More Foreclosures to Come???

[poco]

http://www.housingwatch.com/2010/02/17/the-coming-foreclosure-flood/?icid=main|main|dl2|link3|http%3A%2F%2Fwww.housingwatch.com%2F2010%2F02%2F17%2Fthe-coming-foreclosure-flood%2F

Heartened by the recent rise in home prices? Don't get too comfortable. Standard & Poor's, the credit-rating agency that tells investors what mortgage-backed securities are worth, reports that the increase was just an illusion. It predicts the nation is about to see a deluge of new foreclosures that will drive real estate values back down......

This is exactly why I have no interest in buying a home right now. Sold (selling) my last one at a short sale and getting out from under all this mess. So many people around here are renting their homes and the rents are so cheap it is unbelievable. I think I'll just keep renting and let someone else pay for the new AC, new roof, new water heater, etc etc. It really just isn't worth it to own a home anymore.

 

[lizzybeth]

We've had two foreclosures (those are the ones I'm aware of) in my neighborhood in the last couple months. It's scary.

 

[smart blonde]

I'm so happy I lost my beautiful home to foreclosure 3 years ago... only because I know I won't have to live through that again! :woohoo:

(Trying to look on the 'bright side' is really hard sometimes).

...

 

[lizzybeth]

I'm so happy I lost my beautiful home to foreclosure 3 years ago... only because I know I won't have to live through that again! :woohoo:

(Trying to look on the 'bright side' is really hard sometimes).

...

I hope you never do have to go through that again. I lost one home to foreclosure back when I was married. I'll sell this one cheap before I go through that again.

 

[Boyz_Mum]

We've had two foreclosures (those are the ones I'm aware of) in my neighborhood in the last couple months. It's scary.

We live on an ordinary road with ordinary homes and I think there are 5 vacant homes. It's really sad to see in this 'oh so ordinary' neighborhood. (No mansions out here, no subdivisions, lots of acreage and low taxes and people can't hold onto the homes.) What the heck is the bank going to do with all these homes?

 

[LadyLuck]

poco- I am with you ---sometimes I wish I rented. It seems that something is always breaking or needing fixed. New roofs, heating units, etc. are not cheap. This does not even include updating. But I am blessed and thankful that I have a home that is paid for in my golden years.

 

[lizzybeth]

Same here. I live in a very old, very ordinary neighborhood. Nothing special. In my case, my mortgage is less than most places where I would pay rent. Sooo, if I can't hold onto my house I'm in trouble.

 

[mysterygirl]

It is sad.

People are hurting so badly right now and our politicians are trying to tell us everything is great........with cooked numbers on "saved" jobs and such.

All one has to do is look around to realize the state we are in........now this country owes billions and has very little to show for it, spinning out of control with taxes about to go back up, national debt and deficit and raising the debt limit.

I pray that things get better. I do believe that our economy has an effect on the violence and murder/suicides that are in the news everyday. JMO...

 

[FifthEssence]

Have a look:

Foreclosures and why the banks are loving them.

http://www.thinkbigworksmall.com/mypage/player/tbws/23088/1110933

 

[poco]

Lucky you all who have most if not all of your mortgage paid - it's the people just starting out or have bought a home within the last few years that are the ones who may be in big doodoo.

 

[Jenni979]

We just bought a home a few months ago and managed to pay cash for it. Now, I will admitt to you all that it needs tons of work and it is a far cry from our "dream-home" but we were determined not to have a morgage at this point.

I came into our marriage wilth NO bills... I owned my car & managed to have no student loans from my MBA as I worked for a college and they paid my full tuition, Thank GOD... But, it has taken us over 2 years to get my hubby out from under the mountain of debt he came into the marriage with. We are still stuck with a truck he bought right before we met & the payments for that stupid thing is over $600 a month... GRRR!!!

So, after it is payed off we are strictly a cash-only family.