Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
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As the cost of living in the U.S. continues to climb, foreclosures are also on the rise.
May foreclosure-related filings, which include default notices, scheduled auctions and bank repossessions, were up 7% from April and up 14% from a year ago, to 35,196 properties, according to the real estate data group ATTOM. Lenders began the foreclosure process on 23,245 properties in May, up 4% from last month and up 5% from a year ago. States with the most foreclosure starts in May included Florida, where 2,901 foreclosures got underway, followed by California, with 2,451 foreclosures started, and Texas, where 2,286 properties fell into the foreclosure column. |
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#2
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Where are these numbers from?
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#3
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You did read: “ …according to the real estate data group ATTOM.” Right?
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#4
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The way to avoid foreclosures is to require a 20 percent down payment to buy a house.
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#5
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Probably not.
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#6
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Both my prior boss and i were out of work for 3 years at different points in our lives, and not for lack of trying to get a job. . I even was hauled to court for not being able to pay child support, and again not for lack of trying. . |
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#8
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If you don't depend on your income to make mortgage payments, you're less likely to need a mortgage in the first place. We had almost all of our principal paid on our home up north, and were paying back a home equity loan to cover the cost of a roof replacement. And then - the company closed shop and put beloved spouse out of a job in a skilled trade where new-hires now come in at just barely higher than minimum wage. So he couldn't get a replacement job. We were going to move only 2 years later, but when the company pulled the plug we knew that we'd already be in foreclosure by then. That's why we came here when we did. We had to sell our home and move to Florida to prevent foreclosure. |
#9
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This is an article from my newsfeed that mentions ATTOM.
Home foreclosures are rising nationwide, with Florida, California and Texas in the lead |
#10
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#11
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I will say one observation: we spent a week vacationing south of tampa near siesta key, and the traffic on 70 was ridiculous every day, south in the morning of contractor trucks towards Fort Myers / Naples and back home north in the late afternoon. . day after day, all contracting trucks and trailers So the world can be counter intuitive for sure. . 20 days until retired finance guy |
#12
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#13
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Median household income as a percentage of home value: 16% The typical home in Florida is priced 15% higher than the typical U.S. home and the median household income in the state is 10% lower than the median U.S. income, resulting in a low income-to-home-value ratio and generating affordability concerns.( I would think the higher percentage of retired people here would modify the impact) All the retirees arriving drive up home prices but at the same time bring money into the economie being spenders not taking jobs, significant dip in interest rates fueled a buying spike, encouraging some to bite off more than they could chew, phycology of boom and bust |
#14
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The problem is people borrow to the limit of their present income.
When prices, or interest rates rise, they have no extra finances to meet the new situation. Borrow by all means, but give yourself a 10-15% increase leeway. Always worked for us. Retired non-financial guy. ![]() |
#15
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Having worked in the Real estate industry for over 30 years as a Real Estate Appraiser in Western Pennsylvania I have been in many REO (Foreclosed) properties. Many before they were trashed out. The amount of damage, neglect and filth would indicate the occupant just did not care. Not true of all but of most of them. You don't have to be rich to clean.
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Closed Thread |
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