Foreclosures hit new records in third quarter

The biggest threat to the current foreclosure cycle is government taking any steps to "correct" it. Next, government may attempt to rescue stock market investers who lost money due to unwise investment decisions. It is far better to let the slide and number of foreclosures continue until the "true" market corrects itself, including clearly what will end up being siginificant personal and business defaults, consumers, homeowners, builders, property brokers, etc. All speculated on the "come" that bigger returns would somehow materialize and buyers/investers would be willing to pay whatever the market price. To have government or some other scheme now attempt to artificially bail out a natural market correction that must take place, regardless of the short term pain, would be not only irresponsible but forebode a truly long and devastating economic decline lasting not a year or two, but potentially until the end of the decade.

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Hi! I work at CurrentForeclosures.com a foreclosures site. It is hard to speculate, but with the observed increasing trend of foreclosure cases which has swept across many states, this crisis may last a bit longer.

I wonder what percentage of the foreclosures are non owner occupied properties? Home sellers are going to have to employ alternative marketing strategies to keep from going under. I believe the popularity of owner carry backs (owner contracts), lease options & rent to owns will flourish in the near future and for some time to follow. All the people in foreclosure may want to be home owners again before their credit will allow it. And what did I hear today? They want to make it more difficult to get a mortgage for everyone?

As a real estate investor I see the paper trail of some foreclosures. These borrowers knew what they were doing when the cashed out their equity time and again and just blew the cash. To say that all foreclosures are the result of unscrupulous banks and unsophisticated borrowers is a disservice.

what happen to getting some plans to build, gett-
your neighbors, church members to help and build-
ing your own home. it will cost less and you will
move in with equity. now, a home eq. loan is a
bad loan. when you build yourself there will be things that need to be worked out. but if you are
careful you will pay 30%. the hipe is "you can't do
it so pay someone 150 per sq. feet", bull. i'm in the
business i know. some of these investors will pay
ten grand for a remolding job that i will do for three
i make a living doing jobs for less.

my loan comes in feb 2008 by jan 1 2008 i have to be ready to make my move and refince bite the bullet on some closing costs and refinance my investment properties when they come due. i will however refi with bank or mtg company that has stayed away from the subprime disaster. Chase Mtg for one you can borrow my advisor nicholas.s.wagner@chase.com if anyone likes. Chase Mtg has been clean from these bogus mtgs. I advise my clients as well on what I would do myself as a realtor. Bank of America took a little hit but has plenty of money that it even could afford to bail out CountryWide so I feel good about them.
Just don't walk away from your home that is NOT the answer unless you want me to buy it at 50 cents on the dollar and then rent it back to you. That was tough love comment but true.
Don't wait for the roof to fall in on you or win the lotto, do something about it NOW.
L. Russo Chas. Sc Realtor