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eerie
Joined: 03 Oct 2006
Posts: 185
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 Posted: Thu Oct 05, 2006 1:12 pm Post subject: More and More Foreclosures in Las Vegas? |
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Since the housing boom has ended, and there are a record number of homes on the market, how does the foreclosure outlook look?
Are there more houses listed? |
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CH313
Joined: 17 Oct 2006
Posts: 9
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| Posted: Tue Oct 17, 2006 1:49 pm Post subject: Foreclosures going up |
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| Foreclosure rates are going up all across the country. In the last several years people have mortgaged their properties 2 and 3 times until there is no equity left. That was ok when the interest rates were low. Now the rates are rising and most people have Adjustable Rate second and third mortgages. Their monthly payments are rising quickly. |
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eerie
Joined: 03 Oct 2006
Posts: 185
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| Posted: Tue Oct 24, 2006 1:01 pm Post subject: |
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| Yes, I heard that Dallas is having record foreclosures right now. One of the reasons is attributed to gasoline prices! They say that many homeowners commute to Dallas, and the high price of gas put them over the edge! |
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LeighA
Joined: 24 Oct 2006
Posts: 64
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| Posted: Wed Oct 25, 2006 12:05 pm Post subject: |
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| CH313 so what do those people do now? They still have to have somewhere to live. Do they just let the house get foreclosed on and then go buy another or what? |
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eerie
Joined: 03 Oct 2006
Posts: 185
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| Posted: Fri Oct 27, 2006 12:47 pm Post subject: |
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| No, they have to rent or live with family. If you foreclose on a home loan it will be at least several years before you will be able to get another mortgage, unless there were very unusual circumstances involved, such as divorce, illness or catastrophe of some sort. |
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LeighA
Joined: 24 Oct 2006
Posts: 64
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| Posted: Fri Oct 27, 2006 12:57 pm Post subject: |
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| Thanks Eerie. We are just starting to look for our first home and I know there are lots of foreclosures around so was just wondering what happens. |
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sweet_mayhem
Joined: 13 Oct 2006
Posts: 42
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| Posted: Mon Nov 20, 2006 6:51 am Post subject: |
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| eerie wrote: | | Yes, I heard that Dallas is having record foreclosures right now. One of the reasons is attributed to gasoline prices! They say that many homeowners commute to Dallas, and the high price of gas put them over the edge! |
i read from another real estate forum that there are a lot of foreclosures, too, in ohio. one poster said his/her real estate agent told them it's because many owners are flipping their houses. i don't know if that is the real reason. |
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eerie
Joined: 03 Oct 2006
Posts: 185
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| Posted: Tue Jan 16, 2007 1:38 am Post subject: |
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That doesn't make sense.
Flipping a house just means buying it for investment purposes, fixing it up and selling it quickly. |
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SeeMe
Joined: 19 Jan 2007
Posts: 49
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| Posted: Fri Jan 19, 2007 2:36 am Post subject: |
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| I think it's because so many people bought houses expecting to flip them for profit, and now the market has slowed and they can't sell the houses fast enough. They probably can't afford to make multiple mortgage payments for very long. |
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eerie
Joined: 03 Oct 2006
Posts: 185
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| Posted: Sat Jan 20, 2007 11:46 pm Post subject: |
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So, are foreclosures up in Vegas as expected?
Vegas is supposed to be one market not to buy in for the next 2 years. |
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