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Old 04-12-2012, 07:12 AM   #1
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Exclamation Oh shitsky - mortgage dam about to burst?

Quote :
...
Foreclosure filings were reported on 198,853 U.S. properties in March, a 4 percent decrease from February and a 17 percent decrease from March 2011. March’s total was the lowest monthly total since July 2007, and also the first monthly total below 200,000 since July 2007.

“The low foreclosure numbers in the first quarter are not an indication that the massive reservoir of distressed properties built up over the past few years has somehow miraculously evaporated,” said Brandon Moore, chief executive officer of RealtyTrac. “There are hairline cracks in the dam, evident in the sizable foreclosure activity increases in judicial foreclosure states over the past several months, along with an increase in foreclosure starts in many judicial and non-judicial states in March. The dam may not burst in the next 30 to 45 days, but it will eventually burst, and everyone downstream should be prepared for that to happen — both in terms of new foreclosure activity and new short sale activity."
...
http://www.zerohedge.com/news/march-...nge-5-year-low


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Old 04-12-2012, 09:57 AM   #2
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Well, if this pushed RE prices down further, those of us who don't yet have wholly-owned land for a bugout or primary residence might get a better deal than otherwise in the near future. It needn't be land that was itself foreclosed either, as this sort of thing drives prices down generally.

Of course, I'm still a booster of land in the rural mountains, as it has a lot of other advantages - you can be close to "civilization" without it sprawling into you, since the edge of the mountains stops all that cheap development activity. This makes the land cheaper too since you're not bidding against suburban developers.
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Old 04-12-2012, 02:39 PM   #3
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DC,
I wish I could find a bit of land with fresh watgershed above me and nothing surrounding me as well. I figure I am at least five years away from that at best.
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Old 04-12-2012, 04:28 PM   #4
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I'll keep my eyes open if you want me to. There's one choice piece near here that will surely be going for sale at some point. The guy died, but his kids haven't sold it yet...which is odd, usually the first thing the kids do is chop it into the maximum number of pieces allowed and sell at auction. I guess they don't need the money, but since no one is living there, they are having to come out frequently and maintain the place, that's gotta get old at some point. There's usually some stuff around, but finding that really good piece - with the water and all - takes a little looking around and telling others to help you look.
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Old 04-12-2012, 06:29 PM   #5
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Best of luck Ancona

and to all who are seeking 'the right piece of land'

it feels good when you can finally stand on it, knowing its legally yours, breath in the air and growl at no one in particular

get off my land ......
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