Trendy New Question of the Day!
So, how many foreclosures are you on your block?
My knitter friends and I were talking and one of them has pulled her house off the market. They were going to relocate, with with a baby on the way, they decided to stay put since the house was so hard to sell. This snowballs into another conversation about mortgages and what people could afford.
One of my friends tells me that there are 6 foreclosures on her block! SIX!
*smacks forehead*
Whoa!
This turns into a revealing conversations about mortgages and money management. I learned a lot from her. She just turned 50 and on her last refinance signed a 15 year mortgage refinance for a sickly low rate under 5%. She wasn’t going to do the refinance till her mortgage company offered to do it for a dollar because they wanted to retain her and her good bill paying habits. Imagine that!
I don’t know if I have any foreclosures on my block, but the creepy guy and his mom moved out of my building this past year. Their place was sold at auction. I think they couldn’t afford it. I feel bad for them, but not really. He used to sneak up on people thinking that it was his mom coming around the corner and scared the bejesus out of me once. One time of that happening and I avoided him always.
Mrs. Micah wrote:
None–but I don’t know about evictions. My block is rented apartments. As for the neighborhood next to us, I’m not sure…I know DC has comparatively high rates, but I don’t know about my little area.
Posted on 07-Nov-07 at 7:40 pm | Permalink
FinanceIsPersonal.co wrote:
I live ine one of those strange parts of the countries where the real estate bubble never really happened. I guess that’s one benefit of living in rural South Dakota, I check the newspaper every now and then, and I don’ remember the last time I saw a foreclosure notice!
Posted on 08-Nov-07 at 8:55 am | Permalink
PiggyBankBlues wrote:
none. a 1st floor apartment in my building is going for over $900,000 !! my neighborhood is pretty much immune to a bubble (knocking on my head, now…)
Posted on 08-Nov-07 at 10:11 am | Permalink
Sistah Ant wrote:
when i buy my home, i’ll try to buy one that i like enough to stay in indefinitely, because you never know what’s around the corner that might prevent you from being able to move.
Posted on 08-Nov-07 at 10:11 am | Permalink
Emily wrote:
I live in central Florida-the land of get-rich-quick mania and people are now stuck with these properties-so now everything is for rent. No offense against renters, but when landlords are looking to unload a property as quick as possible, it affects all of us. I didn’t buy into the whole flippin’ thing-couldn’t afford it. It’s a double edged sword because you have a broker and a real estate agent telling you you qualify for WAY more than you know you can pay; it is also the responsibility of the owner to be smart about their money. I got lucky when I bought because my broker didn’t try to snow me AND got me the best deal. Anyway, we were considering moving prior to this whole deal, but we are content to ride it out for now…….life is a cycle!
Posted on 09-Nov-07 at 6:19 am | Permalink