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    Re: O.T. A Disheartening Time. . .

    Posted by Pamela Email on March 27, 2007, 8:03 am, in reply to "Re: O.T. A Disheartening Time. . ."
    71.109.255.217

    "I think the buyers were hoping the
    prices would continue to rise and then
    all of a sudden nobody bought anything
    and they were stuck."

    This is so very true with many homeowners.
    Unlike professional investors (who have
    the means to hold onto these properties
    until the market changes), these people
    must sell, if they cannot pay their note.

    I was born and raised in California
    and still live here.

    However, this is the first time that I've
    seen this many homes adjointly listed on
    the very same street, with "For Sale"
    signs (and all with different Real Estate
    companies)!

    And you turn the block and there are
    still more signs. . . Unbelievable!


    Pam

    --Previous Message--
    : Two houses on my block alone are up for
    : sale as repo properties. I don't know
    : that it's the fault of the lender,
    : though. They were bought at the peak
    : of the market when prices here were
    : way out of hand (100% jump in price
    : within 2 years). I know one was 100%
    : financed interest only.
    : I think the buyers were hoping the
    : prices would continue to rise and then
    : all of a sudden nobody bought anything
    : and they were stuck.
    :
    :
    : --Previous Message--
    : I was in a particular city today
    : (one of my service areas), and it
    : was astonishing to see so VERY
    : many "For Sale" signs. On
    : one street
    : alone I counted approximately twelve
    : homes!
    :
    : I was in that area about ten days
    : ago.
    : Although there were the usual
    : "For Sale"
    : signs sprinkled about, it was nothing
    : like I saw today.
    :
    : On just about every block, there were
    : three or more signs. What makes this
    : particularly interesting, is that
    : many of
    : these properties were also marked
    : "just
    : reduced" or "priced for
    : quick sale".
    :
    : I know this area very well and
    : remember
    : a few years ago, when it was a
    : seller's
    : delight! During that time, many of
    : these
    : homes, (in my opinion) though very
    : nice,
    : were price Much too high.
    :
    : Now it seems as though these home
    : can't
    : even be given away!
    :
    : Though I do not have proof (without
    : actually researching the county
    : recorder's office), I suspect many of
    : these homeowners are victims of the
    : Sub-prime lending and/or
    : "creative
    : financing" fallout.
    :
    : I wonder how many of these Sub-Prime
    : Lenders and Mortgage Brokers are
    : having
    : to face the same situation? Probably
    : zero
    : (if that much).
    :
    : [And yes, I know that many of these
    : lenders etc. . .are
    : "closing-shop", but
    : I am very sure, that THEIR
    : residential
    : properties (for which they are
    : actually
    : living) are not facing foreclosure.]
    :
    : It is really a disheartening time for
    : many.
    :
    :
    : Pam
    :
    :
    :
    :
    :
    :
    :
    :
    :

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