foreclosure tsunami

first post guys-

any feelings on how the foreclosure tsunami coming in oct will effect the market?


http://money.cnn.com...sion=2008042909

first post guys-

any feelings on how the foreclosure tsunami coming in oct will effect the market?


http://money.cnn.com...sion=2008042909

i'm still wondering how "exploding arms" will affect my block. two houses have already been foreclosed upon and there are two others that i know of that probably ain't gonna make it .

ed rader

Edited by ed rader, 02 May 2008 - 07:12 PM.

the ALT-A loans come next which covered homes above the sub prime limit they will spike mid 2009 also notice how the subprime loan defaults drop off a cliff edge right around xmas 08

Edited by trioderob, 02 May 2008 - 07:25 PM.

Even if the ARM's were frozen, the mortgage holders have paid bubble prices for their homes. The interest rate is only one factor, they still have to pay back the bubble level principal which they are locked in. If food & energy keeps escalating, many home owners will be squeezed further. This has a long way to go.

Tulsa Sheriff's Auction

We have over 400 foreclosure auctions scheduled the next 6 weeks.
That is the most I've ever seen here.
And that's while our unemployment rate is at record lows nearing 3%.
Here is a sign you'll see in many yards of for sale homes:

[img]http://tbn0.google.com/images?q=tbn:l_OD1qlDMSGNRM:http://bp3.blogger.com/_eClr5HGcRQU/R1AN6qnfi1I/AAAAAAAAAAo/JlJhYNCjdN4/S300/tulsagoodthings.jpg[/img]

Last Week:

Forbes Magazine named Oklahoma City the number one recession-proof city.

• View the full study.

Texas received the number two and three spots with San Antonio and Austin, respectively.

The magazine went on to say that Oklahoma City has one of the strongest housing markets in the country.

Texas & Oklahoma homes saw appreciation but not the bubble.

Edited by Rogerdodger, 03 May 2008 - 12:05 AM.

Tulsa Sheriff's Auction

We have over 400 foreclosure auctions scheduled the next 6 weeks.
That is the most I've ever seen here.
And that's while our unemployment rate is at record lows nearing 3%.
Here is a sign you'll see in many yards of for sale homes:

[img]http://tbn0.google.com/images?q=tbn:l_OD1qlDMSGNRM:http://bp3.blogger.com/_eClr5HGcRQU/R1AN6qnfi1I/AAAAAAAAAAo/JlJhYNCjdN4/S300/tulsagoodthings.jpg[/img]

Last Week:

Forbes Magazine named Oklahoma City the number one recession-proof city.

• View the full study.

Texas received the number two and three spots with San Antonio and Austin, respectively.

The magazine went on to say that Oklahoma City has one of the strongest housing markets in the country.

Texas & Oklahoma homes saw appreciation but not the bubble.

i remember a couple of years ago on this board when anyone warned of the real estate bubble we were told that real estate is regional and so were bubbles. yeah right .

ed rader