Cleveland Ohio 6500 ForeClosures Listing Cheap Houses..

[Cinelli]

The foreclosure engine spit out over 6500 listings of FORECLOSURES...

$90,000 Houses listing for $45,000 and LESS

And the interesting thing is the banks in that region are DUMPING houses right now further driving down the housing prices and leaving people 'down under.' Down under is the term used where even after the sale of their home they would still be left with a sizeable mortgage. In instances like these it makes no sense to own the home but to walk.

Don't believe it go read the engine outputs yourself

http://www.foreclosure.com/search/OH_035.html

People should support Cleveland and BUY A HOUSE, especially retirees from Canada, Britian, Japan, Snowbirdies, Summer Retreaters etc. Please copy and spread the word. Don't let the banks crash their economy by dumping the houses...

 

[papasmerf]

What are you a fricking moron????????

People buy things they can not afford and loose them.......this is a fact

 

[FOOTSNIFFER]

I've already bought one house in Rochester, and am looking to put together a syndicate of investors to purchase some more down in the states.....there are probably better deals in the south, but I want to be closer to my investments.....follow your own advice, cinelli.

 

[papasmerf]

you need to be carefull in inter-city property. Management needs to be more hands on.

 

[S.C. Joe]

I blame the greedy banks for whats been happening. The banks believed home prices would always keep going up. So the banks did not care if people could not pay back their loans--the banks were not even checking credit reports. The banks just thought fine, people can not pay back the loans, they get the house and sell it and still make money on the bad loan.

Guess what, home prices are falling, banks are now losing money. 2008 is going to be more of the same.

It sounds like a good time to buy but then maybe next year you could get even a better deal--if anybody can get a loan then.

 

[danmand]

http://www.brasschecktv.com/page/187.html

 

[papasmerf]

Does that include the banks and financial institutions
that bought these packaged loans?

Both the home buyers and the Wall Street moguls
got caught up in this mess and we're all taking a hit.

The values of homes on the streets that have multiple
foreclosures are also taking a hit. Their home values
are also being reduced.

Don

Back in the early 1981 I bought my first house at 15.5%. I was thrilled to death a few years later when I could refinance at 10%. Back then ARM's were all the talk and could have shaved maybe 2 points. The other option emerging was the BALLON PAYMENT. Neither one looked to me to be a good option for the homeowner then or now.

During the most recent upswing a few houses in my neighborhood sold for 20% above average value and they were artificially inflated by the buying trend of the day. Today one of those homes is for sale and should bring what is 80 to 90% of purchase price or what is the fair value of other homes in the area. This loss is representative of normal market adjustments.

The fact is when you invest in real estate and over pay or over extend you run a risk. My advice to anyone buying a house is 25% of the gross or 45% of the net income is the rule to follow. Not 50% or 60% of the gross as banks will qualify someone for. The other thing to consider is if you do not qualify for say a $250,000.00 mortgage at a fixed rate then you can not afford the house.

 

[papasmerf]

http://www.brasschecktv.com/page/187.html

Dark but good analysis

 

[FOOTSNIFFER]

It goes without saying that you should be able to carry your house, and be conservative financially when buying.

There's alot more analysis to buying a house than that, papa.
For example, in a market like toronto with 100,000 net in migration a year, if home prices stagnate for the better part of a decade, as they did in the 90s, then inevitably there are pressures that will build that will propel house prices higher eventually. In that case, buying is not so risky.

The factors you have to consider are: first demographics...places which are suffering population losses are never good...people actually have to occupy homes to give them value. Then income growth; are jobs growing. Then national trends in interest rates and whether home prices have stagnated for awhile while the overall price levels and personal incomes of people in the area have been rising.

I believe housing prices in the US generally are going to be going through a period of stagnation in the foreseeable future, but that the american economy will continue to do fine...eventually, perhaps in 4-5 years, prices will begin to rise again.

 

[Cinelli]

The global current account deficit of the United States is now larger than it has ever been—nearing $800 billion, almost 7 percent of US GDP. To finance both the current account deficit and its own sizable foreign investments, the United States must import about $1 trillion of foreign capital every year or more than $4 billion every working day. The situation is unsustainable in both international financial and domestic political (i.e., trade policy) terms.

http://iie.com/research/topics/hottopic.cfm?HotTopicID=9