Foreclosure Recap – Week #47
It had to happen. They say that life imitates art and sometimes art imitates life. Well, the popular television show Bones did an airing of an episode this past week called “The Foot In The Foreclosure” about a real estate agent that found charred remains in a foreclosure that he was showing. How close to the truth it is or was remains to be seen. It’s a nice little diversion from our normal recap data here every week and so it seemed an appropriate way to begin this week’s informative guise.
With a busy holiday season coming and the start of ski season at the larger resorts in the western United States, this article may hit home to those of you that like to snow ski. It seems that the Moonlight Basin ski resort in Biog Sky Montana has filed for Federal Bankruptcy protection in a hopes to stay open and avoid a pending foreclosure. It seems that the resort borrowed $100 million dollars in 2007 to revamp the resort with an eye towards reselling it. We all know what happened because it was only a short time later that the real estate market began a melt down that has left the entire country wondering what is up and the Moonlight Basin people are no different. The filing for Chapter 11 protection came the day before the foreclosure.
The Charlotte Observer posted this story, which was originally from the New York Times. It seems that according to all the data that they can accumulate it looks as if there are a large number of defaults building up as a back log and that means that we are about to experience yet another wave of foreclosures. According to the story it appears that nearly one out of every ten homes in the United States that has a mortgage on it, is behind or has missed at least one payment. That gives way to the fear that the recovery that appears to be taking place might only be a facade and that there is another deep plunge in the not so distant future.
This article, not surprisingly to anyone that has a brain attempts to link the rising number of foreclosures in the Massachusetts area to the rising number of unemployed individuals. It seems that the unemployment rate was up to nearly nine percent and as a result of that, the increase in foreclosures between September and October rose by nearly a full thirty percent. The writer suggests in fairly plain language that the only way that the rising tide of foreclosures can be stemmed is if the government finds a way to help the growing number of people who are unemployed or severely underemployed.
What do you want your neighborhood to say to someone who is just passing through it? This next story is about neighbors who are getting together and taking it upon themselves to keep the neighborhood up. They are trying to make sure that the vacant homes in the area are not an eye sore. The Story comes to us from the state of Michigan and might well be something that others can benefit from reading. If you have a troubled spot and you know that it is not going to be taken care of by anyone else. It only makes sense to get together a form of neighborhood group and take the problem under advisement. Mowing yards or whatever needs to be done to make the area look attractive again rather than neglected.
How has the foreclosure market affected the landlords out there renting property to people? Well this article goes in to depth about how the growing number of vacancies has pretty much forced the landlords to be a little more flexible and tolerant. A lot more people are sharing apartments to split rent these days than ever before. Where an apartment for $1000 was common for a single person before, you now commonly find three people living in that apartment and splitting the bills just so they can make ends meet and cover all the bills.
Not that this one should take a rocket scientist to come up with but it seems that credit card delinquencies are higher in states with a high foreclosure rate. That is not too hard to fathom when you consider that the majority of people that are losing homes are often forced to make ends meet however they can and that often means living on credit cards to cover necessities when the cash is short. An interesting factoid here is that 43 percent of the nations foreclosures happen to be in California, Florida, Nevada and Arizona and these states also have higher than normal credit card delinquency.
This next one is a question and answer story. It is worth stopping by quickly and reading the question. I think it will apply to a great many of you out there and if it indeed does, it is going to be worth your reading the answer. Many people now days are in one form of foreclosure or another and are wondering how a first or second loan can be handled and what the options and responsibilities are. This should go a long way towards clearing that up.
We all understand what being underwater means when you are talking about a mortgage. Did you know that on the average in this country a home that is underwater is approximately $70,000 in negative equity? While the experts agree that the market appears to be turning and that there is a promising spring in store for people, there is still going to be a lot of homes out there that are going to be worth significantly less than what is owed on them. That is particularly true in the states that are having runaway foreclosure rates. While the information is depressing, if you own a home it is something that you should read.
The outlook in the Poughkeepsie area is not as bright today as it was yesterday. It seems that the business complex known as the businesses at Dooley Square has entered into foreclosure roughly five years from its opening. The Square only steps away from the Hudson River are a high budget set of Shops, Businesses and restaurants. It has become an anchor of that portion of lower Main Street and now it is in trouble. The city is in hopes that someone else will take it over and that it will continue to help that area of the city.
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July 13th, 2010 at 1:15 pm
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