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2022-05-27 Economy

Foreclosure-Wave Sweeping US Crests In Chicago

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Posted by Skidmark 2022-05-27 00:00|| || Front Page|| [11127 views ] Top

#1 Wonder how many foreclosures were of people who abandoned the property after being unable to find a ~~sucker~~ buyer and deciding to leave the state now was better than staying around.

Posted by Procopius2k 2022-05-27 07:46|| 2022-05-27 07:46|| Front Page Top

#2 I have a friend in Pennsylvania who is having no luck selling his bar so he can retire. Thanks to gubberner Woof's COVID lockdowns.

Posted by M. Murcek 2022-05-27 08:25|| 2022-05-27 08:25|| Front Page Top

#3

Note: Liberal Democrat History repeats itself.
2007-2010 Housing market prices peak as foreclosures increase.

Will housing prices plunge in 2023-2024 as cheap Foreclosures increase?

Posted by NN2N1 2022-05-27 09:20|| 2022-05-27 09:20|| Front Page Top

#4 The banks learned their lesson about being stuck with properties last time. I'd imagine they will sell the foreclosures off at prices that will depress the market.

Posted by M. Murcek 2022-05-27 09:27|| 2022-05-27 09:27|| Front Page Top

#5 The banks aren't stuck trying to recoup what they lost in the MBSs in 2008. They have more flexibility this time.

Posted by M. Murcek 2022-05-27 09:33|| 2022-05-27 09:33|| Front Page Top

#6 Just as long as they don't foreclose on homes they have no paper on.

Posted by Procopius2k 2022-05-27 10:21|| 2022-05-27 10:21|| Front Page Top

#7 ^ Hah. Court is asked to side with Joe homeowner or the bank. How do you think that will go?

Posted by M. Murcek 2022-05-27 10:24|| 2022-05-27 10:24|| Front Page Top

#8 In Florida the homeowner won. Bank was slow in paying lawyer fees, so a lean was put on a branch. Sheriff showed up taped off the place. Was in the process of removing furniture when the check showed up.

Posted by Procopius2k 2022-05-27 10:28|| 2022-05-27 10:28|| Front Page Top

#9 1) It was in Florida.

2) It was low hanging fruit to a smart lawyer.

Lots of people have no idea what to do when foreclosure paperwork arrives in their mail. If they actually are not paying their mortgage, they will have little luck hiring a lawyer. Yes, there are pro-bono ways to go, but the people described above don't even know where to start looking for a contact to that.

Posted by M. Murcek 2022-05-27 10:40|| 2022-05-27 10:40|| Front Page Top

#10 It was fun, fun, fun till the Sheriff took the furniture away.

Posted by Procopius2k 2022-05-27 11:39|| 2022-05-27 11:39|| Front Page Top

#11 Foreclosures will often be quietly sold off to connected investment companies like Blackrock and converted into rentals.

Posted by Glenmore 2022-05-27 12:55|| 2022-05-27 12:55|| Front Page Top

#12 After student debt is zeroed out, I would not want to be a rental property owner.

Posted by M. Murcek 2022-05-27 13:17|| 2022-05-27 13:17|| Front Page Top

#13

Posted by Skidmark 2022-05-27 15:07|| 2022-05-27 15:07|| Front Page Top

#14 Owing the mortgage company is one thing, owning the county taxes is another.

Posted by Procopius2k 2022-05-27 16:18|| 2022-05-27 16:18|| Front Page Top

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