Where are the foreclosed people?

Discussion in 'Economy' started by miller, Feb 16, 2011.

  1. miller
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    miller BANNED

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    Millions of entire families have been foreclosed out of their homes. Where are they?

    It would seem they would be forced to steal food but there doesn't appear to be any crime wave. How do they manage?
     
  2. uscitizen
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    uscitizen Senior Member

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    Foreclosed does not mean jobless.
     
  3. strollingbones
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    strollingbones Diamond Member

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    construction people have been hard hit...my husband got his 1099's this year...less than half of what he made last year...i know 2 families that lost their homes....one is renting....one has moved to another state to live with family...foreclosed does not mean jobless but the under employment in the construction industry is crippling a lot of families..

    construction jobs will go the way of textile jobs...it will never come back like it was..hard to believe that 3 years ago it was booming....people couldnt build spec houses fast enough...now they are trying to sell those specs houses at a greatly reduced rate
     
  4. Mad Scientist
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    Mad Scientist Deplorable Gold Supporting Member Supporting Member

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    There's this this new thing called "renting".
     
  5. asterism
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    asterism Congress != Progress

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    I disagree. While it will be a long time before there is a boom like a few years ago (a very huge speculative bubble), the very nature of construction means that it has to happen here. We can't build a house as a finished product in China and just ship it over here for consumption.
     
  6. Zoom-boing
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    Zoom-boing Gold Member

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    My brother just bought a house that was about to go into foreclosure.

    The couple had the house built in 2007 at a cost of $560,000. They pulled out all the bells and whistles, spared no expense. Lovely 5 bedroom, 3 1/2 bath, fully finished basement with a $5,000 shuffle board table, hardwood floors, granite and stainless appliances in the kitchen, big-assed island with a big-assed granite top in there too. Beautiful house.

    The guy got laid off and is currently making 1/3 of his former salary. He and his wife are in the process of divorcing, shuffling the kids back and forth between them I suspect. They missed one payment and the bank would have yanked the house. My brother and SIL bought it for $440,000. The couple still owes $120,000 on a house that they no longer have, no longer live in. How to you recover from that? Declare bankruptcy? And then how long does it take to recover from that? Very sad but I question a) could they really afford that much house to being with and b) did they really need that much house to begin with? Hell, they had a $2,000 swing set in the back yard.

    We've had two houses (that I know of) in my neighborhood go into foreclosure. The one family was in the process of selling the house, had buyers but the bank wouldn't wait (Citibank) and yanked the house. (Sounds to me like the realtors were idiots as well).

    How are the foreclosed on managing? By doing with less and living within or below their means. It's a novel idea for a lot of people (and no, I'm not kidding). The foreclosed on are out there, even if you haven't personally encountered it or them.

    We also just got the school newsletter and our school district is short $3M or so because two big pharma companies are appealing their property assessment trying to get it lowered, as are many individual families. We are up a crick here and I suspect our taxes are going to increase. Substantially.

    I live in a small town that was listed as the fastest growing town in my county a few years back. They couldn't build the houses and commercial stuff fast enough. Now? The Acme that has only been opened two or three years? Gone. Drug stores? Gone. Gold's Gym? Gone. Another big food store? Hurting, badly. Housing developments left half-built; people screwed out of their deposits + because the builder went belly up. Things are shitty and I'm not seeing much of recovery in my neck of the woods.
     
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    Last edited: Feb 16, 2011
  7. Bern80
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    Bern80 Gold Member

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    I am starting to wonder if home ownership is overrated. Considering you almost no one actually owns their home and contratray to opinion are not your most imortant assett, but your biggest liability.
     
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  8. Midnight Marauder
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    Midnight Marauder BANNED

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    "Millicent Higby"

    Ahh... Look at all the foreclosed people...

    Millicent Higby, lived in a house with a two car garage and a car
    Skipped on her payments, couldn't afford them but wanted to live like a star
    Didn't get far
    All the foreclosed people, how do they get along
    All the foreclosed people, where do they all belong....
     
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    Last edited: Feb 16, 2011
  9. Mad Scientist
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    I own two homes, one an asset the other a liability.

    The house in California is rented so it puts money in my pocket.

    The house I live in now is a liability because it takes money out of my pocket.
     
  10. peach174
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    peach174 Gold Member Gold Supporting Member Supporting Member

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    They have found rented homes or apartment's or they are living with family or friends. :eusa_whistle:
    I haven't heard a thing about the tent cities that were going up. Has anybody else?
     

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