5 replies to this topic

[OEXCHAOS]

From Yahoo

Foreclosure activity up 30% in Q3 according to RealtyTrac US foreclosure market report : RealtyTrac released its Q3 2007 U.S. Foreclosure Market Report, which shows a total of 635,159 foreclosure filings -- default notices, auction sale notices and bank repossessions -- were reported on 446,726 properties nationwide during the Q3, a 30% increase from the previous quarter and an increase of nearly 100% from 3Q06. The report also shows a foreclosure rate of one foreclosure filing for every 196 U.S. households for the quarter.

[relax]

From marketwatch And now, sell-the-news time This should be a Mark-Buy, right ;-)

[OEXCHAOS]

I'm looking to buy early weakness. The good sell is coming, I think, but it's not here yet. Mark

[relax]

I'm looking to buy early weakness.

The good sell is coming, I think, but it's not here yet.

Mark

Keep us updated!

[calmcookie]

One in 196 households ! Yikes ! High demand for cheap rentals. Which has just given me an idea. Best to all, C.C.

[...]

Here in Miami Shores, my next door neighbor's house is still on the market, now in its 10th month. Her problem is that she's got it listed for $399K when comps within blocks of here are going for $315-$335. She tried FSBO for 6 months at $410, then listed it with a realtor 4 months ago. The house across the street has now been for sale for about 6 months and is now also unoccupied. The local code enforcement guy slapped a "mow your damned grass" notice on a sign in the front yard about 3 weeks ago. No mowing transpired, so a couple of days ago the city crew showed up and did it. That'll probably cost them a lien for about $500 (for a $35 job.) The house on the corner at the other end of the block is still occupied and has been on the market for about 3 months. That's 3 of 12 houses on this one block long stretch of street. There are one or two for sale on virtually every single block around here and virtually nothing is moving. The typical 1,200 sq ft 2/1 built circa 1940 around here peaked at about $445K about a year ago. Now about $325. I doubt the bottom is above $225, maybe less. Makes no difference to me, I bought this dump for $60K over 20 years ago, it's paid-for and I'm not going anywhere. Frankly, I'd be crazy to move. The property taxes are $1,300 and can only go up 3% per year. On essentially the same house next door, the taxes are about $5,500 because it changed hands in late 2004. Every one around here who bought in the last couple of years is not only underwater but they also get hammered on taxes. Just some anecdotal evidence of how great the Miami market is.