Mikey P
Administrator
Is the Great Foreclosure Scandal effecting your business?
Is the Great Foreclosure Scandal effecting your business?
- Thread starter Mikey P
- Start date
Tony Neville
Member
Living in a university town we are pretty insulated from economic extremes. Right now there are about twice the number of houses for sale on the mls system than normal for this time of year. They have not stopped building new homes either.
Tony
Tony
adamh
Supportive Member
I am trying to sell my home and can't give it away. There are so many homes for sale and nobody buying. It isn't hurting my business but I really would like to sell my house. 2 house payments suck!
Charlie Lyman
Supportive Member
Slow home sales should boost the number of people calling to get their house looking better. And more investors trying to save money by getting the carpets cleaned instead of replacing them.
Desk Jockey
Member
Not yet. Hopefully not at all?
Homes sales have slowed down here but new construction has not slowed down yet. :?
Homes sales have slowed down here but new construction has not slowed down yet. :?
bob vawter
Grassy Knoller
Michigan has flatlined....They're shutting down the GM plant where MOST of my custys work.....I'll be left wit the little old ladys on their pensions.....
So the question becomes....
who will die first. me or them.....!
So the question becomes....
who will die first. me or them.....!
Ricky Thurman
Member
- Joined
- Oct 9, 2006
- Messages
- 275
I'm with Adam. not hurting business, but I can't give my damn house away.
TimM
Supportive Member
it hasn't hurt mine. there are alot of houses on the market, but i have 3 large property management companies that i have contracts with and it seems that they are doing better, all the out of state investors are coming in and buying the homes and turning them into rentals. :shock:
steve g
Member
one thing to keep in mind is the job market is very very strong still, this is the only thing keeping the economy from tanking, I look for it to take another 18 mos for realestate to recover
Where's the scandal?
People entering into contracts (mortgages) that they can't afford is their own fault.
Everyone in the country should be required to take a test...if they fail; they are required to purchase idiot insurance so the rest of us don't have to pay for people's poor decision making and lack of motivation to correct known problems in their lives.
Just my .02
WISE
PS--And no doubt there are a few times in my life I wish I could have filed a claim on my idiot policy!
People entering into contracts (mortgages) that they can't afford is their own fault.
Everyone in the country should be required to take a test...if they fail; they are required to purchase idiot insurance so the rest of us don't have to pay for people's poor decision making and lack of motivation to correct known problems in their lives.
Just my .02
WISE
PS--And no doubt there are a few times in my life I wish I could have filed a claim on my idiot policy!
Desk Jockey
Member
How much is the premium on that insurance?
I've done more than my fair share of idiot moves, so I'd be interested in some Luddy Insurance! :wink:
I've done more than my fair share of idiot moves, so I'd be interested in some Luddy Insurance! :wink:
The weather has more effect than any single factor I can think of. Hot and dry in the fall sucks. Starts raining people start booking for following week. It all works out. As someone stated actual foreclosures should improve your business if you are in an area that is hit hard. Banks clean'em up before they sell'em. Oddly enough there are many more apartments that are vacant in my area than ever before. What does that mean?
I would like to see the numbers of actual families loosing their homes vs the idiots that watched flip this house and bought 3 houses in the slums interest only and couldn't flip them and just let them go back.
I would like to see the numbers of actual families loosing their homes vs the idiots that watched flip this house and bought 3 houses in the slums interest only and couldn't flip them and just let them go back.
Steve in Omaha
Member
Adam & Rickey,
Can't give the house away??? Houses are selling every day. At what price would it move, say next week? How much of a hit would you have to take?
Can't give the house away??? Houses are selling every day. At what price would it move, say next week? How much of a hit would you have to take?
2 years ago, there was only 100 homes for sale, now we have 700 listed for sale.
Homes "sales" are slightly up from 2 years ago too.
New homes are still being built at the same rate as 2 years ago
Most of homes that are being foreclosed on are not because of dropping home values but because of people who got adjustable rate mortgages and balloon payments on no interest loans.
Homes "sales" are slightly up from 2 years ago too.
New homes are still being built at the same rate as 2 years ago
Most of homes that are being foreclosed on are not because of dropping home values but because of people who got adjustable rate mortgages and balloon payments on no interest loans.
Louis
Supportive Member
We have the record for foreclosures here. The banks clear them out, let the lawn die and sell it as is. We have auctions here every few months.
All of my commercial work is slow on paying and all calls are how low can you go.
All of my commercial work is slow on paying and all calls are how low can you go.
Louis
Supportive Member
Usually just the restaurants claim poverty, now everyone is.
There is going to be over 2,000,000 personal bankruptcies this year. Experts are expecting it to top 3,000,000 next year.
Normally it runs around 800,000 per year.
The California Fires have displaced more than 950,000 people more than any time in history, other than WWII . That will effect the west coast economy big time.
We have been exporting jobs and importing "cheap labor" eventually that creates a big bill $$$ for the tax payers. This mess will effect everyone in a big way, sooner or latter. In some cases it already is and people just don't want to admit it. The first time in your business career that you go through a protracted period of economic downturn, you don't really "get it" til it's almost over.
Kind of like getting off a scary roller- coaster and having the guy in front of you vomit all over you.
Normally it runs around 800,000 per year.
The California Fires have displaced more than 950,000 people more than any time in history, other than WWII . That will effect the west coast economy big time.
We have been exporting jobs and importing "cheap labor" eventually that creates a big bill $$$ for the tax payers. This mess will effect everyone in a big way, sooner or latter. In some cases it already is and people just don't want to admit it. The first time in your business career that you go through a protracted period of economic downturn, you don't really "get it" til it's almost over.
Kind of like getting off a scary roller- coaster and having the guy in front of you vomit all over you.
