Where are the foreclosed people?

[miller]

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?

 

[uscitizen]

Foreclosed does not mean jobless.

 

[strollingbones]

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

 

[Mad Scientist]

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?

There's this this new thing called "renting".

 

[asterism]

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

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.

 

[Zoom-boing]

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.

 

[Bern80]

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?

There's this this new thing called "renting".

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.

 

[Midnight Marauder]

"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....

 

[Mad Scientist]

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?

There's this this new thing called "renting".

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.

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.

 

[peach174]

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?

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

 

[william the wie]

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?

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

Well a lot of the tent people get run off but most often people live in their cars. Trailer rentals and extended stay hotels are also common. Estimates as high as 2% of the population living off food stamps as their sole income float around the internet but there is no central clearing house for such data so reliability may be as low as the estimates for homelessness. The state and local politicians will continue to police the aesthetics of homelessness, food stamps as sole income, discouraged workers and so on.

 

[Trajan]

Where are the foreclosed people?


renting. where most of them should have been.

 

[waltky]

IRS lookin' for `em...

Foreclosed? The tax man may want his cut
April 15, 2011: Did you lose your house to foreclosure this year? Did your lender forgive some of your mortgage debt because the house sold for less than it the mortgage balance? If so, you could be facing a big tax hit.

It is IRS policy to tax forgiven debt you are personally responsible for as if it is income. Say, for example, your credit card company settled a $10,000 debt for 50 cents on the dollar. You'd have a debt forgiveness of $5,000, which the IRS would count just like your wages. The same policy held true for most mortgage debt until 2007, when Congress passed the Mortgage Forgiveness Debt Relief Act. That ended the liability for many homeowners -- but not all.

In general, if you lose your home to foreclosure or short sale, where you sell your home for less than you owe, the IRS won't add insult to injury by counting the difference as income, at least until 2012, when the act expires. There are four major exceptions to the rule:

1. You did a cash-out refinance and splurged.

Many homeowners took cash out when they refinanced their homes and used the extra dough to pay for new cars, boats, vacations or other spending. Say you did that and then got into trouble, losing the house through a foreclosure or short sale. Even if your lender waived the remaining debt, the IRS will treat as income the portion of the forgiven debt that you took out as cash and spent. Only the funds used to actually improve your home won't be taxed (plus the costs of refinancing the loan). Yes, even if you spent the money on paying off your student loans or credit cards.

The IRS' reasoning is that only the money spent on home improvement actually added to your home's value. And that, presumably, diminished the difference between what you owed on your mortgage and the value of your home when it was foreclosed. Beware: Some lenders made refinancing offers contingent on homeowners paying off credit card debt, according to Kent Anderson, a Eugene, Ore.-based attorney and tax expert. If you took one of those deals, the refinance money will be reported to the IRS and you will owe taxes on it.

2. You have a home-equity line of credit.

 

[Pepe]

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

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.

Modular homes will be the next job killer if the economy ever improves to that point.

The entire home will be built on special standardized jigs and then shipped to the good ol USA to be erected on the foundation put in by a local (approved) contractor.

All wiring and plumbing built to "code" will already be built in to the house.

The entire house will be ready for occupancy in 3-5 days for the average house.

I've read that they will cost about 50% of stick build.

Many of the General Aviation manufacturers are having parts produced in the Phillipines and China and assembling the finished product here.

Don't say it can't or won't be done.

 

[rdean]

[ame=http://www.youtube.com/watch?v=JZiZoRBPLjU]YouTube - American Tent Cities[/ame]

[ame=http://www.youtube.com/watch?v=tGxKdDinkKk&feature=related]YouTube - America's Largest Tent City[/ame]

Check out this article:

Now, because of the horrific hole that our politicians have dug for us, we are faced with some heartbreaking choices. For example, right now the U.S. Congress is deciding whether or not to extend long-term unemployment benefits for the nation’s jobless.

Extending those benefits through the end of February would add another $12.5 billion to the U.S. national debt. But not doing it would cut off the only lifeline that many Americans have just in time for the holidays.

The extension of jobless benefits that was passed last summer expires on December 1st. If these long-term benefits are not renewed, approximately 2 million unemployed Americans will lose their checks.

Tent Cities Pop Up Everywhere In The U.S. As Homelessness Skyrockets

---------------------------------------

Remember that from last Christmas? Republicans were going to cut off those benefits unless Obama extended the tax breaks for the rich. Now Republicans say, "See, he supports the tax breaks for the rich too". Slimes.

---------------------------------------

[ame=http://www.youtube.com/watch?v=CnnOOo6tRs8]YouTube - Tent cities spring up in LA[/ame]

Police cutting up these people's homes.

[ame=http://www.youtube.com/watch?v=LrPdZmPB36U&feature]YouTube - St. Petersburg Police cutting up homeless tents[/ame]

I wonder how many of those white people are glad they voted Republican? Now they won't be able to vote at all. No wonder Republicans fight to keep people from registering.

 

[Mr Liberty]

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

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.

We have an over supply of houses. There will not be any homes built until there is a demand. There is also an over supply in commercial real estate. Until businesses increase there is not any sense in building more.
I haven't put on my tools for eighteen months. There is no jobs in sight. Now I buy foreclosed homes.

 

[Mr Liberty]

There's this this new thing called "renting".

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.

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.

Thank you Robert Kiyosaki.

 

[boedicca]

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.

Insightful post ZB.

In certain areas of the country where housing tract after housing tract were built were built during the boom, there is so much excess inventory that it will take decades for those areas to recover (if they ever do). Foreclosures lead to vacant properties that sit empty, are vandalized, and drag down a neighborhood...it's a downward spiral.

Thank the Feds for promoting the "Everybody Deserves A House" meme.

 

[Mr Liberty]

YouTube - American Tent Cities

YouTube - America's Largest Tent City

Check out this article:

Now, because of the horrific hole that our politicians have dug for us, we are faced with some heartbreaking choices. For example, right now the U.S. Congress is deciding whether or not to extend long-term unemployment benefits for the nation’s jobless.

Extending those benefits through the end of February would add another $12.5 billion to the U.S. national debt. But not doing it would cut off the only lifeline that many Americans have just in time for the holidays.

The extension of jobless benefits that was passed last summer expires on December 1st. If these long-term benefits are not renewed, approximately 2 million unemployed Americans will lose their checks.

Tent Cities Pop Up Everywhere In The U.S. As Homelessness Skyrockets

---------------------------------------

Remember that from last Christmas? Republicans were going to cut off those benefits unless Obama extended the tax breaks for the rich. Now Republicans say, "See, he supports the tax breaks for the rich too". Slimes.

---------------------------------------

YouTube - Tent cities spring up in LA

Police cutting up these people's homes.

YouTube - St. Petersburg Police cutting up homeless tents

I wonder how many of those white people are glad they voted Republican? Now they won't be able to vote at all. No wonder Republicans fight to keep people from registering.

The spending by Democrats has nothing to do with the mess at all, It's all the GOP s fault. I blame your Marxist ideology for most of this. "Everyone has a right to own a house" Don't you dare get on here like you are innocent.

 

[hortysir]

Is the OP doubting that people have been foreclosed on or American's ability to get by without having to resort to stealing?

I got downsized a few years ago and spent 6 months unemployed.
House foreclosed and 2 cars repo'd.
Had to move into Sect 8 housing for a year.
From there we paid down onto a lease option which we now sublet to our daughter and her kids while we live in a rented house with a 2011 F150 parked in the driveway.

And what's really weird?
I never had to steal a single penny to get back on my feet again.