Dear folks who wish you owned your own home

[somdrenter]

46361 Block of Columbus Drive, Lexington Park, year built 1991.

Initial Sales Price: 05/13/1991, Price: $84,930

High Price Point: 03/08/2006, Price: $180,000

Low Price Point: 12/28/2001, Price: $56,000

Current Foreclosure Asking Price: $97,900

- Property Finder

Sold: $69K.

SM7026646 on FranklyMLS.com 46361 COLUMBUS DR #104, LEXINGTON PARK MD for $84,900 in COLUMBIA COMMONS Home For Sale

 

[sockgirl77]

Sold: $69K.

SM7026646 on FranklyMLS.com 46361 COLUMBUS DR #104, LEXINGTON PARK MD for $84,900 in COLUMBIA COMMONS Home For Sale

Ghetto.

 

[sunflower]

Ghetto.

And I'd rather rent then buy that place...

 

[somdrenter]

Ghetto.

Maybe. But folks were paying up to $180K for these units in 06. Here's the kicker, one was sold for $145K back in February.

 

[sockgirl77]

Maybe. But folks were paying up to $180K for these units in 06. Here's the kicker, one was sold for $145K back in February.

And now they're not selling because people realize how crappy the neighborhood has gotten. I lived there years ago. Moved out in 1998 because it was getting bad.

 

[Baja28]

Maybe. But folks were paying up to $180K for these units in 06. Here's the kicker, one was sold for $145K back in February.

No, it was for sale for $180K and did not sell.

 

[Pandora]

Sold: $69K.

SM7026646 on FranklyMLS.com 46361 COLUMBUS DR #104, LEXINGTON PARK MD for $84,900 in COLUMBIA COMMONS Home For Sale

Hey, I personally think that was a great deal!

I have been in that house... They rented it for some time and the carpets, walls, everything needs to be redone. But even still, 73K comes out to be around about $500 a month in payment with property tax, provided they have a half way decent credit rating in today's economy. Where else can a person live for $500 a month?

But, they are due for another shooting/murder over there, aren't they? They have at least 1 per year there it seems.

 

[vraiblonde]

Houses should be free.

 

[BuddyLee]

Ghetto.

I'd live in worse and pay more.

I wish I had known about this earlier.

 

[BuddyLee]

Where can you get a list of foreclosures?

Are there any negatives in buying a foreclosed home?

 

[morningbell]

Where can you get a list of foreclosures?

Are there any negatives in buying a foreclosed home?

Go to any real estate agent and ask for one, you'll get weekly emails about them. There are negatives to buying a foreclosed home and there are positives it depends on where you're at in your life. Do you need to move in right away? How much work are you willing to do to it? Is it going to pass inspection?

The thing about this particular neighborhood is that it's sandwiched between two of the crappiest hoods in the LP, there is always litter on the streets, and then most of it is section 8. I have never been inside any of these homes but they look nice just walking by them.

 

[morningbell]

Maybe. But folks were paying up to $180K for these units in 06. Here's the kicker, one was sold for $145K back in February.

And I'm sure those people weren't living in them for the most part. Just looking for an investment. Realized they can't get $$$$ for them so they end up renting to section 8....

 

[somdrenter]

No, it was for sale for $180K and did not sell.

03/08/06-End unit, Sold-$180K

 

[somdrenter]

Houses should be free.

Should be? Hell, given all the loan re-works, bailouts, NODs and the backlog of foreclosures, some folks are getting them for free.

 

[BuddyLee]

Go to any real estate agent and ask for one, you'll get weekly emails about them. There are negatives to buying a foreclosed home and there are positives it depends on where you're at in your life. Do you need to move in right away? How much work are you willing to do to it? Is it going to pass inspection?

The thing about this particular neighborhood is that it's sandwiched between two of the crappiest hoods in the LP, there is always litter on the streets, and then most of it is section 8. I have never been inside any of these homes but they look nice just walking by them.

Thank ya'. A thank ya' very much.

:elvislipquiver:

 

[somdrenter]

Foreclosures: 'Worst three months of all time'

Despite signs of broader economic recovery, number of foreclosure filings hit a record high in the third quarter - a sign the plague is still spreading

NEW YORK (CNNMoney.com) -- Despite concerted government-led and lender-supported efforts to prevent foreclosures, the number of filings hit a record high in the third quarter, according to a report issued Thursday.

"They were the worst three months of all time," said Rick Sharga, spokesman for RealtyTrac, an online marketer of foreclosed homes.

During that time, 937,840 homes received a foreclosure letter -- whether a default notice, auction notice or bank repossession, the RealtyTrac report said. That means one in every 136 U.S. homes were in foreclosure, which is a 5% increase from the second quarter and a 23% jump over the third quarter of 2008

Foreclosures hit record in third quarter 2009 - Oct. 15, 2009

 

[somdrenter]

Homes: About to get much cheaper

NEW YORK (CNNMoney.com) -- If you thought home prices were bottoming out, you may be wrong. They're expected to head a lot lower.

Home values are predicted to drop in 342 out of 381 markets during the next year, according to a new forecast of real estate prices.

Overall, the national median home price is predicted to drop 11.3% by June 30, 2010, according to Fiserv, a financial information and analysis firm. For the following year, the firm anticipates some stabilization with prices rising 3.6%.

In the past, Fiserv anticipated the rapid decline in home-sale prices over the past few years -- though it underestimated the scope.

Mark Zandi, chief economist with Moody's Economy.com, agreed with Fiserv's current assessments. "I think more price declines are coming because the foreclosure crisis is not over," he said.

Homes: About to get much cheaper - Oct. 20, 2009

 

[CrashTest]

Yea - I saw this earlier and I've been seeing a lot of similar stuff in recent weeks. Tax credit running out doesn't help.

 

[somdrenter]

Yea - I saw this earlier and I've been seeing a lot of similar stuff in recent weeks. Tax credit running out doesn't help.

Pretty remarkable how little we've learned.

Propping up prices with toxic mortgages, liar loans, loose credit and now $8k in seller(*) subsidies really didn't work out too well.



*That's right, seller subsidy. Every seller knows that every potential buyer has $8k burning a hole in their pocket. That's $8k that the seller doesn't have to reduce in price, and a weakening of a potential buyers down payment buying power.

 

[Pandora]

Homes: About to get much cheaper - Oct. 20, 2009

You know... We bought our house in 2004 after selling our house in Waldorf.

That Waldorf home sold for 300K (June 2004), paid 164K for it in 1997. It sold 1 more time after we moved (May 2006). Apparently the jerk we sold the house to couldn't get along with the neighbors And it was sold for $409K. The 'new' people told an old neighbor of ours that according to a market analysis that old house of ours is only worth $262K now, so they have decided that they have to stay put.

Could that be possible to have a house loose $147K from 2006 to now?