Foreclosures nearly double over same ...

Foreclosures nearly double over same month a year ago

There are 36 comments on the South Florida Sun-Sentinel story from Oct 11, 2007, titled Foreclosures nearly double over same month a year ago. In it, South Florida Sun-Sentinel reports that:

Foreclosure filings across the U.S. nearly doubled last month compared with September 2006, as financially strapped homeowners already behind on mortgage payments defaulted on their loans or came closer to ...

Join the discussion below, or Read more at South Florida Sun-Sentinel.

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worriedinweston

West Palm Beach, FL

#1 Oct 11, 2007
losing my $2.9m in weston hope the next buyer has better luck.
RACE

Miami, FL

#2 Oct 11, 2007
bye bye miss american pie...
qzone

Mclean, VA

#3 Oct 11, 2007
"Florida had one foreclosure filing for every 248 households. The state reported 33,354 foreclosure filings in September, down just less than 2 percent from August, but more than three times greater than September 2006's total."

Put a knife in FL, it's done for. 40 month supply of houses assuming builders stop building and no more defaults. Can't wait for the news next year.
fumduck

Pompano Beach, FL

#7 Oct 11, 2007
qzone wrote:
"Florida had one foreclosure filing for every 248 households. The state reported 33,354 foreclosure filings in September, down just less than 2 percent from August, but more than three times greater than September 2006's total."
Put a knife in FL, it's done for. 40 month supply of houses assuming builders stop building and no more defaults. Can't wait for the news next year.
Thank the Clowns in Tallassee...
They can't do anything right.
Media Panic

Potomac, MD

#8 Oct 11, 2007
So what. The foreclosure rate in Florida is 1 out of 281 homes a comical .23 or less than 1/4 of one percent. Can car loans or credit cards come even close to that. No, but the news media wants to keep scareing away homebuyers so they keep trying to panic homeowners. What about the 40% of homeowners WHO DON'T EVEN HAVE A MORTGAGE! You never hear about that do you.
County

Coral Gables, FL

#9 Oct 11, 2007
People should have sought normal bank mortgages and not those cheap ones which ended up costing them more. Many of those mortgage brokers preyed on immigrants and first time buyers. I used to see those ads in the Russian papers and magazines where you could get a mortgage of $500,000 with no money down for under $1,000 a month. Then there were mortgage brokers who would send letters out making it look like your bank has authorized them to take your mortgage over and you are told to call them about it. I got some of those and shredded them but I am sure that there are many people who believe it and call that company. It all comes down to borrower beware.
qzone

Mclean, VA

#10 Oct 11, 2007
Media Panic wrote:
So what. The foreclosure rate in Florida is 1 out of 281 homes a comical .23 or less than 1/4 of one percent. Can car loans or credit cards come even close to that. No, but the news media wants to keep scareing away homebuyers so they keep trying to panic homeowners. What about the 40% of homeowners WHO DON'T EVEN HAVE A MORTGAGE! You never hear about that do you.
.23% may not seem much but every single foreclosure devalues nearby houses in neighborhood. Now multiply that by the total number of houses in FL and you get the picture. You must be a realtor or mortgage broker. So how's business going? Sorry that was mean of me.
PriceCrash

United States

#11 Oct 11, 2007
Media Panic wrote:
So what. The foreclosure rate in Florida is 1 out of 281 homes a comical .23 or less than 1/4 of one percent. Can car loans or credit cards come even close to that. No, but the news media wants to keep scareing away homebuyers so they keep trying to panic homeowners. What about the 40% of homeowners WHO DON'T EVEN HAVE A MORTGAGE! You never hear about that do you.
The difference between a recession and a depression is that in a recession your neighbor is out of work, where as a depression is when you are out of work.

Call Dave Ramsey aready.
concerned

Jupiter, FL

#12 Oct 11, 2007
This too shall pass. Give it two-three years and we'll be selling homes for crazy high prices again. This cycle has been going on for decades...
The Dude

United States

#13 Oct 11, 2007
This is nothing! People holding out on selling better pull the trigger now. You will not see prices equal to 05 prices again for 8 years! Mark my words! Yes, what I'm saying tards is this. Your house that could have fetched $700k in 05 will not go for $700k for another 8 years. Your home in 3 years will be going for $410k and then slowly back.
The Dude

United States

#14 Oct 11, 2007
concerned wrote:
This too shall pass. Give it two-three years and we'll be selling homes for crazy high prices again. This cycle has been going on for decades...
Wrong. typical cycle 10-12 years. This last one was way over the top, record breaking, bank busting like never before. 3 years! That's just funny man... you'll see.

Since: Dec 06

Alexandria, VA

#15 Oct 11, 2007
PriceCrash wrote:
<quoted text>
The difference between a recession and a depression is that in a recession your neighbor is out of work, where as a depression is when you are out of work.
Call Dave Ramsey aready.
Dave Ramsey always says that your total payment for housing including insurance and taxes should be no more than 25 % of your take home pay on a 15 yr fixed rate mortgage....
In South Florida,with an average income per capita of less than $30K..
($2500 a month x 25%.).leaves you just $625 a month for housing...
Other than a used trailer try finding a property in South Florida to buy where your total
PITI payment will be $625.00..
Dave Ramsey is way out of touch with the reality of South Fla. real estate...Most people here..specially single people will never be able to afford a home here if they follow Dave Ramsey's advice.
Truth

Pompano Beach, FL

#16 Oct 11, 2007
PriceCrash wrote:
<quoted text>
The difference between a recession and a depression is that in a recession your neighbor is out of work, where as a depression is when you are out of work.
Call Dave Ramsey aready.
Depression, Recession? Not according to the rosy reports we keep on hearing! Low unemployment rate, Dow Jones at an all time High! I think our GOVERNMENT AND THE ECONOMISTS ARE ON AN ALL TIME HIGH! Nothing but SMOKE AND MIRRORS for all the people with their heads in the sand!!
Realtor

AOL

#17 Oct 11, 2007
This is just the beginning...I have soooo many listings with no buyers....
Chuck

Cape Coral, FL

#18 Oct 11, 2007
worriedinweston wrote:
losing my $2.9m in weston hope the next buyer has better luck.
I am sorry to hear about that and rest assured people are praying for you. If you market your home over-seas or even in the US just make sure if someone sends you a down-payment and claim they sent too much and tell you to keep the down payment and send the rest back rest assured it is a scam. It is sad to think people would prey on other's mis-fortune but it has happened in my area. Just make sure the check is good by waiting for the bank to clear it. I despise scammers!
Mark

United States

#19 Oct 11, 2007
Most foreclousers are from the 500K range and up. People who should have been in homes much cheaper.
Mikey

Hollywood, FL

#20 Oct 11, 2007
When the market was flooded with mortgage lenders that handed out mortgages like they were Skittles and didn't bother with income verification this was bound to happen. Both lenders and idiots for borrowers need to hold themselves accountable for this mess. Only recently in the past year or so did we see some of those insane mortgage products such as ARM's and no interest loans begin to adjust. Flippers got burned as well. Another couple of years of foreclosures is predicted, then the market will recover as it always does and Florida will once again become eyed for real estate buyers. Of course taxes and insurance will need to be lower, water will need to be available, crime will need to be reduced and our politicians will need to be loved once again. I'll probably be dead when that happens but maybe, just maybe someone might still be around to observe history in the making.
Moses Tietlebaum

Glen Cove, NY

#21 Oct 11, 2007
I hope that Holocaust survivors and their children will be exempted from the foreclosure process.
perhaps the government can subsidize those who have fallen behind.
Of course, we all agree that is the least that can be done.
County

Coral Gables, FL

#22 Oct 11, 2007
Mikey wrote:
When the market was flooded with mortgage lenders that handed out mortgages like they were Skittles and didn't bother with income verification this was bound to happen. Both lenders and idiots for borrowers need to hold themselves accountable for this mess. Only recently in the past year or so did we see some of those insane mortgage products such as ARM's and no interest loans begin to adjust. Flippers got burned as well. Another couple of years of foreclosures is predicted, then the market will recover as it always does and Florida will once again become eyed for real estate buyers. Of course taxes and insurance will need to be lower, water will need to be available, crime will need to be reduced and our politicians will need to be loved once again. I'll probably be dead when that happens but maybe, just maybe someone might still be around to observe history in the making.
You forgot illegal immigrants deported. This would help bring taxes down.
paul

Orlando, FL

#23 Oct 11, 2007
what I would like to know is the percentage of forclosures that are speculators and the percent that are primary homes

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