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Foreclosure Spike (yikes!)
Old 12-06-2006, 09:22 AM   #1
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Foreclosure Spike (yikes!)

Looks like Detroit is a nice place to begin shopping ....

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The Detroit, Fort Lauderdale, Fla., and Denver areas posted the nation's three highest foreclosure rates for the third quarter of 2006, replacing Indianapolis, Atlanta and Dallas, which had been the top three markets for the two previous quarters.
http://realestate.msn.com/Buying/Art...mentid=1349839
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Re: Foreclosure Spike (yikes!)
Old 12-06-2006, 09:33 AM   #2
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Re: Foreclosure Spike (yikes!)

No thank you

I was there 2 years ago. I have seen horrible, decaying cities before, but so far nothing compares to Detroit. What a depressing place.
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Re: Foreclosure Spike (yikes!)
Old 12-06-2006, 09:37 AM   #3
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Re: Foreclosure Spike (yikes!)

There are a lot of grim cities in Michigan. They haven't been able to deal with the decline of the auto companies.

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No thank you

I was there 2 years ago. I have seen horrible, decaying cities before, but so far nothing compares to Detroit. What a depressing place.
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Re: Foreclosure Spike (yikes!)
Old 12-06-2006, 09:52 AM   #4
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Re: Foreclosure Spike (yikes!)

Many cities/towns in the Midwest have never recovered from the demise of manufacturing...
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Re: Foreclosure Spike (yikes!)
Old 12-06-2006, 10:04 AM   #5
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Re: Foreclosure Spike (yikes!)

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Many cities/towns in the Midwest have never recovered from the demise of manufacturing...
Milwaukee is trying to recover, but what they're doing is throwing a lot of money at it, and that's not always the answer............
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Re: Foreclosure Spike (yikes!)
Old 12-06-2006, 10:13 AM   #6
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Re: Foreclosure Spike (yikes!)

Recently, on HGTV or FLN, a program was highlighting the conversion of an historic hotel in downtown Detroit to condos. Wonder who wants to pay dearly to live in downtown Detroit...
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Re: Foreclosure Spike (yikes!)
Old 12-06-2006, 10:16 AM   #7
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Re: Foreclosure Spike (yikes!)

Yup the auto industry is to Detroit what oil WAS to Dallas - and Houston. Texas has rebounded BIG ... so will Detroit - and any other mid-west city.

Need to walk the unbeaten path to succeed.
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Re: Foreclosure Spike (yikes!)
Old 12-06-2006, 10:19 AM   #8
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Re: Foreclosure Spike (yikes!)

True enough. You might also consider New Orleans and Biloxi. Recovering time might be shorter.
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Re: Foreclosure Spike (yikes!)
Old 12-06-2006, 10:23 AM   #9
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Re: Foreclosure Spike (yikes!)

I skip Detroit -- Fort Lauderdale or Denver-Aurora is not a bad place to live.
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Re: Foreclosure Spike (yikes!)
Old 12-06-2006, 12:27 PM   #10
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Re: Foreclosure Spike (yikes!)

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Originally Posted by Sam
True enough. You might also consider New Orleans and Biloxi. Recovering time might be shorter.
Economics is one thing; geology, topography and meteorology are less easily changed. New Orleans is a wonderful place in many ways, but after I saw Katrina, I don't need any other convincing to stay away.

Ha
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Re: Foreclosure Spike (yikes!)
Old 12-06-2006, 12:32 PM   #11
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Re: Foreclosure Spike (yikes!)

Lots of stuff for sale here: http://www.downeysavings.com/ffs/properties
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Re: Foreclosure Spike (yikes!)
Old 12-06-2006, 01:07 PM   #12
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Re: Foreclosure Spike (yikes!)

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Originally Posted by HaHa
Economics is one thing; geology, topography and meteorology are less easily changed. New Orleans is a wonderful place in many ways, but after I saw Katrina, I don't need any other convincing to stay away.
Ha
So was it the fact that the French designed the city to be below sea level, or the fact that Katrina uncovered the problems in Louisiana that sold you??
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Re: Foreclosure Spike (yikes!)
Old 12-06-2006, 01:43 PM   #13
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Re: Foreclosure Spike (yikes!)

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Originally Posted by FinanceDude
So was it the fact that the French designed the city to be below sea level, or the fact that Katrina uncovered the problems in Louisiana that sold you??
The French Quarter is the area that didn't flood; the original settlement was built on the highest ground they could find.
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Re: Foreclosure Spike (yikes!)
Old 12-06-2006, 02:46 PM   #14
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Re: Foreclosure Spike (yikes!)

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So was it the fact that the French designed the city to be below sea level, or the fact that Katrina uncovered the problems in Louisiana that sold you??
New Orleans has been sinking since it was founded. My great-great grandfather landed here and helped dig the canal.

In addition to the subsidence problem there is also the lessening of silt deposition in the delta and loss of swamp land stemming from attempts to control the Mississippi.

John McPhee has written very enlighteningly about N.O and the Delta.

Ha
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Re: Foreclosure Spike (yikes!)
Old 12-06-2006, 04:41 PM   #15
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Re: Foreclosure Spike (yikes!)

Quote:
Originally Posted by HaHa
Economics is one thing; geology, topography and meteorology are less easily changed.
True.

Quote:
Originally Posted by HaHa
New Orleans is a wonderful place in many ways, but after I saw Katrina, I don't need any other convincing to stay away.
I think the majority of N.O. resident knew that the city is low before Katrina. Just like people living in Florida knew the risk of hurricanes, or Californians and earthquakes.

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Re: Foreclosure Spike (yikes!)
Old 12-06-2006, 04:57 PM   #16
 
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Re: Foreclosure Spike (yikes!)

Quote:
Originally Posted by HaHa
Economics is one thing; geology, topography and meteorology are less easily changed. New Orleans is a wonderful place in many ways, but after I saw Katrina, I don't need any other convincing to stay away.

Ha
I think New Orleans definitely falls into the category of "A nice place to visit, but I wouldn't want to live there"
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Re: Foreclosure Spike (yikes!)
Old 12-06-2006, 05:43 PM   #17
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Re: Foreclosure Spike (yikes!)

Quote:
Originally Posted by Sam

I think the majority of N.O. resident knew that the city is low before Katrina. Just like people living in Florida knew the risk of hurricanes, or Californians and earthquakes.
This is an interesting point. But observation as well as many studies show that what moves people to act (and me too, often enough) is not abstract or purely cognitive information, but some dramatic event or events that capture their attention and the attention of others too.

I knew a lot about New Orleans vulnerability, physical as well as social. But until I saw that stuff, I actually considered moving there because of other aspects that I like.

Ha
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Re: Foreclosure Spike (yikes!)
Old 12-07-2006, 06:48 AM   #18
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Re: Foreclosure Spike (yikes!)

Quote:
Originally Posted by HaHa
I knew a lot about New Orleans vulnerability, physical as well as social. But until I saw that stuff, I actually considered moving there because of other aspects that I like.

Ha
Let me guess: lots of strippers and good food.
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