Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Where are the people who are losing their homes going?
Old 05-14-2008, 07:36 AM   #1
Thinks s/he gets paid by the post
 
Join Date: Nov 2005
Posts: 2,119
Where are the people who are losing their homes going?

All the foreclosures where are these families going?
__________________

__________________
newguy88 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 05-14-2008, 07:53 AM   #2
Moderator
Walt34's Avatar
 
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 16,544
There's an interesting set of articles in Reader's Digest on the housing issue. One family bought a trailer and is living on her parent's property. I suppose most go to rental apartments or houses, move in with family, etc. Some with no income will end up in state-supported housing or shelters.
__________________

__________________
I heard the call to do nothing. So I answered it.
Walt34 is offline   Reply With Quote
Old 05-14-2008, 08:09 AM   #3
Thinks s/he gets paid by the post
maddythebeagle's Avatar
 
Join Date: Jun 2005
Posts: 2,450
Is this thread an invitation for them to move in newguy?
__________________
- Hurry! to the cliffs of insanity!
maddythebeagle is offline   Reply With Quote
Old 05-14-2008, 08:13 AM   #4
Thinks s/he gets paid by the post
tryan's Avatar
 
Join Date: Mar 2005
Posts: 2,449
Definatly renting ... that's why rents are holding strong (even INCREASING). Rents dropping will another sign of a bottom formation. Eventually rents will drop as REO buyers undercut the rental market to get the best tenants fast.
__________________
FIRE'd since 2005
tryan is offline   Reply With Quote
Old 05-14-2008, 08:36 AM   #5
Recycles dryer sheets
Pete's Avatar
 
Join Date: May 2008
Posts: 350
In my neighborhoods their all just moving back home. People are adding on and building granny houses out back. Others are renting garages and moving in with many roomates to keep costs low.
__________________
Pete is offline   Reply With Quote
Old 05-14-2008, 09:37 AM   #6
Full time employment: Posting here.
 
Join Date: Jan 2007
Posts: 582
I have a friend in San Diego who runs a welfare-assistance organization, and she said she's starting to see people come in who've lost their homes and tried to apply for welfare.

They've clearly never been in the position of asking for government help before, since they have no idea how poor you have to be to qualify. (No more than a few thousand in total assets and almost no income, plus you have to have dependent children). There's not much she can tell them about where to go.
__________________

WM is offline   Reply With Quote
Old 05-14-2008, 11:37 AM   #7
Thinks s/he gets paid by the post
 
Join Date: Jan 2008
Posts: 2,020
Quote:
Originally Posted by tryan View Post
Definatly renting ... that's why rents are holding strong (even INCREASING). Rents dropping will another sign of a bottom formation. Eventually rents will drop as REO buyers undercut the rental market to get the best tenants fast.
Probably locale-specific. We were looking at renting after our house sold... The apartment we lived in 7 years ago was going for $100/mo less than we paid. Just about every house we went through was originally for sale but they couldn't move it and now it's for rent and they're hoping to stave off the bleeding by losing just a little every month instead of a lot. Even a month later, I'm getting call-backs to see if I'm interested in their properties.

The most surprising thing to me was that I could no longer use the monthly rent as a quick assessment of how nice a property was or what it included. That could be a sign of REO buyers just trying to move fast on property for sure...
__________________
Marquette is offline   Reply With Quote
Old 05-14-2008, 01:20 PM   #8
Thinks s/he gets paid by the post
BunsGettingFirm's Avatar
 
Join Date: Jan 2004
Posts: 1,502
Quote:
Originally Posted by Marquette View Post
Probably locale-specific. We were looking at renting after our house sold... The apartment we lived in 7 years ago was going for $100/mo less than we paid. Just about every house we went through was originally for sale but they couldn't move it and now it's for rent and they're hoping to stave off the bleeding by losing just a little every month instead of a lot. Even a month later, I'm getting call-backs to see if I'm interested in their properties.

The most surprising thing to me was that I could no longer use the monthly rent as a quick assessment of how nice a property was or what it included. That could be a sign of REO buyers just trying to move fast on property for sure...
Here is Boston, a $1000/month apartment is a no-view, 500 sq ft basement apartment. The housing stock here is old and hasn't been replenished in years. It's why I'm always looking at FL real estate and drooling. The apartment was the only apartment I could find on the Internet, and I had to wait 3 weeks for it to open.
__________________
BunsGettingFirm is offline   Reply With Quote
Old 05-14-2008, 01:28 PM   #9
Recycles dryer sheets
StJohnsWood's Avatar
 
Join Date: Jan 2008
Posts: 157
I live in the midwest and have yet to see a foreclosure in the neighborhood. If it wasn't all over the airways, I wouldn't even know there was anything going on.

The thing that I do not understand is why not just refinance the house with better terms? Some may not be able to due to the value dropping or not being able to qualify. If that is the case maybe they shouldn't have bought in the first place.

You have to listen to that little voice in your head that says maybe this isn't a good idea.
__________________
StJohnsWood is offline   Reply With Quote
Old 05-14-2008, 01:58 PM   #10
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
brewer12345's Avatar
 
Join Date: Mar 2003
Posts: 16,391
Quote:
Originally Posted by StJohnsWood View Post
The thing that I do not understand is why not just refinance the house with better terms? Some may not be able to due to the value dropping or not being able to qualify.
Um, you just answered your question.

There are an amazingly large number of people who were born without that little voice in their head.
__________________
"There are three kinds of men. The one that learns by reading. The few who learn by observation. The rest have to pee on the electric fence for themselves."



- Will Rogers
brewer12345 is offline   Reply With Quote
Old 05-14-2008, 06:18 PM   #11
Thinks s/he gets paid by the post
thefed's Avatar
 
Join Date: Oct 2005
Posts: 2,203
i assume theyre all renting...other than buying or freeloading,i see very few other opportunities
__________________
thefed is offline   Reply With Quote
Old 05-14-2008, 07:22 PM   #12
Thinks s/he gets paid by the post
 
Join Date: Mar 2007
Posts: 3,323
When I lived thru the Depression/Recession in the 1980's in Houston with 10% unemployment, I met one too many who had to just walk out and leave their house. The ones that stayed in Houston just moved to a rental place or moved in with family.

An amazing number move to another area of the country where they feel they can find work. I even met a woman with 4 kids, divorced, who lost her job in Houston during that period and drove the pack all the way up to Anchorage! She had zero money, so the Alaskan co-workers in the office job she found pitched in to give her enough money to feed the kids and get an apartment. Never underestimate the kindness of strangers during hard times.
__________________
Please consider adopting a rescue animal. So very many need a furr-ever home and someone to love them! And if we all spay/neuter our pets there won't be an overpopulation to put to death.
Orchidflower is offline   Reply With Quote
Old 05-14-2008, 08:56 PM   #13
Thinks s/he gets paid by the post
SteveR's Avatar
 
Join Date: Jul 2005
Posts: 2,803
Quote:
Originally Posted by Orchidflower View Post
When I lived thru the Depression/Recession in the 1980's in Houston with 10% unemployment, I met one too many who had to just walk out and leave their house. ...
I still remember that all too well. We lost all our equity and had to borrow more $$ to pay the difference between the loan value and the appraised value when we gave awaysold the house. We lived in an apartment for almost a year while we saved for a downpayment and even then had to borrow from my FIL.
__________________
Work? I don't have time to work....I'm retired.
SteveR is offline   Reply With Quote
Old 05-15-2008, 10:04 AM   #14
Thinks s/he gets paid by the post
 
Join Date: Mar 2007
Posts: 3,323
My BIL is a surgeon, and he lost his home and both cars during this period. It happened to all strata of society, really, and will again. As for the BIL, they overspent (I know...what a surprise) and never did the LBYM thing like I did.
__________________

__________________
Please consider adopting a rescue animal. So very many need a furr-ever home and someone to love them! And if we all spay/neuter our pets there won't be an overpopulation to put to death.
Orchidflower is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Anyone else losing posts? cute fuzzy bunny Forum Admin 5 06-19-2007 04:38 PM
How do people secure their homes while traveling (especially in winter)? magellan_nh Life after FIRE 40 02-11-2007 04:57 PM
Is it just me, or are others losing portfolio value too? Nords FIRE and Money 38 04-15-2006 12:39 PM

 

 
All times are GMT -6. The time now is 08:09 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.