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NATIONAL FORECLOSURES INCREASED IN EVERY QUARTER OF 2005
RealtyTrac ^ | 1/23/2005 | Staff Writers

Posted on 02/07/2006 11:12:33 AM PST by ex-Texan

U.S. FORECLOSURE MARKET REPORT

Nearly 847,000 Properties Enter Foreclosure During The Year; Florida, Colorado and Utah Post Nation’s Highest Foreclosure Rates.

Irvine, Calif. – January 23, 2006 – RealtyTrac™ (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released year-end data from its 2005 U.S. Foreclosure Market Report, which showed that 846,982 properties nationwide entered some stage of foreclosure in 2005, and a 25 percent increase in the number of new foreclosures from the first quarter to the fourth quarter.

RealtyTrac publishes the largest national database of pre-foreclosure and foreclosure properties, with more than 550,000 properties in nearly 2,000 counties across the country, and is the foreclosure data provider to MSN House & Home, Yahoo! Real Estate, AOL Real Estate and HomeGain.com.

“Overall U.S. foreclosure numbers climbed steadily over the course of the year, with more new foreclosures reported in every quarter,” said James J. Saccacio, chief executive officer of RealtyTrac. “This trend appears to be moving the real estate foreclosure market back to its historic levels.”

Saccacio noted that the number of 2005 foreclosures needed to be kept in context. “Even with almost 850,000 properties entering some stage of foreclosure across the country over the course of the year, this represents less than 1 percent of all U.S. households. And the increase in U.S. foreclosures from Q3 to Q4 was just below 5 percent.”

Report Highlights

• Despite a 29 percent decrease in new foreclosures from the first quarter to the fourth quarter, Florida documented the nation’s highest foreclosure rate and accounted for more than 14 percent of the nation’s new foreclosures in 2005. The state reported 121,843 properties entering some stage of foreclosure — 1.67 percent of the state’s households.

• New foreclosures in Colorado decreased 4 percent from the first quarter to the fourth quarter, but the state’s annual foreclosure rate ranked second highest nationwide thanks to consistently high foreclosure numbers throughout the year. A total of 29,630 Colorado properties entered some stage of foreclosure in 2005 — 1.62 percent of the state’s households.

• 1.5 percent of Utah households entered some stage of foreclosure in 2005, the nation’s third highest annual foreclosure rate. The state reported 11,536 properties entering some stage of foreclosure during the year, but new foreclosures dropped 27 percent from the first quarter to the fourth quarter.

New foreclosures in Texas increased 54 percent from the first quarter to the fourth quarter, and the state documented the nation’s fourth highest annual foreclosure rate. A total of 115,643 Texas properties entered some stage of foreclosure in 2005 — 1.44 percent of the state’s households and more than 13 percent of the nation’s new foreclosures in 2005.

• Other states with foreclosure rates ranking among the 10 highest nationwide were Georgia, Arizona, Indiana, New Jersey, Ohio and Tennessee. All of these state documented annual foreclosure rates of at least 1 percent of total households and reported new foreclosures increasing from the first quarter to the fourth quarter

• Although their foreclosure rates ranked below the nation’s 10 highest, California, Illinois, New York and Michigan were among the 10 states reporting the most new foreclosures in 2005. California reported 61,563 properties entering some stage of foreclosure, and new foreclosures increased 16 percent from the first quarter to the fourth quarter. Illinois reported 46,723 properties entering some stage of foreclosure, and new foreclosures decreased 14 percent from the first quarter to the fourth quarter. New York reported 37,068 properties entering some stage of foreclosure, and the state reported more than twice as many new foreclosures in the fourth quarter as in the first quarter.

“Over the past few years, we’ve seen historically low mortgage rates, consistently escalating home prices and steady, strong employment,” Saccacio said. “This has translated into relatively low levels of foreclosure properties — particularly bank-owned properties. With interest rates rising and an apparent slowing of property valuations in most markets, we’ll be watching closely to see if there’s a material effect on the number of foreclosures in 2006.”

The RealtyTrac 2005 U.S. Foreclosure Market Report provides the total number of homes entering some stage of foreclosure nationwide and by state for each quarter of 2005. RealtyTrac’s report includes properties in all three phases of foreclosure: Pre-foreclosures – Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures – Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been re-purchased by a bank).

Search foreclosure market statistics nationwide and by state.


TOPICS: Business/Economy; Culture/Society; Editorial; Government
KEYWORDS: 2005review; bubbles; fanniemae; fnm; foreclosures; housing; housingbubble; realestate
Want to learn about predatory mortgages, mortgage fraud, loan serving fraud and illegal foreclosures? Yada, yada Nothing to see here. Nada por nada. Time to move on. Things may become very interesting this year. Many people who signed up for Option ARM loan, 'straight ARMs' and interest only loans may start to feel pressure. But what do I know, anyway? I'm just a geezer.
1 posted on 02/07/2006 11:12:36 AM PST by ex-Texan
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To: ex-Texan

Gee how terrible of us to expect people to actually pay their bills. How utterly predatory of us.


2 posted on 02/07/2006 11:18:02 AM PST by MNJohnnie ("Vote Democrat-We are the party of reactionary inertia".)
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To: ex-Texan
Yada, yada Nothing to see here.

Click on the Yada, yada link, help ex-Texan pay his bills. You think this much whining comes for free?

3 posted on 02/07/2006 11:21:25 AM PST by Toddsterpatriot (Why does A. Pole sound like Emperor Palpatine?)
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To: ex-Texan
ex-Texan

Thankfully ...

4 posted on 02/07/2006 11:24:08 AM PST by tx_eggman (Islamofascism ... bringing you the best of the 7th century for the past 1300 years.)
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To: ex-Texan

Too many people paying too much for their homes...end of story.


5 posted on 02/07/2006 11:25:02 AM PST by threeleftsmakearight
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To: MNJohnnie
Gee how terrible of us to expect people to actually pay their bills. How utterly predatory of us.

While I agree, I certainly condemn the granting of mortgages to individuals with no real chance of ever being able to pay off their mortgages! Lenders (with guv'mint blessings) have financed homes at 125% of value with "Teaser Rates" for the first year or so! This sort of scheme only works for the duration of the value bubble then..., the "homeowner" walks away leaving the TAXPAYERS to ultimately "pick up the tab"!

I see numerous "bargains" in housing on the horizon at some point! I've been in these cycles before (unfortunately trying to relocate after a "burst bubble"). It ain't pretty but someone always wins by picking up the pieces! Unfortunately, it was never me.........

6 posted on 02/07/2006 11:28:14 AM PST by ExSES (the "bottom-line")
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To: ex-Texan

George Bush did it.


7 posted on 02/07/2006 11:30:32 AM PST by DeaconRed (IF . . . . . . . . . . . . . .)
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To: MNJohnnie

All these people who borrowed to the gills a couple of years ago and then took out ARM loans or those interest only loans so they could buy more house than they could actually afford are having to start paying the piper.

The loans were predatory, but George Bush didn't tell people to take out loans like that. No reputable financial person out there that I saw encouraged people to take out loans like that...but folks sure enough did.

I feel for those folks, but you could see it coming a mile away. When I was getting my house, I knew people my age taking out those arm loans because they were assuming they'd only live in their house 5 years. They didn't take into account that the low interest rates would drive the housing prices up and sooner or later the interest rates would go, making it harder to upgrade if you were just able to squeeze into your house in the first place.


8 posted on 02/07/2006 11:31:33 AM PST by ark_girl
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To: ex-Texan

Actually I am kind of hoping this might help me get rid of a truly annoying neighbor. They have been a thorn in the side of all their neighbors. They bought five years ago at $190K and have since refinanced four times, the last a few months ago to $425K. As both are on "disability", I don't think they can afford to ride the coming wave. Technically the house is worth it but they have really trashed the place and with the marketing softening in this area, they might be out of luck for their next refi. I feel kind of guilty for this kind of schadenfreude but it would be nice to see them leave.


9 posted on 02/07/2006 11:34:08 AM PST by caseinpoint (Don't get thickly involved in thin things.)
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To: ex-Texan

How can this be? The economy is doing just fabulous and the unemployment numbers are lower than ever before?





Yes, this is sarcasm but I just need to bitch slap the Bots one more time.


10 posted on 02/07/2006 11:39:02 AM PST by B4Ranch (No expiration date is on the Oath to protect America from all enemies, foreign and domestic.)
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To: ex-Texan
Although their foreclosure rates ranked below the nation’s 10 highest, California, Illinois, New York and Michigan were among the 10 states reporting the most new foreclosures in 2005.

Amazing! Even though their foreclosure rates are not the highest, the MOST POPULUS STATES had the most new foreclosures... Stunning!

</sarcasm*>

11 posted on 02/07/2006 11:43:56 AM PST by Onelifetogive (* Sarcasm tag ALWAYS required. For some FReepers, sarcasm can NEVER be obvious enough.)
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To: B4Ranch

"Yes, this is sarcasm but I just need to bitch slap the Bots one more time."

Slap them with what? Did you geniuses ever think that with record home-ownership will come record foreclosures? With record car sales come record repos. With I'm supposed to be surprized by that, or even worse, like you, think it reflects negatively on the President? Sorry, not gonna. Thankfully, God put alittle more brains in my head than that.

What is glaringly missing from this report, and your arguement, is whether or not RATES of foreclosure are higher or lower.


12 posted on 02/07/2006 11:48:20 AM PST by L98Fiero
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To: ark_girl; caseinpoint
Ameriquest just settled a predatory lending class action case for about $ 350 million. Just a drop in the bucket. This year foreclosures will probably go up every quarter again. Foreclosed properties impact local property value, increasing downward pressure on the housing market. Good buying opportunities are coming to your neighborhood very soon.

Just resist the temptation to refinance every two years and roll your credit cards and a new SUV into the deal. Yada, yada. It's not Bush's fault. Greenspan did it.

13 posted on 02/07/2006 11:50:09 AM PST by ex-Texan (Mathew 7:1 through 6)
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To: ExSES
TAXPAYERS to ultimately "pick up the tab"!

Please explain how the taxpayer picks up the tab.

14 posted on 02/07/2006 11:56:56 AM PST by Toddsterpatriot (Why does A. Pole sound like Emperor Palpatine?)
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To: ex-Texan
Despite a 29 percent decrease in new foreclosures from the first quarter to the fourth quarter, Florida documented the nation’s highest foreclosure rate and accounted for more than 14 percent of the nation’s new foreclosures in 2005. The state reported 121,843 properties entering some stage of foreclosure — 1.67 percent of the state’s households.

With the exponential rise in property insurance in FL, these numbers make sense. I know several people at work whoa re going to sell their homes because they cannot afford the thrid consecutive doubling of insurance rates. I bought three years ago and insurance was $500. It was just re-adjusted to $2000 per year and my agent told me it will double again before the summer. People making on 11-14 bucks an hour can no longer afford a home where they've lived most of their life. Interest only variable APR loans won't kick people in FL the way the insurance rates will. I'm glad I bought small just in case this happened.

15 posted on 02/07/2006 12:02:03 PM PST by doc30 (Democrats are to morals what and Etch-A-Sketch is to Art.)
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To: L98Fiero
You can research the history further back if you wish to do so.

Below are foreclosure market statistics nationwide and by state:

State Name Q1 Q2 Q3 Q4 TOTAL % change from 2004
US 2005 188,122 201,358 223,224 234,278 846,982 24.54
Alabama 799 1,845 958 360 3,962 -54.94
Alaska 268 420 381 333 1,402 24.25
Arizona 5,896 7,577 7,000 6,366 26,839 7.97
Arkansas 1,806 2,998 4,303 2,143 11,250 18.66
California 15,887 13,504 13,768 18,404 61,563 15.84
Colorado 6,779 7,862 8,470 6,519 29,630 -3.83
Connecticut 1,456 2,601 1,470 4,202 9,729 188.60
Delaware 119 113 61 30 323 -74.79
District of Columbia 10 58 47 40 155 300.00
Florida 34,651 30,812 31,829 24,551 121,843 -29.15
Georgia 8,388 7,841 11,203 10,881 38,313 29.72
Hawaii 200 211 2,634 161 3,206 -19.50
Idaho 936 684 569 556 2,745 -40.60
Illinois 12,094 11,894 12,366 10,369 46,723 -14.26
Indiana 7,254 7,209 7,728 8,304 30,495 14.48
Iowa 466 451 452 735 2,104 57.73
Kansas 440 520 414 531 1,905 20.68
Kentucky 1,349 1,758 1,043 819 4,969 -39.29
Louisiana 1,155 1,364 831 496 3,846 -57.06
Maine 50 29 34 26 139 -48.00
Maryland 667 881 1,692 1,448 4,688 117.09
Massachusetts 616 1,165 735 1,843 4,359 199.19
Michigan 4,411 7,222 9,953 11,937 33,523 170.62
Minnesota 486 571 509 676 2,242 39.10
Mississippi 339 850 440 280 1,909 -17.40
Missouri 2,039 2,425 2,807 3,038 10,309 49.00
Montana 179 179 261 285 904 59.22
Nebraska 367 303 670 730 2070 98.91
Nevada 1,950 1,798 1,644 2,331 7,723 19.54
New Hampshire 33 29 49 33 144 0.00
New Jersey 6,482 9,165 5,991 13,487 35,125 108.07
New Mexico 1,254 2,061 1,721 2,247 7,283 79.19
New York 5,299 9,937 9,084 12,748 37,068 140.57
North Carolina 4,170 4,194 3,466 4,086 15,916 -2.01
North Dakota 68 53 19 24 164 -64.71
Ohio 8,547 9,901 14,961 16,435 49,844 92.29
Oklahoma 3,131 3,543 3,476 3,348 13,498 6.93
Oregon 2,099 1,771 1,554 1,431 6,855 -31.83
Pennsylvania 5,083 7,827 7,089 8,651 28,650 70.20
Rhode Island 9 18 9 3 39 -66.67
South Carolina 2,229 2,079 1,332 1,966 7,606 -11.80
South Dakota 55 49 52 41 197 -25.46
Tennessee 4,739 5,594 8,114 6,095 24,542 28.61
Texas 24,127 21,176 33,289 37,051 115,643 53.57
Utah 3,484 2,749 2,775 2,528 11,536 -27.44
Vermont 15 16 11 18 60 20.00
Virginia 380 388 868 956 2,592 151.58
Washington 4,214 4,375 3,287 2,989 14,865 -29.07
West Virginia 165 202 425 227 1,019 37.58
Wisconsin 1,434 1,036 1,247 1,404 5,121 -2.09
Wyoming 48 50 70 47 215 -2.08

16 posted on 02/07/2006 12:08:13 PM PST by B4Ranch (No expiration date is on the Oath to protect America from all enemies, foreign and domestic.)
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To: doc30

Just read about another old lady getting the shock of her life as her FL home insurance is up to $2000.

Insurance companies will adjust upwards.


17 posted on 02/07/2006 12:08:32 PM PST by finnman69 (cum puella incedit minore medio corpore sub quo manifestu s globus, inflammare animos)
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To: SierraWasp


18 posted on 02/07/2006 12:08:52 PM PST by FOG724 (Governor Spendanator)
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To: threeleftsmakearight

Been going on in blue states for years!

Blue States: Spend $400,000 for a single-wide trailer in San Francisco, get shot on your front porch.

Red States: For $175,000 you get a sprawling 4 bedroom ranch, 4 acres, clean air and a great view.


19 posted on 02/07/2006 12:11:03 PM PST by RockinRight (Attention RNC...we're the party of Reagan, not FDR...)
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To: ark_girl

Didn't those cheap loans, in part, account for the booming economy?


20 posted on 02/07/2006 12:13:55 PM PST by stuartcr (Everything happens as God wants it to.....otherwise, things would be different.)
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To: L98Fiero


Here ya go. See for yourself what the news is. Not a pretty picture is it?

U.S. Supply of Foreclosed Properties Reaches Its Highest Level of 2004

RISMEDIA, June 8-There were 29,990 new foreclosed residential properties listed in the U.S. during May 2004, according to Foreclosure.com,. Overall, the total number of foreclosed properties available in the U.S. for the month of May was 82,991. While the number of new foreclosure listings remained relatively even from April to May, there was an increase of 10 percent in the total number of available properties.

"The increase in foreclosure inventory during the past month indicates that lenders are burdened with a high number of properties. This creates a very attractive buyer's market, as lending institutions do not benefit from holding foreclosed properties on their books," said Greg Sullivan, vice president and co-founder, Foreclosure.com. "Georgia, North Carolina, Ohio and Texas continue to show the largest number of foreclosed properties in the country. However, new foreclosures in Texas, North Carolina and Ohio dropped from April to May, the first drop in new listings in these states in 2004."

U.S. Foreclosure Data for May 2004:

ALASKA
Total Properties: 66
New Foreclosures: 27

ALABAMA
Total Properties: 1915
New Foreclosures: 670

ARKANSAS
Total Properties: 891
New Foreclosures: 291

ARIZONA
Total Properties: 1490
New Foreclosures: 712

CALIFORNIA
Total Properties: 649
New Foreclosures: 355

COLORADO
Total Properties: 2297
New Foreclosures: 875

CONNECTICUT
Total Properties: 300
New Foreclosures: 111

DISTRICT OF COLUMBIA
Total Properties: 50
New Foreclosures: 28

DELAWARE
Total Properties: 115
New Foreclosures: 53

FLORIDA
Total Properties: 2405
New Foreclosures: 1016

GEORGIA
Total Properties: 6194
New Foreclosures: 2276

HAWAII
Total Properties: 28
New Foreclosures: 13

IOWA
Total Properties: 1078
New Foreclosures: 428

IDAHO
Total Properties: 720
New Foreclosures: 259

ILLINOIS
Total Properties: 2932
New Foreclosures: 1133

INDIANA
Total Properties: 4615
New Foreclosures: 1609

KANSAS
Total Properties: 893
New Foreclosures: 305

KENTUCKY
Total Properties: 1422
New Foreclosures: 504

LOUISIANA
Total Properties: 1193
New Foreclosures: 444

MASSACHUSETTS
Total Properties: 120
New Foreclosures: 38

MARYLAND
Total Properties: 1093
New Foreclosures: 531

MAINE
Total Properties: 138
New Foreclosures: 42

MICHIGAN
Total Properties: 5356
New Foreclosures: 1808

MINNESOTA
Total Properties: 620
New Foreclosures: 240

MISSOURI
Total Properties: 2379
New Foreclosures: 879

MISSISSIPPI
Total Properties: 1179
New Foreclosures: 402

MONTANA
Total Properties: 171
New Foreclosures: 48

NORTH CAROLINA
Total Properties: 6009
New Foreclosures: 1854

NORTH DAKOTA
Total Properties: 68
New Foreclosures: 18

NEBRASKA
Total Properties: 558
New Foreclosures: 201

NEW HAMPSHIRE
Total Properties: 56
New Foreclosures: 20

NEW JERSEY
Total Properties: 674
New Foreclosures: 329

NEW MEXICO
Total Properties: 743
New Foreclosures: 255

NEVADA
Total Properties: 406
New Foreclosures: 224

NEW YORK
Total Properties: 2064
New Foreclosures: 752

OHIO
Total Properties: 5564
New Foreclosures: 1673

OKLAHOMA
Total Properties: 1370
New Foreclosures: 494

OREGON
Total Properties: 1113
New Foreclosures: 411

PENNSYLVANIA
Total Properties: 3117
New Foreclosures: 1060

RHODE ISLAND
Total Properties: 6
New Foreclosures: 3

SOUTH CAROLINA
Total Properties: 2525
New Foreclosures: 856

SOUTH DAKOTA
Total Properties: 132
New Foreclosures: 51

TENNESSEE
Total Properties: 3730
New Foreclosures: 1291

TEXAS
Total Properties: 8715
New Foreclosures: 3213

UTAH
Total Properties: 1391
New Foreclosures: 556

VIRGINIA
Total Properties: 951
New Foreclosures: 316

VERMONT
Total Properties: 35
New Foreclosures: 15

WASHINGTON
Total Properties: 1987
New Foreclosures: 734

WISCONSIN
Total Properties: 966
New Foreclosures: 415

WEST VIRGINIA
Total Properties: 412
New Foreclosures: 116

WYOMING
Total Properties: 90
New Foreclosures: 36

For more information, visit http://www.foreclosure.com/


21 posted on 02/07/2006 12:19:12 PM PST by B4Ranch (No expiration date is on the Oath to protect America from all enemies, foreign and domestic.)
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To: ex-Texan
I see ads for these unconventional mortgages all the time. One was called the 'Smart Choice' loan, where you pay just the interest for 10 years, then blammo, you have 20 years left to pay off what should have been a 30-year loan, and the interest can change every 6 months.

The only way someone could survive one of these loans would be to have the discipline (and the money) to pay a few hundred dollars extra each month toward the principal. But if you have the money to do that, why not just get a low rate fixed loan in the first place?

Investors that are going to sell properties before 10 years and are sure the value will go up might be OK with a loan like this, but I bet the majority of interest only loans are to young couples who can't really afford a big house and don't understand what will happen in 10 years.

22 posted on 02/07/2006 12:20:16 PM PST by Sender (As water has no constant form, there are in war no constant conditions. Be without form. -Sun Tzu)
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To: ex-Texan

During the late '80's I worked with a fellow who had gone underwater in the Fort Collins Colorado real estate market. He was in rural Arizona on the run from his creditors. My friend had been doing lots of creative leverage stunts which worked very well as long as the market was rising. But when the market began to fall . . . Whoa, Nellie!!

One thing he told me which will always remain in my memory was: When the market turns, which I bet its doing in Colorado and Utah, it does so with a vengeance and speed which is breathtaking. There were a whole boatload of Middle Easterners involved in the market there. And they all pulled stakes the same day.

Beware people! It's a jungle out there.


23 posted on 02/07/2006 12:21:31 PM PST by NaughtiusMaximus (DO NOT read to the end of this tagline . . . Oh, $#@%^, there you went and did it.)
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To: stuartcr

So did the dotcoms when people didn't invest in them wisely.

Again, I don't think any of this is Bush's fault. I think it's people not behaving responsibly. When you take out a 5 year ARM loan at 4.5% for as much house as you can possibly buy (even with the 4.5% interest rate) knowing full well that the interest rate WILL go up at the end of that 5 years, you're taking a huge risk. You're either betting you'll be able to refi at a decent rate or you're betting that you're going to be able to move to improve your situation at the end of that five years.

That's risky in Arkansas where the real estate prices have fluctuated modestly. That can create a very loud financial thud for people that did that in the states where the real estate prices have fluctuated wildly.

The cheap loans weren't bad. It's the cheap loans that turn into expensive loans that are the problem.


24 posted on 02/07/2006 12:25:27 PM PST by ark_girl
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To: ark_girl

Correct, it is no one persons fault, but it certainly made the economy look good for a while.


25 posted on 02/07/2006 12:28:08 PM PST by stuartcr (Everything happens as God wants it to.....otherwise, things would be different.)
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To: Sender

You're assuming the property value will go up.

These interest only lone people have a VERY good chance of getting screwed in places like California or New York where the real estate prices are cooling off and could go down since a lot of them went too high.

I just know what Suze Orman says, and Suze makes sense.


26 posted on 02/07/2006 12:32:31 PM PST by ark_girl
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To: ex-Texan
But what do I know, anyway? I'm just a geezer.

Why do you keep posting these thread then? And making this comment on every one? Everyone knows there will be a dip in housing; the MSM touts this all the time.

But, brother, you get tiresome.

27 posted on 02/07/2006 12:46:10 PM PST by Siena Dreaming
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To: Siena Dreaming
Why do you keep posting these thread then? And making this comment on every one?

Birds gotta fly, fish gotta swim, ex-Texan gotta whine.

28 posted on 02/07/2006 1:03:15 PM PST by Toddsterpatriot (Why does A. Pole sound like Emperor Palpatine?)
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To: ex-Texan

Don't know whose fault it is, re Greenspan or Bush or Clinton, but we refi'd five years ago to change our adjustable to a fixed and shorten the term by ten years. Didn't take any funds out. Current equity at at least 2.5 times the mortgage balance so we can stand some downward pressure. By the way, we don't use credit cards, period, and we pay cash for our vehicles. Hubby and I are solid on paying off the house asap and resisting temptation to draw on the equity. Hopefully it will pay off in the long run. I know the lack of debt is nice right now. And our lifetstyle isn't spartan by any means. We live in California, by the way, an hour east of San Francisco.


29 posted on 02/07/2006 1:33:30 PM PST by caseinpoint (Don't get thickly involved in thin things.)
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To: Toddsterpatriot
The problem is, because of the incessant posting of the same thing over and over, he's not just doing it for info purposes.

Looks like he's just trying to drum up traffic for his site.

30 posted on 02/07/2006 1:38:11 PM PST by Siena Dreaming
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To: ex-Texan
What percent of private property was in foreclosure during the Great Depression? 30% ????

What percent is now in foreclosure?

31 posted on 02/07/2006 1:39:59 PM PST by RightWhale (pas de lieu, Rhone que nous)
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To: Siena Dreaming
Looks like he's just trying to drum up traffic for his site.

That's exactly what he's trying to do.

32 posted on 02/07/2006 1:41:33 PM PST by Toddsterpatriot (Why does A. Pole sound like Emperor Palpatine?)
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To: ex-Texan
A total of 115,643 Texas properties entered some stage of foreclosure in 2005

----

California reported 61,563 properties entering some stage of foreclosure

Which of the two has the highest value, largest population and the one most talked about everyone, including businesses fleeing from again?
33 posted on 02/07/2006 1:45:28 PM PST by lewislynn (Fairtax = lies, hope, wishful thinking and conjecture.)
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To: ex-Texan
All this means is there is still no shortage of stupid people in the housing market.

BigMack
34 posted on 02/07/2006 1:57:18 PM PST by PayNoAttentionManBehindCurtain (Never under estimate the power of stupid people in a large group:)
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To: RightWhale

Wait two more years.


35 posted on 02/07/2006 2:07:38 PM PST by ex-Texan (Mathew 7:1 through 6)
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To: ex-Texan

What percent?


36 posted on 02/07/2006 2:20:32 PM PST by RightWhale (pas de lieu, Rhone que nous)
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To: RightWhale
About 60% of mortgages in California were interest only or ARM loans in 2005. In the past three years, the percentage was about 45%. Only 14% of Californians are able to afford homes with conventional financing. I predict people either will be leaving California in droves or facing foreclosure if they do not sell their homes. Do the math yourself. In Oregon, we are facing a similar scenario. Wages are at least 50% lower here. People making only $ 30,000 a year do not have any business buying $ 230,000 homes.
37 posted on 02/07/2006 2:48:21 PM PST by ex-Texan (Mathew 7:1 through 6)
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To: Toddsterpatriot
TAXPAYERS to ultimately "pick up the tab"!

Please explain how the taxpayer picks up the tab.

Those ill conceived mortgages are resold to Fannie Mae/Freddie Mac and, if there ultimately are too many bad loans to cover from their reserves..., there WILL be a "Bail Out" similar to the Resolution Trust established to take care of the last such event in the 80s.

38 posted on 02/07/2006 7:04:56 PM PST by ExSES (the "bottom-line")
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To: ExSES
Those ill conceived mortgages are resold to Fannie Mae/Freddie Mac and, if there ultimately are too many bad loans to cover from their reserves

So when you said this:
This sort of scheme only works for the duration of the value bubble then..., the "homeowner" walks away leaving the TAXPAYERS to ultimately "pick up the tab"!

You were guessing. Because it hasn't happen before.

I don't suppose you know what these reserves are?

39 posted on 02/07/2006 7:50:51 PM PST by Toddsterpatriot (Waiting for Paul Ross to be right about anything.)
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To: Toddsterpatriot
I don't suppose you know what these reserves are?

Not right off hand (and if I did, I doubt that I could make a rigorous analysis of their sufficiency) but I do know that a number of knowledgable folks have expressed concern over both the governance and reserves of Fannie Mae and Freddie Mac (Including Alan Greenspan just a few months back).

Whether this is an imminent danger or just a possibility, the marginal (and many fraudulent) mortgages are immediately resold into the secondary market after they are created.

40 posted on 02/08/2006 6:12:30 AM PST by ExSES (the "bottom-line")
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To: ExSES
Whether this is an imminent danger or just a possibility, the marginal (and many fraudulent) mortgages are immediately resold into the secondary market after they are created.

Yes they are. And they are guaranteed by Fannie and Freddie, not the US taxpayer.

41 posted on 02/08/2006 6:24:53 AM PST by Toddsterpatriot (Waiting for Paul Ross to be right about anything.)
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To: Toddsterpatriot
Yes they are. And they are guaranteed by Fannie and Freddie, not the US taxpayer.

I realize that is correct, at the present, BUT..., politicians being what they are, Fannie and Freddie are "Too Big To Fail" and the taxpayers WILL be tapped when the "Guv'mint Bail Out Program" is enacted to save them!

42 posted on 02/08/2006 7:38:18 AM PST by ExSES (the "bottom-line")
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To: ExSES
So, we've gone from, "whenever a bubble breaks, the taxpayer is on the hook" to "if there are enough bad loans and if the reserves aren't large enough the taxpayer is on the hook".

So, when should we expect the bailout? Or is it still a maybe?

43 posted on 02/08/2006 7:56:35 AM PST by Toddsterpatriot (Waiting for Paul Ross to be right about anything.)
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To: Toddsterpatriot
So, when should we expect the bailout? Or is it still a maybe?

Obviously ..., it is still a future event! While crystal balls seem to be in short supply..., I, for one, got out of FNM investments in late 2004 and do not plan on getting back in for quite some period of time (if ever)...

44 posted on 02/08/2006 8:41:20 AM PST by ExSES (the "bottom-line")
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To: ExSES
Obviously ..., it is still a future event!

Really? You made it sound like a foregone conclusion.

I, for one, got out of FNM investments in late 2004 and do not plan on getting back in for quite some period of time (if ever)...

I agree, buying FNM now would be like buying GM.

45 posted on 02/08/2006 8:46:00 AM PST by Toddsterpatriot (Waiting for Paul Ross to be right about anything.)
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To: Toddsterpatriot
This sort of scheme only works for the duration of the value bubble then..., the "homeowner" walks away leaving the TAXPAYERS to ultimately "pick up the tab"! You were guessing. Because it hasn't happen before.

I guess you were not "tuned in" to economics during the "S&L Crisis" and subsequent "Bail Out" in the establishment of the Resolution Trust by Congress in 1989???

46 posted on 02/08/2006 8:47:34 AM PST by ExSES (the "bottom-line")
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To: ExSES
Because it (a bailout of Fannie Mae and Freddie Mac) hasn't happened before.

I guess you were not "tuned in" to economics during the "S&L Crisis" and subsequent "Bail Out" in the establishment of the Resolution Trust by Congress in 1989???

There is a difference between Fannie, Freddie and FDIC insured institutions.

47 posted on 02/08/2006 8:51:05 AM PST by Toddsterpatriot (Waiting for Paul Ross to be right about anything.)
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