Asked 4/1/2011
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If there werent vultures out there, youd have a city of dead carcasses" Comment about investors buying homes. People cannot afford to buy homes that are on the market, finding that mortgages have dried up.
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Answer 1/4 - Submitted 4/1/2011
I have seen the investors and house flippers lose big time too. The crux of the issue, as I see it, many people that bought over their means. Maybe we should turn into a society that you need 25% down on a home. Many people with all good intentions start out with less then 5% down on a home. Carrying a $ 2650.00 a month mortgage with a family of four's combined income of $ 65,000.00 does not work. The rules need to be changed. Then you get a city hit hard by a closing industry and things get really ugly. Couple that with the way the homes have tripled in value over the last 8 to 10 years and you have chaos.
Historically things have settled down. I don't expect otherwise in the housing market now. Hopefully it will cause us all to get a grip on what we can actually spend. If no one is interested in buying a home because the owners that were foreclosed did not keep up with the maintenance and repairs when the bank/investors/flippers take it over they do so and re-market a viable home.
Answer 2/4 - Submitted 4/1/2011
Answer 3/4 - Submitted 4/3/2011
My town has few vultures and most the dead carcasses belong to the vultures. Even though there are frequently foreclosed houses in my area, the banks are able to get most, if not all, back when they resell the house. Most houses here sell quickly and no longer than six months. It's rare for any to sit longer than that and the few I can think of off the top of my head have been owned by businesses that scoop up foreclosed homes. A few houses I was interested in sold before we could all the paperwork approved. The house we bought was on the market for a month, with two to three being average. Doesn't make for a great buyers market but the prices have been fair and competitive so it's not a sellers market, either. Plus we got the best interest rate that's been offered in decades so I can't complain.
Seems those darn vultures are starving here.
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