Foreclosure Filings Nearly Double

[seacrestkristi]

Thanks, Shell

 

[Bobby J]

Did he ask how many condos have come on the market in areas 13 and 15 since 01/01/2007? And what is the present total?


.

No Shelly he did not ask about areas 13 and 15 at all. He merely thought we were at a complete stand still.... I do not want to debate with you over the computer. If you would like to make an appointment to meet me at my office please call. You have already stood me up twice and my feelings are starting to get hurt.

 

[Mango]

Just an observation:ACORN advocates greater home ownership opportunity for minorities. Enter relaxed lending standards and risky mortgages through which minority groups that were frozen out of homeownership realized 'ownership'. Now ACORN wants to fix a problem they visualized as a solution a few short years ago?

I am not sure how many affordable built homes purchased were subprime loans, but generally organizations such as these are courted by major Banks who have CRA programs. (The Community Reinvestment Act)
In short, the Lenders have mortgage programs with slightly relaxed guidelines such as those with no credit history could get landlord letters, show utility bills, etc. But these are not subprime mortgages. They are fixed rates, and to boot, are usually about .25% lower in rate than traditional fixed rates. They are full documentation loans and are are closely underwritten by the Lenders.
HUD (a gov't agency) gets all warm and fuzzy when these loans are made when they audit Banks because they need to show they made loans in minority neighborhoods.

I would hope that Acorn steered people to these loan types first.

If they were coop loans, they had to be prime loans, because most subprime lenders did not offer coop loans.

That being said though, someone posted:

The mortgage industry should modify predatory loans to an affordable fixed rate"

I am in partial agreement with that in respect that if the loan was a fully documented loan (no liar loans) and a 4506 tax record is pulled verifying that the income matched the application, paystubs or W2's, and the credit standards meet a prime loan, then that loan could be considered predatory if it was sold as a subprime loan.
It's always been my opinion that strictly subprime lenders should have had access to automated underwriting for prime (FNMA, FHLMC loans) to see if the Borrower qualified in lieu of just buying the loan without doing some due dilegence in that respect.

Other than that, I have a hard time accepting those folks who took subprime adjustables who are crying the blues now saying they didn't know what they might be getting into.

 

[Capricious]

"...Kinda my point. I just randomly clicked on MLS 459422, they paid $61,000 in 2004 and sold for $250,000 in 2007. Not bad...."


As this specific property was cited as an example of how
great things are in the local real estate market, I sure would
like a few more details as to the actual property and the
actual circumstances of these "sales"

 

[Busta Hustle]

here is a better example of a big winner in this down market...40 acres purchased in 04 for 1.5 mil sold to walton county school board for 4.2 million

 

[Little Fish]

Bobby:

It appears you have misrepresented the state of the market by using raw data to support the conclusion you wanted the prospect to accept. I propose the main reason sales are so high in Destin has little to do with demand; rather, it is due to the completion of preconstruction projects that were started several years ago. Those who closed YTD due to preconstruction projects reaching completion represent previous not current demand.

I wonder how many of those owners of preconstruction units would have opted out of closing if they could get out without leaving their deposits on the table? As several other posters have hinted, true demand is difficult to guage by taking sales volume at face value.

The next time you discuss the state of the market with prospective buyers, I suggest you would best serve them by qualifying your remarks.

Little Fish

 

[Bobby J]

"...Kinda my point. I just randomly clicked on MLS 459422, they paid $61,000 in 2004 and sold for $250,000 in 2007. Not bad...."


As this specific property was cited as an example of how
great things are in the local real estate market, I sure would
like a few more details as to the actual property and the
actual circumstances of these "sales"

I do not believe I said the market was "great". I just said the preception is distorted. There could have been a quick claim deed for all I know. It was the first one I quickly glanced at while writing a contract for a beach home in Destin. Are you looking for details on all 693 sales?

 

[Bobby J]

Bobby:

It appears you have misrepresented the state of the market by using raw data to support the conclusion you wanted the prospect to accept. I propose the main reason sales are so high in Destin has little to do with demand; rather, it is due to the completion of preconstruction projects that were started several years ago. Those who closed YTD due to preconstruction projects reaching completion represent previous not current demand.

I wonder how many of those owners of preconstruction units would have opted out of closing if they could get out without leaving their deposits on the table? As several other posters have hinted, true demand is difficult to guage by taking sales volume at face value.

The next time you discuss the state of the market with prospective buyers, I suggest you would best serve them by qualifying your remarks.

Little Fish

Little Fish,

I did not write out my entire conversation with my client. Of course we discussed pre-construction and foreclosure. The point was that things are moving and we are not at a complete stand still. I can not sit here on a forum site and type out every little detail of my conversation. I just want to be sure that others that are looking at this market understand it is not all doom and gloom like soooooo many post on these boards. My remarks were qualified but thanks for making me aware they were not here.

 

[seacrestkristi]

I appreciate the positive note, Bobby J, since I also wouldn't mind selling a townhouse in Seacrest, not desperate or overextended though. ;-) There are certainly plenty of good deals for people with cash to spend. That's why I want to sell my townhouse so I can buy something else, maybe there, maybe in Tennessee. I'm sick of the private beach stuff.
www.seacrestinsouthwalton.com Now, 389k

 

[Capricious]

"... do not believe I said the market was "great". I just said the preception is distorted. There could have been a quick claim deed for all I know. It was the first one I quickly glanced at while writing a contract for a beach home in Destin. Are you looking for details on all 693 sales?..."




I am looking for data on the ONE property that you cited as an
example.

Why are you evading answering the question?