Posted on 12/06/2006 6:24:53 PM PST by GodGunsGuts
Hundreds of Georgians lost their homes Tuesday.
The houses, taken from debt-laden homeowners, were sold to bidders on courthouse steps statewide.
The increasingly busy monthly auctions show that not all of the residential market is in decline.
Foreclosures are rising.
More than 115,000 properties across the country were in the foreclosure process in October — up 42 percent from the same month a year earlier, according to RealtyTrac, a California company that tracks foreclosures.
Foreclosures in Georgia are up a stunning 99 percent in the past year...
(Excerpt) Read more at ajc.com ...
This can't possible be correct...the Freepers tell me so.
ping
Dam, who was number 1?
I wonder if any of this occured because of the illegal backlash in Georgia as of late. ie recent bills and such.
bttt
The message of the actual housing market trumps all.
How many illegals got home loans in the last several years?
Good question. Care to take a guess?
for later
I guess I won't try to 'flip this house' in Georgia.
I'm sure this glut of worthless paper won't help them any.
Top 10 States with Homes in Foreclosure October 2006
1. Colorado 1 out of 337 homes (117 % increase)
2. Nevada 1 out of 389 homes (557 % increase)
3. Georgia 1 out of 449 homes (99 % increase)
4. Michigan 1 out of 623 homes (88 % increase)
5. Illinois 1 out of 632 homes (144 % increase)
6. Florida 1 out of 640 homes (49 % increase)
7. Ohio 1 out of 654 homes (55 % increase)
8. Tennessee 1 out of 668 homes ( 99 % increase)
9. New Jersey 1 out of 675 homes (37 % decrease)
10. Utah 1 out of 718 homes (13 % increase)
http://www.therealestatebloggers.com/2006/11/17/10-states-with-highest-foreclosure-rate-october-2006/
Exactly. Illegals are cutting and running and the loaners will look to the Federal Government (US) for relief.
I think it was criminal for the Feds to encourage banks to make house loans to undocumented aliens. I'll bet this increase in forclosures reflects this new policy. Looks like another mid eighties downturn in the offing.
People living beyond their means. Can't afford a house? Get an apt and work from there.
No chart rises or falls in a straight line. However, the general trend will be down for several-plus years IMHO.
Even renting a *house* is far cheaper than owning in most areas. If people want to own, they should be banking the difference and investing it to build up a good sized down payment (which will require 20% minimum by the time this is all over).
I agree. Young adults today can't restrain themselves from buying what they can't afford. They HAVE TO HAVE the latest cell phones with a gizillion minutes,.. cable TV with extras. The list goes on and on.
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