller, a mortgage industry analyst at Friedman Billings Ramsey & Co. in Arlington, Virginia. ``Eventually, the servicers will clear these guys out.''
...
That doesn't take into account the woman he knows who hasn't made a mortgage payment in eight months and hasn't heard from her lender, Pannabecker said.
``Now she's afraid to mail in a payment for fear it'll come to somebody's attention,'' he said.
The exact opposite is being reported here, Homeowners Trash Their Homes Before Handing Over the Keys.
Called the "cash for keys" approach, lenders are offering people from a few hunnie to a few thou to vacate, the idea being get the occupants out before they rip the place up. This is reported from Las Vegas, they're always so cutting-edge out there, even in home foreclosures.
Mortgage Delinquencies Rates, by state, by quarter since Q4 2005.
http://online.wsj.com/public/resourc...UBPRIME07.html
FL and NV lead the way in the 5.5 - 7% range . Check out the Add'l Mortgage Maps, too
Just talked to a buddy in Steamboat. A developement that sold out in a couple days with refundable deposits has had about 75% of the deposits returned. He feels that ultimately none of the buyers will close. It WILL hit prime locations. AND commercial is coming next.
Remember when the Japanese bought up all the high priced golf courses and got burned big time?
You should totally sell one of those houses around, say, August. I might know somebody who'll be in the market ;)Quote:
Originally Posted by meatdrink9
The problem is even if the buyers are very qualified the banks just aren't opening their wallets for loans. I bet the people liked the properties and wanted to buy, but ran into trouble when it came time to get the loans (or front enough of the down payment required). I think you'd be OK if you had good credit and wanted to owner occupy, but I bet these were investor loans or 2nd homes. You better be putting at least 20% down for an investor loan.Quote:
Originally Posted by Craven Morehead
2 of my last 3 purchases I ended up paying straight cash. The property I was able to secure a loan for, required me to escrow $8,400 for repairs (the money has since been released back to me). I am buying properties that are generally pretty beat-up and bank-owned, but I have a flawless track record with properties. No credit smudges what-so-ever and great reserves. I always bring 20% down. The problem is even though I qualify for the loan the banks are hesitant to lend on the properties (beat-up, and the general market is headed down, even though I'm buying for rock-bottom prices).
The last property a loan was declined on was a 1,500 sq. ft. two-story Victorian. It'll take about a month of full-time work and 8K to remodel it (to a very sick place). I got 2K for the commission. The price was 59K. I wanted a loan for 45K. 45K was too much risk for the bank to take on for this property. So I said "fuck them" and paid with my own cash (which happened to be parked at the bank that denied the loan). :D I guarantee this property will appraise for over 100K when I'm done with the remodel. I'll refinance it 6 months from the purchase date and pull the 65K I'm into it and still have a cash flow of $300 a month. Then that 65K will go into the next projects. Hopefully I can leverage it. If not, I'll go cash and refi again.
khakis, ha ha. I like the properties. I would be happy to get rid of one of the renters though. ;)
http://www.nytimes.com/2008/04/14/bu...590&ei=5087%0A
"Citing the reverberations of the American housing bust and credit squeeze, the International Monetary Fund last Wednesday cut its forecast for global economic growth this year and warned that the malaise could extend into 2009.
“The problems in the U.S. are being transmitted to Europe,” said Michael Ball, professor of urban and property economics at the University of Reading in Britain, who studies housing prices. “What’s happening now is an awful lot more grief than we expected.”"
Benny, read that earlier and was a bit surprised... I guess I shouldn't have been. The beginning paragraphs do a good job describing it;
Quote:
DUBLIN — The collapse of the housing bubble in the United States is mutating into a global phenomenon, with real estate prices swooning from the Irish countryside and the Spanish coast to Baltic seaports and even parts of northern India.
This synchronized global slowdown, which has become increasingly stark in recent months, is hobbling economic growth worldwide, affecting not just homes but jobs as well.
In Ireland, Spain, Britain and elsewhere, housing markets that soared over the last decade are falling back to earth. Property analysts predict that some countries, like this one, will face an even more wrenching adjustment than that of the United States, including the possibility that the downturn could become a wholesale collapse.
what bullshit to blame the Euro bubble on the collapse of hte US bubble.
They did it to thmselves just like we did.
they bought holiday properties without seeing them ever.
they bid up flats in london without being able to afford principal payments (like california)
Its an independent human stupidity that real estate always goes up.
(kind of off-topic) Any Denver mags got a home inspector recommendation?
I was happy with my guy in Boulder, seemed really thorough, but really don't have much to go on. Let me know if you want his name.
Thanks, I'll get in touch with you when I get closeQuote:
Originally Posted by Danno
Could be worth a read if you are looking to buy in the Front Range:
"Where to Buy (Even) Now"
http://www.5280.com/issues/2008/0805...hp?pageID=1091
Any mags live in Ken Caryl Valley? Curious as to how the "private" hiking/mountain biking trails are out there.
for the record, my house in MT is STILL for sale. Please someone buy this house!
Good read! Thanks for sharing. Somewhat sad in the pants that our neighborhoold (Platt Park) didn't make the list (though we love where we live)Quote:
Originally Posted by ColMan
I was surprised to see that Highlands Ranch made it on the list.
With the redevelopment of the Gates land and light rail nearby, Platt Park will do well.
The light rail access is the most underrated element to our new 'hood.Quote:
Originally Posted by ColMan
driving to work has become a thing of the past.
Agreed, I haven't driven downtown in quite a while.Quote:
Originally Posted by Rontele
The question I know have to ask myself is whether its quicker to bring my bike and have everything ready to go from downtown on the days I go riding after work,Quote:
Originally Posted by ColMan
OR if I can come home and just grab everything.
I don't tend to ride after work as much as I used to b/c of the traffic. I do see how the western burbs could be appealing for apre-work rides. If were to ever move outside of the area, I would probably take a look at Ken Caryl Valley. The idea of having uncrowded private biking trails behind my house would be pretty sweet. Though having to drive everywhere else would not.
Its not so bad (though the days I ride, I tend to leave at 430).Quote:
Originally Posted by ColMan
ColMan,
The other fun thing I've been doing is taking my bike with me in the mornings on the light rail and then riding home!
Do you have clipless wingtips?
no, penny loafers.Quote:
Originally Posted by RootSkier
Usually I keep a "work suitable outfit" in my office and wear riding attire to work.