U.S. foreclosures jumped 87% led by CALIFORNIA, FLORIDA, OHIO, and MICHIGAN!
The article goes on to explain that this is not limited to just sub-prime, people who took these interest only, teaser intro, and even ARM’s are being forced into foreclosure because property values are falling and lending satndards are tightening. (can’t borrow $300,000 on a house now worth $250,000)
DUH?? Ya Think??? Who didn’t see this coming?
I know you guy’s are getting tired of the negative posts so I’ll put a positive spin on this one and let you in on a secret…
All you have to do RIGHT NOW is postion yourself for what IS HAPPENING! Think about it. Market forces are converging and the results will be the GREATEST buying opportunities you my ever see.
NOT NOW… But in the next few years…BUILD CREDIT AND CASH!!!
I have to admit it… I’ve been using this forum for a little experiment over the last 6 to 9 months. The theory is until SENTMENT changes we haven’t hit bottom. As we all know the best time to REALLY start buying ANYTHING is when NO one wants it anymore. In my opinion “sentiment” is still too positive for a really strong buy signal.
Now-a-days when I post these statements, which all come from major news sources, I get about 30% to 40% of respondents telling me I’m nuts, too negative, not in MY market ect. But I will tell you this…9 months to 1 year ago when I first floated the idea that we could be headed for an unprecidented market EVENT and a crash in real estate prices, about 80% of responders thought I was nuts/wrong, that number has dropped substantially.
What we’re all seeing here is people’s feelings about the market, it’s how they process information. Look at this site, there are STILL TON’s of new people out there who “Want to get started flipping, need to learn” Man, I’d like to get started learning how to be a Fighter Pilot but I’m 42, it’s a little late. Just like it’s a little late in this cycle to start flipping houses with NO EXPERIENCE.
Let me say right now that you have to start somewhere and you CAN make money in any market. But…I read some of these posts and it’s like watching people being thrown to the lions.
Prediction…when we start seeing more questions like "just bought a flip, can’t sell it, now what? or ARM kicked in can’t afford it, need advice? we’ll be closer to that bottom. Those questions are starting to pop up now in ever increasing numbers. Compare that to 1 or 2 years ago.
In the long run this is actually a good thing for our business, it’s unfortunate that a LOT of people will get hurt learning some tough lessons, but in the end THEY too will never make those same mistakes again. It’s called Capitalism folks, it’s as beautiful as it is ugly.