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Banks involved in price fixing - Foreclosures Distorting Housing Data

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posted on Aug, 29 2008 @ 12:41 PM
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reply to post by In nothing we trust
 


Foreclosure listings on these sites start from notices. When someone gets a notice the sites use Google Earth type programs, snap a screen shot and list some basic details of the property. Just because it's on the site though does NOT mean you can buy the property. The vast, and I mean VAST majority of actual foreclosed homes, in the banks hands, not with the folks still living in them are on average realty sites. Typically they say "Short Sale".

The reason being Real Estate companies know that these sites are a bunch of BS, and they have a list of all bank owned properties because the bank pays a Realtor to go to the house, take pictures, and set them up on the internet. Realtytrac will use googleearth. Worth $40 a month?

As a matter of fact, you can even go to a bank's website .. like say Country Wide and browse ALL of their current bank owned properties. These are bank owned, not pre-foreclosure, second notice foreclosures and so forth.

Sites like Realtytrac skew the actual stat's on how many people have been chucked out on the streets.

Mr. Corporate Stooge here may say otherwise, but I for one choose not to get information from stooges.




posted on Aug, 29 2008 @ 12:46 PM
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The quickest way to stabilize the residential glut of homes is to stop making new construction loans in their region. This might take between 18-24 months to accomplish but its well worth it.



posted on Aug, 29 2008 @ 12:55 PM
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Lenders in concert with realtors & appraisers were the ones who were responsible for the outrageous increase in home prices. THere never was any shortage of available homes. There were always thousands of empty spec homes available. And yet in a matter of 5 years home prices doubled and in some cases doubled again.

Now they get their comuppance. They should take the hit. Prices of homes in my area have dropped dramaticaly to something more realistic. Sorry thing is there are so many people out of work that they cannot buy them. It is a buyers market.



posted on Aug, 29 2008 @ 02:28 PM
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reply to post by OhZone
 


No, consumers who pay more then what a home is worth is who to blame. Seriously.. who taught these idiots to shop? Your always supposed to give and under offer to the asking price. The problem with homes is richer people relocate to poorer areas and pay top dollar at what they see as a "steal". People would buy up homes and condos left and right and sell them the next week because some idiot would pay for it. Greed. Everyone tried to get rich quick. Worked for some, but NOT for all.. the end result is highly inflated home prices.



posted on Aug, 29 2008 @ 03:10 PM
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reply to post by Rockpuck
 


Corporate stooge...?

Let's see, I made a point of stating that the company makes money off the misery of others, but that one just passed you bye, huh? Let's hear it for Selective Thinking...

As to my salary, I pointed this out to let you know that working in OC, CA isn't really job security, so I was willing to take what I can get...another point you misunderstood, but once again you skewed what is before you to validate your own point - and you should have picked up on that after my cubicle comment in jest to myself, but once again..

So, you make more money, good for you; you should take some of your fortune and bye some attention to detail, but I don't think the ATS shop sells that...so your gonna have to get thru life with what you have - sorry mate.

And as for your micro wee wee, that seems to be personal issue best left between you and your needy woman.

Welcome to ATS...?

Your sarcasm is as micro as your wee wee...



posted on Aug, 29 2008 @ 04:55 PM
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reply to post by chapter29
 



lol.. is that it? All your going to do is give weak come backs to personal insults? How about the information I posted regarding your beloved company?



posted on Aug, 29 2008 @ 05:20 PM
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reply to post by Rockpuck
 





All your going to do is give weak come backs to personal insults?


I don't think you even know how bipolar and self incriminating that sounds...

Time to move on for both of us...



posted on Aug, 29 2008 @ 05:42 PM
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reply to post by chapter29
 


^^ I asked you to respond to the comments I made about the company you work for.



posted on Aug, 29 2008 @ 05:42 PM
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Those consumers who paid more than the house was worth had been noticing that prices kept increasing and wanted to buy before the next increase.
I am in a real estate related profession and saw this coming.
I am acquainted with and know the mind set of greedy realtors who raised their commission percentage. I have seen them ready to kill if someone did them out of their commission, even while they ask for big discounts on any thing we did for them, but would not think of returning the favor when we asked for their services.

Those appraisers and the real estate sales people are like siamese twins.



posted on Aug, 29 2008 @ 05:49 PM
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reply to post by OhZone
 


Real estate should double only every 10 years or so .. the increase in a doubled housing market in just 3 years causes a 100% increase in mortgages and thus, massive inflation through loan payments and cash on hand for those that made bank. Inflation of course that is not reported to the FED.



posted on Aug, 29 2008 @ 08:43 PM
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Originally posted by Rockpuck
reply to post by In nothing we trust
 


Just because it's on the site though does NOT mean you can buy the property. The vast, and I mean VAST majority of actual foreclosed homes, in the banks hands, not with the folks still living in them are on average realty sites. Typically they say "Short Sale".


So are you disputing realtytrac's claim that the banks now own 750,000 homes in the U.S.?

Actutally not every home that the banks own is on the average realty websites. Just the limited numbers that they are trying to sell. This is the point of the entire thread.

I maintain that the banks are holding lots of homes in reserve and are trying to keep prices artifically high by only selling a few at a time. This is the kind of Scarcity Mentality that created this mess in the first place.

It is a kind of Shadow Inventory. The banks are playing hold 'em poker and they are bluffing.

Taxes are going up next. Federal, State and Property.

I predict that we will see ghost towns in the outlying areas of some of these growth cities. I have heard of entire new build subdivisions where every buyer financed with an ARM.

[edit on 29-8-2008 by In nothing we trust]



posted on Aug, 29 2008 @ 09:26 PM
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reply to post by In nothing we trust
 


Owning apartment buildings I know the trends of rents compared to mortgages "supply and demand" .. if 750,000 people where made homeless in one year .. rent's would have tripled. In fact, it is still better to own then rent.

750,000 homes? No, I don't think so .. bank ownership or Realty Owned Estates are listed in country records. Derelict homes tend to be sold in groups, nicer homes are sold for their value.

Foreclosures have been increasing dramatically, but they are no where near what the MSM says.

As for taxes, that would depend on who America puts in office.



posted on Aug, 29 2008 @ 09:35 PM
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Originally posted by Rockpuck
750,000 homes? No, I don't think so ..


Wow, you're in either in denial, delusional, scared or lying.

How many homes do you think the banks own now?

Seeing as how you're an expert property owner and all, perhaps you could shed a little light on the subject.


[edit on 29-8-2008 by In nothing we trust]



posted on Aug, 29 2008 @ 09:50 PM
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reply to post by In nothing we trust
 


Apparently your new to the Economics Forum. I am not in denial, and am a loud speaker against the current institutions, their policies and their masters. Irrational fear mongering however holds no weight with me.

750,000 homes owned by banks is not impossible, but it would be more then just a mere year of collecting those homes. The biggest problem with foreclosures is derelict communities where buildings vacate and become crime havens. Problem is, most of those homes are owned by no one .. they are abandoned.. read up on Youngs Town Ohio for a good read on what to do with abandoned cities.

As for actual foreclosures, because of stats like Realtytrac the numbers are lost.. one would have to go through country records of every county in the country to get an honest answer.

There is a financial crisis, a mortgage crisis, and a banking crisis.. but let's not give in to the first sensationalist story to come our way...



posted on Aug, 29 2008 @ 09:55 PM
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Originally posted by Rockpuck
... but let's not give in to the first sensationalist story to come our way...


You know there is a pretty cool mapping feature on realtytrac. You can test your own neighborhood (Or another one if yours comes up blank) for accuraccy and then drive around yourself and take a look see.

So far from what I have see at the street level it is very accurate.

A good amount of foreclosures have come from builders who went bankrupt holding a large collection of spec homes.

They built well into the bust. Just to give contractors something to do I guess. Now they don't even have that to do.

[edit on 29-8-2008 by In nothing we trust]



posted on Aug, 29 2008 @ 10:15 PM
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One of the best sources of delinquency and foreclosure statistics is the National Delinquency Survey, conducted and published by the Mortgage Bankers Association. Information on it can be found in the following link:

www.ecowin.com...


MBA has conducted the National Delinquency Survey, the most comprehensive
mortgage delinquency survey in the country, on a quarterly basis
since 1953 (non-comparable data). The survey covers more than 38 million
loans on one-to-four-unit residential properties, representing more than 80
percent of all first-lien residential mortgage loans outstanding in the United
States.
...
Delinquencies are reported as ‘Total Delinquencies’ and in 30–59, 60–89, and 90-plus day buckets;
they are exclusive of loans in the foreclosure process.
Foreclosures are reported as ‘New Foreclosures’ and ‘Foreclosure Inventory’. The new foreclosure
measure represents loans that entered the foreclosure process during the reporting quarter,
and is considered the trend indicator.
The foreclosure inventory number represents all loans in the foreclosure process at the end
of the reporting quarter. This measure is heavily determined by individual state foreclosure
processes that establish how long it takes for a loan to work its way through the foreclosure
process. Thus, two states with the same rates of loans going into foreclosure can have different
inventories of loans in foreclosure.
Survey statistics are reported at the national, regional and state levels. For each geographic
classification, delinquency and foreclosure rates are reported by loan type (prime, subprime,
Federal Housing Administration [FHA] and Department of Veterans Affairs [VA]) and for fixedrate
mortgages (FRMs) and adjustable-rate mortgages (ARMs). The U.S. and regional information
are provided as seasonally adjusted and non-seasonally adjusted forms. States are only
presented in non-seasonally adjusted data.



For those that are interested in actual statistics, and not a food fight, they might find the trends interesting over the years.



posted on Aug, 29 2008 @ 10:40 PM
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reply to post by ProfEmeritus
 


Thanks Prof




RealtyTrac Report and MBA National Delinquency Survey Closely Mirrored

RISMEDIA, June 10, 2008-The first quarter MBA National Delinquency Survey released last week largely supports the findings of the RealtyTrac Q1 2008 U.S. Foreclosure Market Report released at the end of April, which found overall foreclosure activity increased 23% from the fourth quarter of 2007 and 112% from the first quarter of 2007.

That closely mirrored the trend in MBA’s foreclosure rate, which put the percentage of loans in the foreclosure process at 2.47% at the end of the first quarter, up 21% from the 2.04% reported in the fourth quarter of 2007 and up 93% from the 1.28% reported in the first quarter of 2007.

The trend lines are even closer when looking at the RealtyTrac first quarter foreclosure rate (0.515% of total housing units with a foreclosure filing during the quarter), which was up 21% from the fourth quarter of 2007 - exactly the same percentage increase as the MBA foreclosure rate - and up 109% from the first quarter of 2007.

The record-high delinquency rate reported by the MBA in the first quarter indicates that ... foreclosure activity has not peaked, ... which is also reflected in the numbers we’re seeing for the second quarter. The total number of properties with foreclosure filings in the RealtyTrac April report was the highest monthly total since we began issuing the report in January 2005.

rismedia.com...




[edit on 29-8-2008 by In nothing we trust]



posted on Aug, 29 2008 @ 11:34 PM
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reply to post by In nothing we trust
 


First round of foreclosures where investors caught with more property then they could afford monthly.

Second round of foreclosures are those "walking away" from depreciating equity.

Third group will be "average Joe" .. this is why there are so many filings.. inflation has destroyed the spending abilities of the Middle Class, so they will cling to Credit Cards and pray the bank will stop calling .. which is why Foreclosures have not peaked, and why housing sales are way down.

It will still be another 6months to a year before these people are loosing their property. They already are at alarming rates, but not yet the epidemic we should expect.



posted on Aug, 30 2008 @ 03:57 PM
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Originally posted by Rockpuck
Third group will be "average Joe"

It will still be another 6 months to a year before these people are loosing their property.


Poor Joe

Betcha his wife leaves him, once the house is gone.

[edit on 30-8-2008 by In nothing we trust]



posted on Aug, 31 2008 @ 01:14 PM
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Originally posted by OBE1
On Monday, CNBC was touting the unexpected rise in 'existing home sales' as a possible indication that the US housing market had bottomed.


I'm seeing that there are roughly the same number of houses being put up as new listings, as sold that week. Are auctioned properties recorded as a sale in the MLS?


[edit on 31-8-2008 by In nothing we trust]



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