Comments on: Top 10 States For Foreclosures for February 2009 http://www.therealestatebloggers.com/2009/03/12/top-10-states-for-foreclosures-for-february-2009/ Real Estate Blog, Mortgage, and Development News Fri, 20 Nov 2009 23:48:48 -0600 http://wordpress.org/?v=2.8.6 hourly 1 By: Ivan Crago Missoula Realtor http://www.therealestatebloggers.com/2009/03/12/top-10-states-for-foreclosures-for-february-2009/comment-page-1/#comment-359222 Ivan Crago Missoula Realtor Sat, 21 Mar 2009 23:06:41 +0000 http://www.therealestatebloggers.com/2009/03/12/top-10-states-for-foreclosures-for-february-2009/#comment-359222 In Montana we have been fortunate to have missed high forclosure rates, though our market has slowed considerably the last two years. If the local economy stays slow and jobs don't come back, we may end up closer to national trends in forclosures, I just hope it picks up before that happens. In Montana we have been fortunate to have missed high forclosure rates, though our market has slowed considerably the last two years. If the local economy stays slow and jobs don’t come back, we may end up closer to national trends in forclosures, I just hope it picks up before that happens.

]]> By: Karen Geselle http://www.therealestatebloggers.com/2009/03/12/top-10-states-for-foreclosures-for-february-2009/comment-page-1/#comment-359208 Karen Geselle Sat, 21 Mar 2009 22:40:43 +0000 http://www.therealestatebloggers.com/2009/03/12/top-10-states-for-foreclosures-for-february-2009/#comment-359208 I'm a Realtor in Idaho and saw home prices soar in 2005 - 2006 due to the number of out-of-state investors that came to Idaho looking for those low priced homes that they could buy for investment properties. Investment seminars were touting Idaho as the place to buy. We Realtors were having a difficult time pricing new listings because the demand was so great. And appraisers were having difficulty keeping up with the rapidly rising prices. Because I had a fairly high rated website site, many investors contacted me for help in purchasing. I talked some out of buying, some told me off when I suggested to them I didn't think it was smart to buy. Now I'm wondering if these same investors are why our foreclosure rate is so high. Are they walking away from the 100% loans they got to finance their investments? Given the number of pages in the local newspaper dedicated to foreclosure notices, I won’t be surprised to see another record in March. I’m a Realtor in Idaho and saw home prices soar in 2005 – 2006 due to the number of out-of-state investors that came to Idaho looking for those low priced homes that they could buy for investment properties. Investment seminars were touting Idaho as the place to buy. We Realtors were having a difficult time pricing new listings because the demand was so great. And appraisers were having difficulty keeping up with the rapidly rising prices.

Because I had a fairly high rated website site, many investors contacted me for help in purchasing. I talked some out of buying, some told me off when I suggested to them I didn’t think it was smart to buy. Now I’m wondering if these same investors are why our foreclosure rate is so high. Are they walking away from the 100% loans they got to finance their investments?

Given the number of pages in the local newspaper dedicated to foreclosure notices, I won’t be surprised to see another record in March.

]]> By: Portland Real Estate http://www.therealestatebloggers.com/2009/03/12/top-10-states-for-foreclosures-for-february-2009/comment-page-1/#comment-356773 Portland Real Estate Tue, 17 Mar 2009 16:21:10 +0000 http://www.therealestatebloggers.com/2009/03/12/top-10-states-for-foreclosures-for-february-2009/#comment-356773 Sad to see Oregon on that list *sigh* Sad to see Oregon on that list *sigh*

]]> By: Esko Kiuru http://www.therealestatebloggers.com/2009/03/12/top-10-states-for-foreclosures-for-february-2009/comment-page-1/#comment-355957 Esko Kiuru Sun, 15 Mar 2009 22:19:57 +0000 http://www.therealestatebloggers.com/2009/03/12/top-10-states-for-foreclosures-for-february-2009/#comment-355957 It's disturbing to see that only 35 counties, which accounted for a large chunk of last year's foreclosures, could shake the banking system as badly as is now happening. Mortgage lenders saw these markets as fertile and kept writing loans there without following prudent underwriting guidelines. Even when these areas obviously started overheating, anyone could see that, they still wouldn't stop which would've reduced their exposure. They blindly ignored the growing bubble and just kept counting the fat fees coming in. It’s disturbing to see that only 35 counties, which accounted for a large chunk of last year’s foreclosures, could shake the banking system as badly as is now happening. Mortgage lenders saw these markets as fertile and kept writing loans there without following prudent underwriting guidelines. Even when these areas obviously started overheating, anyone could see that, they still wouldn’t stop which would’ve reduced their exposure. They blindly ignored the growing bubble and just kept counting the fat fees coming in.

]]> By: Mark Madsen http://www.therealestatebloggers.com/2009/03/12/top-10-states-for-foreclosures-for-february-2009/comment-page-1/#comment-354181 Mark Madsen Fri, 13 Mar 2009 00:02:09 +0000 http://www.therealestatebloggers.com/2009/03/12/top-10-states-for-foreclosures-for-february-2009/#comment-354181 Foreclosures have hit Vegas hard this year. I've been a loan officer here for 9 years, so this foreclosure problem has a significant impact on my past clients. When a bank tells a homeowner that they have to be 90 days late on mortgage payments before they will negotiate better terms, most people that I've spoken to decide that it is better to just find a new place to rent vs paying a higher payment on a home that has lost 65% equity. Banks should at least give the people with perfect credit and steady jobs the ability to keep their homes without forcing them in to a difficult credit position. Another factor for the high foreclosure rates is that it is taking banks upwards of 12 months to foreclose on homes, so people are just sticking around until the last minute. Foreclosures have hit Vegas hard this year. I’ve been a loan officer here for 9 years, so this foreclosure problem has a significant impact on my past clients.

When a bank tells a homeowner that they have to be 90 days late on mortgage payments before they will negotiate better terms, most people that I’ve spoken to decide that it is better to just find a new place to rent vs paying a higher payment on a home that has lost 65% equity. Banks should at least give the people with perfect credit and steady jobs the ability to keep their homes without forcing them in to a difficult credit position.

Another factor for the high foreclosure rates is that it is taking banks upwards of 12 months to foreclose on homes, so people are just sticking around until the last minute.

]]>