Comments for Foreclosures Up 90% In May

Foreclosures Up 90% In May

2007-06-14T22:56:33Z

May's national foreclosure rate was up 90% from last year, and 19% from April according to Reuters. Some of the statistics being quoted by the media are astonishing to us: In Nevada, a formerly hot real estate market, there was 1 foreclosure filing for every 166 households. Nevada's foreclosure rate was up 40% from April.

During the month of May, there was one foreclosure filing for every 656 households in the US.—MEGHANN MARCO

May foreclosure filings soar 90%; more housing woes likely [Boston Globe]
May home foreclosures up 19 percent: RealtyTrac [Reuters]
(Photo: rappensuncle)

Comment from zolielo on 2007-06-15

2007-06-15T05:46:17Z

I am waiting for a house near the base in San Diego. It seemingly is getting more and more likely. The house next to the house that I have been coveting is selling for a loss of $200K. Yay, but kind of sad...

Comment from shdwsclan on 2007-06-14

2007-06-15T03:24:56Z

Its simple math...

Poor people shouldn't have houses, they should rent and line the pockets of the upper middle and upper classes...

Comment from skittlbrau on 2007-06-14

2007-06-15T01:05:35Z

well, since casey serin is now in australia, should we expect their foreclosure rates to skyrocket?

Comment from VA_White on 2007-06-14

2007-06-15T00:51:03Z

I thank FSM that we decided to buy less house than we were approved for and that we told them no effing way on the fancy ARM mortgage.

Me, my hubby, and our boring 30-year 5.75% fixed are at home, paying 19% of our net take home on housing, and laughing our asses off. :)

Comment from fhic on 2007-06-14

2007-06-15T00:49:11Z

@Chicago7:

Have prices started to drop that much in downtown Chicago?

I bought three condos in Austin, TX for cash in the early 80s when they were at the bottom of the market. Two of them had been in foreclosure for quite some time. The other one the bank wouldn't foreclose because they didn't want it. I was also able to negotiate a pretty good deal with the HOA.

Anyway, I rented them for a while and made back my investment. I sold them just after Y2K. I made enough on the deal to buy my house in San Diego. Now if I can do the same trick again, I can move to my beachfront house in La Jolla just in time to retire. Of course, if I guess wrong, it's a box underneath the freeway overpass. :-)

Comment from cindel on 2007-06-14

2007-06-15T00:44:11Z

WTF? He left his wife? Wasn't he supposed to get a job unless of course that job is in Australia?

Comment from hypnotik_jello on 2007-06-14

2007-06-15T00:32:08Z

ha ha

/nelson>

Comment from 3drage on 2007-06-14

2007-06-15T00:09:16Z

I try to gauge what is going on by my surroundings, because the market is never the same place as any other. However, on my block alone there are two houses in foreclosure and two up for rent. That is out of 10 houses on the block. To me, that looks pretty bleak, considering one of the houses has been on the market for over a year at the foreclosure price and the bank just can't get rid of it.

Comment from Canadian Impostor on 2007-06-14

2007-06-15T00:06:44Z

Bring on the market crash.

Comment from Chicago7 on 2007-06-14

2007-06-14T23:33:16Z

Cool. Pretty soon I'll be able pay cash for a foreclosed condo in downtown Chicago for next to nothing.

Comment from segfault on 2007-06-14

2007-06-14T23:31:19Z

Um, I can't get links to work. Anyway, Casey Serin has left his wife and fled to Australia. An update to your previous story.

[exurbannation.blogspot.com] - Exurbannation

Comment from segfault on 2007-06-14

2007-06-14T23:29:40Z

Casey Serin has left his wife and fled to Australia. An update to the previous story Consumerist ran on him.

Comment from pjsammy on 2007-06-14

2007-06-14T23:26:41Z

@mopar_man: only with $0 down :)

Comment from mopar_man on 2007-06-14

2007-06-14T23:25:38Z

But....I can get a $200,000 mortgage for $200/month. That's a good idea right?

Comment from Fuzz on 2007-06-14

2007-06-14T23:24:53Z

If you want to follow a bunch of these types of stories, go here:
[ml-implode.com]

I found the site in February, there were 32 mortgage companies on the list, now there are 82.

Comment from dbeahn on 2007-06-14

2007-06-14T23:23:38Z

Both. If it was a boom market and you got into trouble with your adustable rate mortgage, you just sell, pocket your profit, and move on.

But in a slow market, that option isn't there. So you try and try and try and end up in foreclosure.

Comment from matukonyc on 2007-06-14

2007-06-14T23:20:06Z

My understanding is that the adjustable rate mortgages that proliferated during the housing boom are to blame... is it really a reflection of the "market" or of lending practices?