Posted by Natalie-VA on April 07, 2005 at 17:47:26:
I didn’t say you did. I thought that you were looking for opinions by posting the article, so I gave mine.
I’m not Pookie. - Posted by whyK-CA
Posted by whyK-CA on April 07, 2005 at 10:48:08:
This one says the number of foreclosure increasing.
http://www.car.org/index.php?id=MzA0NDc=
Now, I believe in paying attention to whatever people have to say, then forming own educated opinion. I just wanted to share data. That’s all, folks!
Re: I’m not Pookie. - Posted by Natalie-VA
Posted by Natalie-VA on April 07, 2005 at 14:12:45:
I agree with Jack that we should be skeptical of the data. What do they consider a foreclosure? Are they referring to bank REOs that get listed on the MLS?
I think a more meaningful number would be how many NODs are filed, or how many trustee sales are advertised in the newspaper. Or, maybe even how many actually make it to auction.
In my area, 5 years ago, there were many REO listings on the MLS. Today, that number is very low. It’s not because less people are going into foreclosure; it’s because more investors are buying them at auction and they don’t go back to the bank.
Re: I’m not Pookie. - Posted by Jack
Posted by Jack on April 07, 2005 at 12:04:30:
Any knowlegable person would not infer this to be in anyway indicative of a significant market shift without a great deal of further research. When I read a statistic like this I am am inclined to ask, what about the data collection procedure changed in March? And, Is this a typical seasonal increase, my guess would be that listed REOs always increase from Feb. to March? Writing such an article without researching such questions is irresponsible IMHO.
Re: I’m not Pookie. - Posted by Pookie Wookie
Posted by Pookie Wookie on April 07, 2005 at 11:54:50:
Interest rates have barrrreely moved upwards. Wait until they rise significantly…
“The number of new foreclosed residential properties soared 50 percent nationwide in March from the previous month, according to Foreclosure.com, which tracks residential foreclosures and for-sale-by-owner properties.”
“New foreclosure inventory rose in 47 states in March. This signifies a national trend in foreclosure inventory and can likely be attributed to the rise in interest rates during the latter half of 2004, and a slowdown in the trend of rising home values in the fourth quarter of 2004,”
Not Justice, Just Us. - Posted by Clint
Posted by Clint on April 07, 2005 at 10:59:56:
Bring the Joneses down to your Level, It is Cheaper!
There are rather ‘loose’ mortgage guidelines right now, interest rates were low. People overpaid, overborrowed, and purchased houses they couldn’t afford.
ARMS aren’t sucha a great deal, if it costs you an arm and a leg.
Negative Amortization interest only loans are no help, if you can barely afford to keep up with the Joneses.
Seems to me the number might be a wash, but I am no mathemetician.
Biggest increase in home sales in the nation in the last X years.
Biggest increase in foreclosures in the nations in the last X years.
Coincidence? I don’t think so.
Underspend and Oversave.
Or spend less than you make…
Re: I’m not Pookie. - Posted by whyK-CA
Posted by whyK-CA on April 07, 2005 at 14:52:31:
Natalie-VA, The word “foreclosed” means the ones actually made it to the sale to me.
I am Pookie. - Posted by Pookie Wookie
Posted by Pookie Wookie on April 07, 2005 at 12:07:51:
“my guess would be that listed REOs always increase from Feb. to March?”
Which data did you use to come to this conclusion?
Re: I’m not Pookie. - Posted by Natalie-VA
Posted by Natalie-VA on April 07, 2005 at 15:21:16:
So now I am even more skeptical of how the author interpreted the statistics. The article states:
“This signifies a national trend in foreclosure inventory and can likely be attributed to the rise in interest rates during the latter half of 2004, and a slowdown in the trend of rising home values in the fourth quarter of 2004”.
I don’t think it necesarily indicates this at all. As I said, in my area, less properties make it to sale because the sellers can either sell at market value or an investor buys it pre-foreclosure. This is happening here because we are in a strong seller’s market with rising values; not because of a slowdown.
I’m not sure if I’m communicating my point in the best way, but that’s just what I see.
conclusion? - Posted by Jack
Posted by Jack on April 07, 2005 at 12:15:33:
What part of ‘guess’ don’t you understand? But my guess is based upon a decade+ of Real Estate investment and general market knowledge. Feb. is a very slow month in most markets, hence all listing increase in March.
Re: I’m not Pookie. - Posted by whyK-CA
Posted by whyK-CA on April 07, 2005 at 17:07:13:
Natalie-VA, I?m not agreeing or disagreeing with either the author of the article or you. Like I say I am just sharing something I came across. I never expressed my opinion, did I?