High foreclosures, slow home sales

Dec 12, 2007 | Posted by: roboblogger | Full story: Gazette.Net

Homeowner Barbara Taha of Oxon Hill speaks at a news conference Monday about how rising mortgage costs are making it difficult for residents to keep up with payments. via Gazette.Net

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1 - 7 of 7 Comments Last updated Feb 20, 2008
ShaBoom

Alton, IL

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#2
Dec 14, 2007
 
This is the result of people obtaining mortgages without a fixed rate on their loan. Why do they do this? Because their credit sucked and it was the only way they could get a loan. Now, the loan companies should have known better than to swindle these folks. Shame on them. And the home owners should have read the fine print and thought about it before signing these papers.

Since: Dec 07

Memphis, TN

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#3
Dec 14, 2007
 
I you plan on buying a home to live in and not sell it then its a good time can you can get something nice for a lower price, plus you have the upper hand in bargainning right now. But to purchase a home for an investment, no way.
Spikewebbe

Corona, NY

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#4
Dec 14, 2007
 
One of the biggest scams ever, especially for struggling folks; Hi, sell you a home for a mortgage of $899 a month and in five years it goes up to $2200 a month. Really nice scam. Need five jobs to keep up with you house payments. If you got loads of cash it's the best time to buy a nice house though.
ShaBoom

Alton, IL

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#5
Dec 14, 2007
 
Spikewebbe wrote:
One of the biggest scams ever, especially for struggling folks; Hi, sell you a home for a mortgage of $899 a month and in five years it goes up to $2200 a month. Really nice scam. Need five jobs to keep up with you house payments. If you got loads of cash it's the best time to buy a nice house though.
Yes, but this is also the buyer's fault. People need to educate themselves before purchasing a home. Either they didn't understand that their payments would go up, or, they thought they could afford it down the road once the inflated interest rates kicked in. Most of these people who this affected, could not get refinanced related to poor credit history. THey had not business buying a home anyway. Not under those circumstances anyway.
Spikewebbe

Corona, NY

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#6
Dec 14, 2007
 
ShaBoom wrote:
<quoted text>Yes, but this is also the buyer's fault. People need to educate themselves before purchasing a home. Either they didn't understand that their payments would go up, or, they thought they could afford it down the road once the inflated interest rates kicked in. Most of these people who this affected, could not get refinanced related to poor credit history. THey had not business buying a home anyway. Not under those circumstances anyway.
You're right, great point, the homeowner has to know what they're getting into and buying a home is so complicated now a days and you don't know what's going to happen a few years down the line--loss of job, divorce, another child. And it's the American Dream to own a home. I've heard of so many horror stories about people losing their homes after their mortgage payments has doubled or tripled.

“You are by what you do!”

Since: Apr 07

Seattle, WA

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#7
Feb 20, 2008
 
bumpers
Apocalypse

Crawfordsville, IN

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#8
Feb 20, 2008
 
the subprime mess will cause the biggest single drain on black finances in the last 30 years.

sure, you sign an improper mortgage, but once the home gets foreclosed, you have a low fico for the next several years, which makes auto insurance higher, costs more to get car notes. many employers do credit checks for better jobs.

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