I keep seeing that the real estate market is turning around. That there are buyers out there, with money to spend! I have been convinced that my house will sell, that most of the buyers are first time home buyers and they are not looking at a house as expensive as mine. (Price cut 5 times)
I think I have been lied to, I found 2 of my old neighbors houses on line today...
My God what have the banks done to us.
4TH quarter FORECLOSURE RATES
869,346 property foreclosure filings (or events) in the U.S., including notices of default, notices of foreclosure sales and lender purchases of foreclosed properties, during the fourth quarter of 2009, down 7.3 percent from the previous quarter but up 18.1 percent from the fourth quarter of 2008.
20 years ago I bought a little piece of land on BlackBird Station Road. It was just a small piece of the American pie, well, and septic, no city amenities, that was why the acre was so cheap. I put a 3 bedroom manufactured home on it, total build 149,000. I was way in over my head, single mom, poorly paid job, great credit though. So I suffered through the 11 weeks it took from go to market to close and sold it for 179,000. Today I found my neighbor's house on line, he did the same thing I did.
I took my little chunk of equity, minus fees, taxes etc and put it all down on a little ranch house closer to my mom, I paid 79,000 total, and had a mortgage I could afford, even though my banker and real estate agent thought I was nuts. After 5 years in this house, my income had greatly increased, and my company asked me to move for the first time. The company made a financial offer I could not refuse, and I asked 149,000 for this house, it sold in 6 weeks. This house is around the corner from my old ranch house. This house is it's neighbor.
I did the same thing when I got here, my boss used to make fun of me for living in such a cheap house when I could afford to live closer to work and pay 2xs the mortgage I had. I bought a little rancher, notice the pattern, on the water and paid 175,000.00. And all was fine until the hurricane hit, FEMA refused to pay for the repairs, we had to borrow against the equity to get the money we had already paid FEMA for insurance to replace the house.
I wish I had links for the corresponding sites from 20 and 14 years ago. I can't even remember if we listed either of these properties on the internet, I am sure Blackbird Station road was not on the internet. Although the rancher may have been.
These are the entry level homes, these are the cheap houses, and they are not selling. What did the banks, and our trusted elected officials do to us? Deregulate the banks? Utilities? Fuel? Everyone of those elected officials, in office and negotiating the deregulation, benefited from those deals.
Only we lose out