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Satellite Tour Of America's Foreclosures

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  • #1

    Satellite Tour Of America's Foreclosures

    A Frightening Satellite Tour Of America's Foreclosure Wastelands
    http://www.businessinsider.com/satellite-tour-foreclosure-wastelands-2011-5#bakersfield-calif-1-in-58-homes-in-foreclosure-1



    It had never homed on me how bad things still are.
    Politics is not about the pursuit of morality nor what's right or wrong
    Its about self interest at personal and national level often at odds with the above.
    Great politicians pursue the National interest and small politicians personal interests
    Tags: None
  • #2
    Re: Satellite Tour Of America's Foreclosures

    Originally posted by londontsi View Post
    http://www.businessinsider.com/satel...-foreclosure-1


    It had never homed on me how bad things still are.
    Things are even worse than what the media prints....
    "Nobody can give you freedom. Nobody can give you equality or justice or anything. If you're a man, you take it." ~Malcolm X

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    • #3
      Re: Satellite Tour Of America's Foreclosures

      It's close to 2% in most places and is even less then one percent on national level, so it is not as bad as it was or as some want people to believe.

      Comment

      • #4
        Re: Satellite Tour Of America's Foreclosures

        Originally posted by KarotheGreat View Post
        It's close to 2% in most places and is even less then one percent on national level, so it is not as bad as it was or as some want people to believe.
        Really? Do you know any property owners in parts of the U.S.? Do you know people who took a $200,000 mortgage on a house that's now worth $70,000? That's if they can even sell it?
        "Nobody can give you freedom. Nobody can give you equality or justice or anything. If you're a man, you take it." ~Malcolm X

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        • #5
          Re: Satellite Tour Of America's Foreclosures

          Originally posted by KanadaHye View Post
          Really? Do you know any property owners in parts of the U.S.? Do you know people who took a $200,000 mortgage on a house that's now worth $70,000? That's if they can even sell it?
          Does it really matter if I know any property owners? Will that change the numbers that have been presented here? The numbers presented here show a very different reality than the doomsday that you are trying to suggest.

          for example from the source provided:
          Bakersfield, Calif. -- 1 in 58 homes in foreclosure (less than two percent)
          Reno, Nev. -- 1 in 54 homes in foreclosure (again the same trend)
          Last edited by KarotheGreat; 05-31-2011, 08:02 AM.

          Comment

          • #6
            Re: Satellite Tour Of America's Foreclosures

            Originally posted by KarotheGreat View Post
            Does it really matter if I know any property owners? Will that change the numbers that have been presented here? The numbers presented here show a very different reality than the doomsday that you are trying to suggest.

            for example from the source provided:
            Bakersfield, Calif. -- 1 in 58 homes in foreclosure (less than two percent)
            Reno, Nev. -- 1 in 54 homes in foreclosure (again the same trend)
            An upside down mortgage is worse than a foreclosure.... when a home forecloses and people declare bankruptcy at least the bleeding stops. When someone is working to pay an upside down mortgage they are working at a loss (going to work and losing money).
            "Nobody can give you freedom. Nobody can give you equality or justice or anything. If you're a man, you take it." ~Malcolm X

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            • #7
              Re: Satellite Tour Of America's Foreclosures

              Originally posted by KanadaHye View Post
              An upside down mortgage is worse than a foreclosure.... when a home forecloses and people declare bankruptcy at least the bleeding stops. When someone is working to pay an upside down mortgage they are working at a loss (going to work and losing money).
              House prices will not stay as low as they are right now, they will go up when demand goes back up

              Comment

              • #8
                Re: Satellite Tour Of America's Foreclosures

                Originally posted by KarotheGreat View Post
                House prices will not stay as low as they are right now, they will go up when demand goes back up
                The only way they will go back up is by foreign investment and foreigners got rich off of U.S. spending so it's not that simple for demand to turn around. It might take decades for people to catch up with their debts.
                "Nobody can give you freedom. Nobody can give you equality or justice or anything. If you're a man, you take it." ~Malcolm X

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                • #9
                  Re: Satellite Tour Of America's Foreclosures

                  Originally posted by KanadaHye View Post
                  The only way they will go back up is by foreign investment and foreigners got rich off of U.S. spending so it's not that simple for demand to turn around. It might take decades for people to catch up with their debts.
                  Or with the recovery of the economy the demand will go up and the prices always follow demand. No need for foreign investment is needed just time and a faster recovery of the economy. Mortgages are meant to take decades to pay off, any other debt they have to pay is their own fault if they have to pay for decades.

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                  • #10
                    Re: Satellite Tour Of America's Foreclosures

                    Originally posted by KarotheGreat View Post
                    Or with the recovery of the economy the demand will go up and the prices always follow demand. No need for foreign investment is needed just time and a faster recovery of the economy. Mortgages are meant to take decades to pay off, any other debt they have to pay is their own fault if they have to pay for decades.
                    When house prices went up, Americans took home equity loans against the worth of their house to spend on things they wanted to buy. They spent money that they thought they had saved in the price of their home but the price was inflated.


                    Home prices: 'Double-dip' confirmed


                    NEW YORK (CNNMoney) -- Home prices hit another new low in the first quarter, down 5.1% from a year ago to levels not reached since 2002.

                    It was the third straight quarterly drop for the S&P/Case-Shiller national home price index, which was released Tuesday.

                    Prices are now down 32.7% from their peak set five years ago.

                    "Home prices continue on their downward spiral with no relief in sight," said David Blitzer, spokesman for Standard and Poor's.

                    The index covers 80% of the housing market, and this month's report confirmed "a double-dip in home prices across much of the nation," said Blitzer.

                    The housing market went through a brief recovery period starting in mid-2009, recovering nearly 5% of earlier losses. After homebuyer tax credits expired last April, the slump resumed.

                    http://money.cnn.com/2011/05/31/real...htm?hpt=hp_bn1
                    "Nobody can give you freedom. Nobody can give you equality or justice or anything. If you're a man, you take it." ~Malcolm X

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