Pleiades

http://money.cnn.com/2007/06/18/real...ex.htm?cnn=yes

Interesting bit on CNN. Seems like South Sac/Florin/almost Elk Grove (95823 ZIP) is has the most foreclosures in CA this year so far. 6th most in the country. Detroit's in the top 10 zip codes for forclosures 4 times though... 2 of them aren't even the ghetto.

Home threads always seem to have some following on this board...

Max Xevious

iTrader: (8)

1/2 of us are waiting for prices to come down to a respectable level so we can buy. The other 1/2 are current home owners and wish us to hell for wanting prices to go lower

Egan

iTrader: (14)

to hell with you

nachomc

iTrader: (7)

I've been seeing a lot of foreclosure sales in my area recently too. I knew this was going to happen - there are way too many people in my area rolling 7-series bimmers and living in massive houses ("equity is like free money, and I got it on this sweet interest only, 50 year ARM!!!!!")..

T-Will

iTrader: (3)

They just had a MASSIVE price drop out at Capital Village in Rancho where I'm buying...if I had closed last month I'd have paid close to $30k more for my place.

jvick125

iTrader: (2)

Sacramento is always one of the harder hit areas in the country as well. Don't expect prices to bounce back anytime soon. It will be one of the slowest.

nachomc

iTrader: (7)

You got lucky!

ipozestu

iTrader: (18)

Many 5yr ARMS are up beginning this year. Interest rates have jumper through the roof in comparison to the entry point of the ARM. Life was peachy at a 4.2% interest only loan, no the refi even on an ARM is up like 6.2-6.525% that big increase. My wife and I just bought another house got a great deal on it but the interest rate from one week to the next cost us about $200 more an month. We'll have to wait until the holiday season to lock in a lower rate. Buying a point may have to come later.

T-Will

iTrader: (3)

YES

I'm going with an FHA 30-year fixed @ 6.25% (or 6.5% can't remember). Not a bad deal, but it's crazy when I know people who bought houses back 5 years or more who have mortgage payments at $700/month on a 3 bedroom home...

Max Xevious

iTrader: (8)

and it will just continue to get cheaper

T-Will

iTrader: (3)

NOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO!!!!

Eventually it will start to get more expensive!!!!!!!!!!!!!!!!!!!!!!!!!

The sales people at Beazer said this is the final price drop (but who really knows...).

nachomc

iTrader: (7)

How cute. The market will dictate if this is the final price drop . That would suck to be one of the people who closed in the last phase and have already lost $30k on their house

Max Xevious

iTrader: (8)

yeah.. lets believe the sales people

T-Will

iTrader: (3)

Yeah I'd be a little TO'd if I had closed last month, but then again, it still really isn't that bad of a deal for a brand new townhouse. And it may take a few years for the market to recover, but for me it'll be worth it to save money on gas, wear and tear on the car, and insurance, plus I'll be saving a ton of time to/from work. Also I won't be polluting as much (for you hippies out there) except for when I make poopies.

gdogg

iTrader: (38)

me and my wife are so ready for more foreclosures.... more clearly pre-foreclosures... bad for "them" good for investors like us... and Detroit... yeah we went there last year... that entire area is a ghost town.... and they actually have the highest concentration of muslim communities in the U.S. (so i was told)

unfortunately it looks like hawaii will be joining that list- anyone involved in the mortgage business understands what i'm talking about... there will be many people on that NOD list on realty trac (due to crazy loan packages) ... people not be ble to follow through on their payments



aloha from the summit of *-^-mauna kea-^-*