Mortgage delinquencies drop
- Thread starter charrison
- Start date
Because most people that were going to lose their house due to a household member losing their job have already lost their house. Simply drive into any subdivision and see for yourself the empty shells.
Unless of course you are rich and live in the Mega wealthy gated homes and not affected by any of this. But don't forget as said by AT Experts the "The Rich are hurting".
Unless of course you are rich and live in the Mega wealthy gated homes and not affected by any of this. But don't forget as said by AT Experts the "The Rich are hurting".
I haven't driven by it lately, it is off Popular Springs road across from Hopewell Baptist Church. But it doesn't matter there are even newer subdivisions now with empty houses all over the place.
Provide a subdivision name, that is all you have to do. But i am going to guess you are not going to do that.
The right hand giveth, the left hand taketh away. The original article can be found at the Mortgage Bankers Association web site, More Borrowers Make Mortgage Payments on Time
It's really more of a mixed bag than CNN discloses, here are a few of the more pessimistic quotes from Doug Duncan, MBA senior vice president and chief economist:
"While economic growth will lower delinquency rates, most loans have now been on the books less than three years so some increase in delinquency might be expected as they age."
"MBA's delinquency rate does not include loans that are in the process of foreclosure. While seasonally adjusted delinquency rates dropped dramatically during third-quarter 2003, the percentage of all loans in the foreclosure process remained flat and the percentage of new foreclosures in the quarter increased."
Have a nice day!
It's really more of a mixed bag than CNN discloses, here are a few of the more pessimistic quotes from Doug Duncan, MBA senior vice president and chief economist:
"While economic growth will lower delinquency rates, most loans have now been on the books less than three years so some increase in delinquency might be expected as they age."
"MBA's delinquency rate does not include loans that are in the process of foreclosure. While seasonally adjusted delinquency rates dropped dramatically during third-quarter 2003, the percentage of all loans in the foreclosure process remained flat and the percentage of new foreclosures in the quarter increased."
Have a nice day!
Maybe they're new houses and just haven't been sold yet? At least in CA, empty houses DO NOT sit around very long before they're snapped up.
Dave's a typical liberal. He just wants to think that there are empty subdivisions, because if he is wrong, then he'd have to admit that he is wrong about alot of things. Of course he won't provide a name, because someone here might go by there or call and then he'd be proven wrong yet again. Of course if he was wrong about that he might have to admit that Bush is doing a good job, but that would just make his tiny little head explode.
Dave thinks Hotlanta is a representation of the entire US.
Drive through Chicago and see how many subdivisions are vacant. Zip. Zippo. Nada. They sell like hotcakes, and folks pay a premium for them.
Even in my rinky-dink Central Illinois there is no vacancy in new homes.
But I'm sure the sky is falling for chicken little. It has been for quite a while now. I'm sure Atlanta is probably a good representation of overgrowth based on the internet/tech bubble. Supply and demand will balance it out.
Drive through Chicago and see how many subdivisions are vacant. Zip. Zippo. Nada. They sell like hotcakes, and folks pay a premium for them.
Even in my rinky-dink Central Illinois there is no vacancy in new homes.
But I'm sure the sky is falling for chicken little. It has been for quite a while now. I'm sure Atlanta is probably a good representation of overgrowth based on the internet/tech bubble. Supply and demand will balance it out.
That subdivision with the roofs of the homes one inch apart I posted the pics the other day, well turns out they are more than half empty so the Developer asked to forget about leaving an inch between the houses and just attach the rest (Townhomes) to try and stimulate Sales. Of course the Government granted his request.
I continue to post proof in black & white and pics as well but you folks will continue to spin garbage because you guys are obviously "In with the In crowd" that does these atrocities but it's all good, you make money hand over fist and trickle it down right.
12-10-2003 U.S. 129 subdivision easily approved
Beazer Homes Corp. to amend its zoning on 11.9 of 36.5 acres at McEver and Stephens roads, allowing it build 107 townhomes instead of detached homes. Originally approved for 177 units, 68 single-family homes have been built at the Copper Springs complex. The company hopes the switch to townhomes will stimulate sales.
And YET, they are building another 165 units? They better listen to you Dave...they are just throwing their money away! Nobody is going to buy them cause you said we are in a depression!! Those stupid corporations!!!Originally posted by: dmcowen674
That subdivision with the roofs of the homes one inch apart I posted the pics the other day, well turns out they are more than half empty so the Developer asked to forget about leaving an inch between the houses and just attach the rest (Townhomes) to try and stimulate Sales. Of course the Government granted his request.
I continue to post proof in black & white and pics as well but you folks will continue to spin garbage because you guys are obviously "In with the In crowd" that does these atrocities but it's all good, you make money hand over fist and trickle it down right.
12-10-2003 U.S. 129 subdivision easily approved
Beazer Homes Corp. to amend its zoning on 11.9 of 36.5 acres at McEver and Stephens roads, allowing it build 107 townhomes instead of detached homes. Originally approved for 177 units, 68 single-family homes have been built at the Copper Springs complex. The company hopes the switch to townhomes will stimulate sales.
From your own link:
Originally posted by: alchemize
And YET, they are building another 165 units? They better listen to you Dave...they are just throwing their money away! Nobody is going to buy them cause you said we are in a depression!! Those stupid corporations!!!Originally posted by: dmcowen674
That subdivision with the roofs of the homes one inch apart I posted the pics the other day, well turns out they are more than half empty so the Developer asked to forget about leaving an inch between the houses and just attach the rest (Townhomes) to try and stimulate Sales. Of course the Government granted his request.
I continue to post proof in black & white and pics as well but you folks will continue to spin garbage because you guys are obviously "In with the In crowd" that does these atrocities but it's all good, you make money hand over fist and trickle it down right.
12-10-2003 U.S. 129 subdivision easily approved
Beazer Homes Corp. to amend its zoning on 11.9 of 36.5 acres at McEver and Stephens roads, allowing it build 107 townhomes instead of detached homes. Originally approved for 177 units, 68 single-family homes have been built at the Copper Springs complex. The company hopes the switch to townhomes will stimulate sales.
From your own link:
Take a drive down here yourself and drive in the new subdivisions, they're empty! They really are going crazy with the "Build it and they will come" but they are not coming. I'm actually thankful for that for the moment because the little two lane Country roads that they have built subdivsion after subdivision and do not upgrade road infratructure cannot handle the load if these subdivisions do eventually fill up. They have purposely planned for gridlock.
Back to the empty. How and why are all these banks in this area able to justify these massive loans to these Developers without ROI? Are we heading for a crash of the banks? Sure looking that way.
EXman
Lifer
- Jul 12, 2001
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just a quick reality check...
Not everyone lives in Atlanta where this ghost subdivision exsists
If you look at new house construction over the past 1-1/2 years the numbers are huge been one of the driving forces of the economy. This is not in dispute, the #'s are there.
Remember the interest rates have been SUPER low... that encourages a ton of construction.
btw in my town if you want a new house it might take up to a year to move in as the Demand Exceeds Supply easily.
Not everyone lives in Atlanta where this ghost subdivision exsists
If you look at new house construction over the past 1-1/2 years the numbers are huge been one of the driving forces of the economy. This is not in dispute, the #'s are there.
Remember the interest rates have been SUPER low... that encourages a ton of construction.
btw in my town if you want a new house it might take up to a year to move in as the Demand Exceeds Supply easily.
12-10-2003 Mortgage Applications fall to nearly 2 year lows. Banks begin Lay Offs.
Washington Mutual Bank announces the Lay Off of 3,000 Employees today in response to the Housing slowdown.
Washington Mutual, Inc. (NYSE: WM), is a publicly held FORTUNE 500 company. With a history dating back to 1889, Washington Mutual provides a diversified line of products and services to consumers and small- to mid-sized businesses. At March 31, 2003, Washington Mutual and its subsidiaries had consolidated assets of $276.97 billion. The company operates approximately 2,500 offices throughout the nation.
*Seventh largest banking company nationwide.
*Largest savings institution nationwide
Washington Mutual Bank announces the Lay Off of 3,000 Employees today in response to the Housing slowdown.
Washington Mutual, Inc. (NYSE: WM), is a publicly held FORTUNE 500 company. With a history dating back to 1889, Washington Mutual provides a diversified line of products and services to consumers and small- to mid-sized businesses. At March 31, 2003, Washington Mutual and its subsidiaries had consolidated assets of $276.97 billion. The company operates approximately 2,500 offices throughout the nation.
*Seventh largest banking company nationwide.
*Largest savings institution nationwide
So Dave, is that good news or bad news?
Pretty good news that basically every family on the planet now has an extremely low interest rate, IMHO. So the mortgage brokers that have been on a feeding frenzy for the last 2 years are gonna have to work for their money now.
Pretty good news that basically every family on the planet now has an extremely low interest rate, IMHO. So the mortgage brokers that have been on a feeding frenzy for the last 2 years are gonna have to work for their money now.
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