1. Yes, it's a whole new look! Have questions or need help? Please post your question in the New Forum Questions thread Click the X to the right to dismiss this notice
    Dismiss Notice
  2. Seeing tons of unread posts after the upgrade? See this thread for help. Click the X to the right to dismiss this notice
    Dismiss Notice

Foreclosures May Hit 1.5 Million in U.S. Housing Bust

Discussion in 'General Chat Forum' started by CarloN, Mar 13, 2007.

  1. CarloN

    CarloN New Member

    Joined:
    Oct 5, 2006
    Messages:
    22
    Likes Received:
    0
  2. Lee

    Lee Permanent Vacation

    Joined:
    Aug 6, 2005
    Messages:
    3,071
    Likes Received:
    2
    No surprises here typical boom bust of the real estate business. If you look back on my old posts when things were booming here nobody believed me that this all was coming to a end and will last for quite awhile. And I said even when things look better they will drop even further after the little upside. This repeats itself until all the investors that could not afford to be playing this game are gone. As long as these speculators have money left they will help further a false sense of a market coming back.

    The real test is jobs and new jobs that is what keeps a healthy real estate market until the real estate speculators get involved and then they must be busted and gone for the market to return to health again.. Real estate is about long term investments not short term just like the stock market, especially if you are doing it as a business.

    Now when things bottom out the big boys with deep pockets will come in and pick up the pieces and hold on until things turn around and they will sell or build.

    Lee j.
     
  3. Homer Simpson

    Homer Simpson New Member

    Joined:
    Mar 12, 2002
    Messages:
    1,361
    Likes Received:
    0
    You hit it right on the head, Where I work in Westifelds, there are about five new 6 story office buildings. Look at Loudoun 1, more office bldgs. That means more jobs, and more people and more demand. This area is insulated by the Fed.
     
  4. Silence Dogood99

    Silence Dogood99 New Member

    Joined:
    Apr 11, 2005
    Messages:
    2,769
    Likes Received:
    2
    So in that respect, rampant federal spending actually helps us out here.

    Question for you smart real estate people. I hate to be an opportunist, but what is the best way to take advantage of this bear market in real estate? Is this a good time to buy foreclosures if one happens to have cash on hand?
     
  5. Lee

    Lee Permanent Vacation

    Joined:
    Aug 6, 2005
    Messages:
    3,071
    Likes Received:
    2
    First take a real estate class. Foreclosures are not as simple as people think. One, the owner can come back and pay off the debts they owe on the home and redeem the home as long as a year later after it was sold in foreclosure if they can raise the necessary funds. So any improvements you make, you will be out if this happens you will not be reimbursed for the money you spent improving the property only interest. It is called statutory Redemption(after sale) Not many people know about this rule or law.

    Anyway there are many rules and laws that can get the lay person into real trouble and serious problems in real estate.


    All these info commercials on real estate are not as easy as what these people say, almost impossible to do and the very least very difficult to do. Some of these info commercial people actually were charged criminally.

    Think about it, if so much money can be made so easily they would not be selling these programs stuff on TV they would be practicing what they preach.

    A friend of mine just told me he spent $7500.00 dollars and another 2500.00 for his girlfriend to go to a Donald Trump 2 day real estate seminar for a total of 10 grand for two days. I almost fell over dead from shock. It did not even include an appearance by Trump. Anyway the stuff he told me what they were teaching was the same garbage these info commercial people were teaching, most of it useless, and dangerous for the lay person. I have never met anyone who has taken or bought these seminars and has used the info to make a lot of money in real estate if any. I do have friends that are professionals at buying foreclosures and you cannot believe the amount of time and work they put into it and still end up with at times worthless properties and lose money on these properties and they do this for a living.

    My suggestion is take a real certified real estate class and test before you venture off into this very tough business. Learn from the real pros that actually make a living from buying and selling real estate, not from two day seminars or info commercials.

    Lee j.
     
  6. Lee

    Lee Permanent Vacation

    Joined:
    Aug 6, 2005
    Messages:
    3,071
    Likes Received:
    2
    Mortgage Report Rattles Markets

    Mortgage Report Rattles Markets

    Foreclosures Hit Highest Level In 4 Decades



    http://www.washingtonpost.com/wp-dyn/content/article/2007/03/13/AR2007031300505.html

    The stock market is really worried about this dragging the entire economy down.

    I don't know how many times I hear the DC area is immune from job loses in the government sector which includes government contractors. I say hogwash. Some of the eighties and the early nineties say we can be very hurt and some of my pals in the building and real estate business say we are in for possibly the worst downturn here since the last many decades. We all believe the worst is yet to come. We are many years away from an real upturn. Who knows what the new administration is going to be strapped with in a few years, which can prolong this even further.

    The good news a lot of money will be made from this downturn and homes always will be bought and sold only a lot fewer of them at cheaper prices. People that can buy and hold for a lot of years will come out the winners.

    Lee j.
     
  7. vacliff

    vacliff "You shouldn't say that."

    Joined:
    Nov 14, 2002
    Messages:
    5,281
    Likes Received:
    344
    Value of real estate seminar: $1000. Value of Trump's name on it: $9000.
     
  8. CarloN

    CarloN New Member

    Joined:
    Oct 5, 2006
    Messages:
    22
    Likes Received:
    0
    Maybe not picking up forclosures but to buy some low price properties in the next 2 years as prices come on down and then rent them. Have renters pay for the mortgages, is this the best? I guess there would be some headaches of managing renters/rental properties.
     
  9. Silence Dogood99

    Silence Dogood99 New Member

    Joined:
    Apr 11, 2005
    Messages:
    2,769
    Likes Received:
    2
    That's what I am wondering about. Is THAT an opportunity? Where would you buy now? Would you buy now or wait 6 months? What type of home--townhome or single family, etc.?

    Do you buy in the newer areas like Brambleton or west of here?
     
  10. Villager

    Villager Ashburn Village Resident

    Joined:
    Nov 1, 2006
    Messages:
    2,512
    Likes Received:
    19
    Buy an Ashburn Village townhome - mine is for sale. ;)

    In fact, there is a bank owned townhome on our street that is sitting vacant. Could be a good buy to use as a rental. Should be able to buy that one for under $350,000.
     
  11. sharse

    sharse TeamDonzi rocks!!

    Joined:
    May 28, 2005
    Messages:
    2,795
    Likes Received:
    9

    Opportunity to waste your money? Priceless.
     
  12. msflynn

    msflynn New Member

    Joined:
    Jul 15, 2002
    Messages:
    1,095
    Likes Received:
    2
    Not to bring this all up again but I think it is a hoot that your friend spent that kind of money on this when we just recieved free tickets in the mail. If your friend or anyone else wants to go I have 2 VIP tickets for a confrence in Vienna on April 19th :)

    Staci
     
  13. kahlua1

    kahlua1 New Member

    Joined:
    Jan 3, 2006
    Messages:
    217
    Likes Received:
    0
    I think that card from Trump came as junk mail today? We also received 2 "free" tickets for the Vienna seminar with Ivanka on 4/19.
     
  14. Lee

    Lee Permanent Vacation

    Joined:
    Aug 6, 2005
    Messages:
    3,071
    Likes Received:
    2
    I think this is how they suck you in!!!

    You know one of those teaser seminars!!! ;)

    My buddy is off shore right now checking on his many crews.

    I will ask him when he gets back.

    I don't know why he wants to do real estate he is making a fortune right now doing emergency repairs and cleaning these offshore drilling platforms and rigs for all the big oil companies.

    Now off to my real $280 real estate class including books. :D

    Lee j
    Lee j
     

Share This Page