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There are quite a few people having trouble. It appears the majority [georgeklass]volunteered[/georgeklass] to take an adjustable rate mortgage and now can't make the increased payments. Financiers are hurting because they gave loans to high risk buyers who can no longer make payments. People bought houses that were way over valued but put little to no money down in doing so therefore they walk away from the loan because they have so little invested. It goes on and on, but those are a few highlights. Just another example of Americas obsession with bigger is better.
 

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Discussion Starter · #3 ·
There are quite a few people having trouble. It appears the majority [georgeklass]volunteered[/georgeklass] to take an adjustable rate mortgage and now can't make the increased payments. Financiers are hurting because they gave loans to high risk buyers who can no longer make payments. People bought houses that were way over valued but put little to no money down in doing so therefore they walk away from the loan because they have so little invested. It goes on and on, but those are a few highlights. Just another example of Americas obsession with bigger is better.
We have slowed a little here houses have lost about 30 000 in 6 months but the bubble had to burst one day luckily there are still a lot of jobs and people have work just some went in to deep and interest rates went up and they didn't compensate for that.
 

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It's terrible here in Columbus,OH because we have 2 or 3 buillders that put people into new house with 2/1 buy downs and then once the property taxes hit after the first year which could be as much as 300 to 400 more per month and then the next year the payment goes up because of the rate adjustment and it's all over 6 month's later the home is in forclosure. The home builders also opened their own mortgage company so they could make money on both ends and didn't give a rats ass about the people.
 

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Discussion Starter · #5 ·
It's terrible here in Columbus,OH because we have 2 or 3 buillders that put people into new house with 2/1 buy downs and then once the property taxes hit after the first year which could be as much as 300 to 400 more per month and then the next year the payment goes up because of the rate adjustment and it's all over 6 month's later the home is in forclosure. The home builders also opened their own mortgage company so they could make money on both ends and didn't give a rats ass about the people.
3to 400 hundred amonth has got to hurt but how can builders get away with that shit they must be breaking some law surley(what is an average house worth)
cheers
 

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3to 400 hundred amonth has got to hurt but how can builders get away with that shit they must be breaking some law surley(what is an average house worth)
cheers
Most of these houses will be in the 150 to 19K range and there is nothing illegal about it because they do tell the people their taxes will go up next year and they act like they don't know the exact amount. If they had told the client that there taxes would be going up 300 to 400 per month then they wouldn't have a house sale which is the only thing they care about. I'm doing a loan for a client of mine that is buying a home for 130K which sold for 188K in 2004 but because of the taxes and their interst rate going up they couldn't afford it.
 

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Discussion Starter · #7 ·
Most of these houses will be in the 150 to 19K range and there is nothing illegal about it because they do tell the people their taxes will go up next year and they act like they don't know the exact amount. If they had told the client that there taxes would be going up 300 to 400 per month then they wouldn't have a house sale which is the only thing they care about. I'm doing a loan for a client of mine that is buying a home for 130K which sold for 188K in 2004 but because of the taxes and their interst rate going up they couldn't afford it.
Average here is about 400to500 000 now with the minning boom but most young people can't aford to buy and rent has gone through the roof in the minning towns rent is about $1600 a week for a 4 bedroom house shit is outa control
 

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Average here is about 400to500 000 now with the minning boom but most young people can't aford to buy and rent has gone through the roof in the minning towns rent is about $1600 a week for a 4 bedroom house shit is outa control
Holly shit 1600 per week? What are they mining? Hopefully Gold or Oil for that amount per month.
 

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yeah..
ain't nuthin' nicer than spending your whole life paying for your home..
retire and then you have to "rent it" from the government through
property taxes..!

who woulda ever thought 50 years ago you'd have to pay hundreds of dollars a month in property taxes to live in your own home..?

you earn it ..THEY get it..
you spend it..THEY get it..
you buy something to own..THEY make you rent it from THEM!


time for a revolution!!
 

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Im a Realtor & Loan Officer here in So Cal and the only problem I see is that its taking a lot longer for houses to sale and a lot harder for most people to find financing. Im focusing on buyers, in particular "First-Time Homebuyers" because their are a lot of city programs available for them. Most financing in my office is FHA and a few conventional loans. Dont let the media fool you-people are still buying and selling. Some homes will never sell and I feel that FHA needs to step in and buy them and offer the 50% off to teachers/ officers like they did back in 2000-2001.
 

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I am also a LO and Realtor here in Virginia, i tell you what, i have been working with buyers below 200k, and we are having a hard time winning a contract, we are having multiply contract on forclosures in that price range. I work in an office where we have close to 500 forclosure listings and they are selling great. The #1 agent in my county is in our office, she is 6 million in sales higher then the 2nd place person. We really are in a great buyers market.
 

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There are some people Like myself who are Not Living Beyond my means but do to financal struggles with new Jobs and what not, I was in a Tight spot and was forced to refi into a ARM loan about three years ago. Now my payment is outta control and I cannot afford it. So I worked with Chase to get stuff resolved so I don't Get in over my Head , and Chase is going to help me out since I have been such a Good Customer and have no late fee's or defaults. They are cutting my Rate over 7% For five years so At the End of Five Years I will have some Equity in the House and should be able to refinance. Times are tough for alot of folks , Hell I never thought I would be Paying $1100.00+ a Month For a 625 SQ ft Home with a 575 sgqt Attached Garage on a Acre!!! But Like I said People Need to contact Their Mortgage Company or like in mY Case their Bank, they ar e willing to help if you are willing to try.
 

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Holly shit 1600 per week? What are they mining? Hopefully Gold or Oil for that amount per month.
When I was in Elliot Lake in the late '70's, early '80's, rooms were going for 200-300 a week. There was a severe shortage of living accomodations for all the miners, as well as all the construction crews. If that's the case down there, I'm not surprised at all.

Some homes will never sell and I feel that FHA needs to step in and buy them and offer the 50% off to teachers/ officers like they did back in 2000-2001.
Maybe teachers and cops should move up here. The average teacher salary is somewhere around 50-60k, and a police constable earns in the neighbourhood of 60k. Plus, their pensions and benefits are among the best anywhere. Each year, the provincial government releases a listing of everyone (public employees) who earns over 100k, and the bulk of the list is cops and teachers.
 
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