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marriedw/children | Foreclosures? |
How many foreclosures are in your town or city? Ours has an extreme amount for its size, yet the realitors keep over pricing homes. It makes no sense. This seems to have become the norm throughout this area, yet no one seems to be disturbed by it. Wouldn't it make more sense to price homes at a reasonable amount that people could afford payments for? It seems to me, that would put an end to a majority of the foreclosures.
Additional Details
Thank you for the answers, the majority were very informative, and made a lot of sense. Unfortunatey, to read over all the paper work at closing would either entail an amazing amount of time and patience or a fantastically educated speed reader. They don't give the average garden variety person (or couple) the amount of time needed to pour over the paperwork they ask you to sign. Plus, unless you're a realitor or someone who knows about realistate laws, you really don't know what your looking at to begin with. (Yes, I'm sure there are some misspellings here, give me a break, its late, and theres no check spelling button for the details) |
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peter j
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Foreclosure information?
very good advice Here:
http://www.foreclosureinfousa.net |
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Micheal S
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The problem with the logic of lowering the price of homes is that the buyer expects to get more from his property than he initially paid for it. So it is not the realtor who sets the prices, but the market. The seller places the house at one price and the buyer is willing to pay so much and once they reach an agreeable amount they exchange money for property.
What is happening is many people purchased more home than they could afford to pay, and either they lost a job, got sick, etc. and now they can't pay.
Foreclosures are a great thing for Real Estate Investors, because the banks just want the amount they were stiffed for, and in some cases, a home can sell for 50% of its appraised value because that is all they bank needed to get.
Have an amazing day!
Micheal Savoie
http://hutloan.com
http://beginrealestateinvesting.com |
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dzwreck
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The prices of homes are not the only reason for the high number of foreclosures. Too many people buying homes that are too expensive and consumers stretching themselves too thin, because lenders are allowing it is the main reason for the high number of foreclosures. In my area, the foreclosure rates are astronomical and as a state we rank in the top 5 for total number of foreclosures. However, our property values throughout the state are feeling the heat as well and they are dropping everywhere. Supply and demand are going to help determine property values. When lots of homes are for sale in a small area, then homes will sell for less. When their are fewer homes available, then the buyers don't have as many choices to choose from and the houses will be more valuable at that time. It does not just matter about how many foreclosures there are in a town, although this does contribute to housing prices somewhat as well.
Yes it may make sense to lower prices so more people could afford homes, but as long as the homes are still selling for higher prices that is not going to happen.
Ps: People can pass the blame to whoever they want, but ultimately every customer signs the loan closing paperwork and agrees to specific terms of a loan. If something doesn't make sense or sound right don't sign. A mortgage is the biggest financial transaction that most people will ever make. Therefore, it should be treated that way and very, very carefull attention should be placed on everything going on with it. All of the confusing paperwork and legal "mumbo jumbo" that you are required to sign at closing is not brought upon by the mortgage lenders, but by the lawmakers trying to make it easier for consumers by having you sign a few hundred pages of paperwork. You decide who's fault it is. It is not just mortgage lenders being sued and fined for hundreds of millions of dollars for predatory lending and unscrupulous practices, but it is banks also that this is happening to as well. The consumer is ultimately responsible for what they sign and if they are signing paperwork for a mortgage loan that is hundreds of thousands of dollars then you better read through your closing paperwork very carefully. There are plenty more good mortgage brokers, mortgage bankers, mortgage lenders and banking institutions out there than there are bad ones. Everyone only hears the bad stories and focuses their attention on those as opposed to hearing about the good stories (because those aren't as interesting in the news). |
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fields r
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Part of what you are hinting at is the local economy. The local economy is partially indicated as being weak because of the high number of foreclosures. However, often the real estate industry prices on size of the home, and prices of homes surrounding the foreclosed home. Over priced? In any area in Ohio or the midwest right now, a home that would be considered in the 150s a decade ago may be considered overpriced today. ie the homes have lost appreciation.
And hey, what is a reasonable amount say, in Detroit, where all ppl are losing jobs, and the auto industry is going in the tank? 50k is too much when you just lost your job for GM and now you are working for a restaurant, or opening your own company. |
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Writer of Truth
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The increasing number of foreclosures really doesn't have much to do with the prices of the homes. It has more to do with confusing mortgage terms. For instance, many of the loans being marketed nowadays are "no-interest" loans that balloon after a few years or dramatically increase the monthly payment. This means the homeowner either has to cough up a ton of money, refinance (which they can't always do) or get foreclosed on. |
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david d
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They mark prices up and people still buying. The banks allow the loans so somebody has the way to buy at the increasing prices. |
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Xai
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What on earth is a "foreclosure"?!! And what's a "realitor"? Is it the same as an estate agent? If I understand the question, you are asking why houses are priced at such a level that most people can't afford them? Well that easy, because there will always be someone that will buy them and they will make more money - they don't care that it means some people really struggle to get on the property ladder. And, to be fair, when we sell our house we will be putting it on the market for the highest reasonable price. |
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rhsaunders
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I must comment on your remarks about reading the paperwork. You must, must, MUST read and understand every bit of it. You are making legally enforceable promises, and if you don't understand what you are committing to, you can't keep your commitments. No one at a signing session will dump on you in any way if you take your time. |
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godged
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One huge problem that no one has touched on was the "pre-qualification." I could get pre-qualified today for WAY more than I know I can comfortably afford. Many buyers took the suggestion of their agent, got pre-qualified, and spent every penny they were pre-qualified for. I don't know if they were thinking they were expecting a big raise, to hit the lottery, or that if the mortgage lender said I can afford it, I must be able to, but SO many people have gotten jammed up this way.
Reading the paperwork would also help. Unsuspecting people got into ARMs and are now in way over there heads, losing there homes. Of course, everyone that willing knew about the ARM thought that they could refinance because the house was going to be worth more, but that didn't work out for most buyers.
It really doesn't have much to do with price, just buyers stepping up when they should have moved on. |
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Cynthia J
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We have many as well. Its those Mortgage Companies. Don't ever sign with a mortgage lender---keep it at the bank. |
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