Is it just me?

[urbanrealtor]

Fair enough SD>
However, I am up close and personal with lots of REOs in my neighborhood.

I would say 9 times out of 10 the properties are trashed out and re-keyed within 2 weeks.

Usually they are back on the market within 2 weeks after that.

There are exceptions but they are rare.

I live in an area with LOTS of reos.

To me this delay can be accounted for just by administrative process.

Are you seeing something different?

[jpinpb]

UR – I don’t know where you live, but the ZIPs I’m monitoring are not listing. I’ve seen many NODs and they are not listed, short sale or otherwise. Remains to be seen if in the next 2 months the banks just foreclose and list them w/in 2 weeks. But for now, there’s a lot of stealth inventory.

I’m thinking people are in denial. Like SDR, I don’t know what to make of it. Inventory is diminished greatly on the MLS while the stealth has increased expotentially. I don’t know what the delay is in listing. Theories and speculation are floating around. Will they all be re-worked and loand mod’d? Are the banks just not wanting the loss on the books and intentionally procrastinating? What will happen when Alt-A and Option ARMs come due?

People are acting like ostriches and sticking their head in the sand, ignoring what’s looming on the horizon, as if they ignore it, it will just magically go away. People were short-sighted during the ride up and continue to be, never looking ahead beyond the nose on their face.

Maybe they think the government will just take care of everything. After all, they’ve done a great job so far. /end obvious sarcasm.

As for people still going out, if you lived somewhere for free for a year, you would have money to spend. Your major monthly expense is the house where you reside (mortgage/rent) and vehicle, expenses associated w/them both.

It is so common for banks to lag for a year and people just not pay their mortgage for a year. That’s extra money in their pocket to go out and dine and shop.

[jpinpb]

UR – I don’t know where you live, but the ZIPs I’m monitoring are not listing. I’ve seen many NODs and they are not listed, short sale or otherwise. Remains to be seen if in the next 2 months the banks just foreclose and list them w/in 2 weeks. But for now, there’s a lot of stealth inventory.

I’m thinking people are in denial. Like SDR, I don’t know what to make of it. Inventory is diminished greatly on the MLS while the stealth has increased expotentially. I don’t know what the delay is in listing. Theories and speculation are floating around. Will they all be re-worked and loand mod’d? Are the banks just not wanting the loss on the books and intentionally procrastinating? What will happen when Alt-A and Option ARMs come due?

People are acting like ostriches and sticking their head in the sand, ignoring what’s looming on the horizon, as if they ignore it, it will just magically go away. People were short-sighted during the ride up and continue to be, never looking ahead beyond the nose on their face.

Maybe they think the government will just take care of everything. After all, they’ve done a great job so far. /end obvious sarcasm.

As for people still going out, if you lived somewhere for free for a year, you would have money to spend. Your major monthly expense is the house where you reside (mortgage/rent) and vehicle, expenses associated w/them both.

It is so common for banks to lag for a year and people just not pay their mortgage for a year. That’s extra money in their pocket to go out and dine and shop.

[jpinpb]

UR – I don’t know where you live, but the ZIPs I’m monitoring are not listing. I’ve seen many NODs and they are not listed, short sale or otherwise. Remains to be seen if in the next 2 months the banks just foreclose and list them w/in 2 weeks. But for now, there’s a lot of stealth inventory.

I’m thinking people are in denial. Like SDR, I don’t know what to make of it. Inventory is diminished greatly on the MLS while the stealth has increased expotentially. I don’t know what the delay is in listing. Theories and speculation are floating around. Will they all be re-worked and loand mod’d? Are the banks just not wanting the loss on the books and intentionally procrastinating? What will happen when Alt-A and Option ARMs come due?

People are acting like ostriches and sticking their head in the sand, ignoring what’s looming on the horizon, as if they ignore it, it will just magically go away. People were short-sighted during the ride up and continue to be, never looking ahead beyond the nose on their face.

Maybe they think the government will just take care of everything. After all, they’ve done a great job so far. /end obvious sarcasm.

As for people still going out, if you lived somewhere for free for a year, you would have money to spend. Your major monthly expense is the house where you reside (mortgage/rent) and vehicle, expenses associated w/them both.

It is so common for banks to lag for a year and people just not pay their mortgage for a year. That’s extra money in their pocket to go out and dine and shop.

[jpinpb]

UR – I don’t know where you live, but the ZIPs I’m monitoring are not listing. I’ve seen many NODs and they are not listed, short sale or otherwise. Remains to be seen if in the next 2 months the banks just foreclose and list them w/in 2 weeks. But for now, there’s a lot of stealth inventory.

I’m thinking people are in denial. Like SDR, I don’t know what to make of it. Inventory is diminished greatly on the MLS while the stealth has increased expotentially. I don’t know what the delay is in listing. Theories and speculation are floating around. Will they all be re-worked and loand mod’d? Are the banks just not wanting the loss on the books and intentionally procrastinating? What will happen when Alt-A and Option ARMs come due?

People are acting like ostriches and sticking their head in the sand, ignoring what’s looming on the horizon, as if they ignore it, it will just magically go away. People were short-sighted during the ride up and continue to be, never looking ahead beyond the nose on their face.

Maybe they think the government will just take care of everything. After all, they’ve done a great job so far. /end obvious sarcasm.

As for people still going out, if you lived somewhere for free for a year, you would have money to spend. Your major monthly expense is the house where you reside (mortgage/rent) and vehicle, expenses associated w/them both.

It is so common for banks to lag for a year and people just not pay their mortgage for a year. That’s extra money in their pocket to go out and dine and shop.

[jpinpb]

UR – I don’t know where you live, but the ZIPs I’m monitoring are not listing. I’ve seen many NODs and they are not listed, short sale or otherwise. Remains to be seen if in the next 2 months the banks just foreclose and list them w/in 2 weeks. But for now, there’s a lot of stealth inventory.

I’m thinking people are in denial. Like SDR, I don’t know what to make of it. Inventory is diminished greatly on the MLS while the stealth has increased expotentially. I don’t know what the delay is in listing. Theories and speculation are floating around. Will they all be re-worked and loand mod’d? Are the banks just not wanting the loss on the books and intentionally procrastinating? What will happen when Alt-A and Option ARMs come due?

People are acting like ostriches and sticking their head in the sand, ignoring what’s looming on the horizon, as if they ignore it, it will just magically go away. People were short-sighted during the ride up and continue to be, never looking ahead beyond the nose on their face.

Maybe they think the government will just take care of everything. After all, they’ve done a great job so far. /end obvious sarcasm.

As for people still going out, if you lived somewhere for free for a year, you would have money to spend. Your major monthly expense is the house where you reside (mortgage/rent) and vehicle, expenses associated w/them both.

It is so common for banks to lag for a year and people just not pay their mortgage for a year. That’s extra money in their pocket to go out and dine and shop.

[afx114]

I am curious about all of these people who have stopped paying their mortgage and are still living in their house. Is this really a popular phenomenon? Who are these people? And are they really spending their mortgage money on Outback Steakhouse dinners and new purses?

Maybe I’m just naive, but I have a hard time seeing this being the huge phenomenon that it is portrayed here on this board. I’m sure there are a few deadbeats that actually do crap like this, but the way some of you describe it makes it sound like PF Changs would be out of business if it weren’t for these people. That seems unbelievable to me. I think that PF Changs is staying in business due to people who don’t want to live without the ‘life of luxury’ that they got used to during the boom years. People who are still paying their mortgage, but are still racking up the debt on their credit cards — not deadbeat mortgage holders.

I know that if I was in their situation and I knew that I could be kicked out of my house at any moment, I wouldn’t be blowing my savings on nice dinners and flat screens. I’d be saving like a madman.

So can someone with more knowledge on the subject explain whether this is a true phenomenon, or whether people are using it for dramatic effect in their arguments?

[afx114]

I am curious about all of these people who have stopped paying their mortgage and are still living in their house. Is this really a popular phenomenon? Who are these people? And are they really spending their mortgage money on Outback Steakhouse dinners and new purses?

Maybe I’m just naive, but I have a hard time seeing this being the huge phenomenon that it is portrayed here on this board. I’m sure there are a few deadbeats that actually do crap like this, but the way some of you describe it makes it sound like PF Changs would be out of business if it weren’t for these people. That seems unbelievable to me. I think that PF Changs is staying in business due to people who don’t want to live without the ‘life of luxury’ that they got used to during the boom years. People who are still paying their mortgage, but are still racking up the debt on their credit cards — not deadbeat mortgage holders.

I know that if I was in their situation and I knew that I could be kicked out of my house at any moment, I wouldn’t be blowing my savings on nice dinners and flat screens. I’d be saving like a madman.

So can someone with more knowledge on the subject explain whether this is a true phenomenon, or whether people are using it for dramatic effect in their arguments?

[afx114]

I am curious about all of these people who have stopped paying their mortgage and are still living in their house. Is this really a popular phenomenon? Who are these people? And are they really spending their mortgage money on Outback Steakhouse dinners and new purses?

Maybe I’m just naive, but I have a hard time seeing this being the huge phenomenon that it is portrayed here on this board. I’m sure there are a few deadbeats that actually do crap like this, but the way some of you describe it makes it sound like PF Changs would be out of business if it weren’t for these people. That seems unbelievable to me. I think that PF Changs is staying in business due to people who don’t want to live without the ‘life of luxury’ that they got used to during the boom years. People who are still paying their mortgage, but are still racking up the debt on their credit cards — not deadbeat mortgage holders.

I know that if I was in their situation and I knew that I could be kicked out of my house at any moment, I wouldn’t be blowing my savings on nice dinners and flat screens. I’d be saving like a madman.

So can someone with more knowledge on the subject explain whether this is a true phenomenon, or whether people are using it for dramatic effect in their arguments?

[afx114]

I am curious about all of these people who have stopped paying their mortgage and are still living in their house. Is this really a popular phenomenon? Who are these people? And are they really spending their mortgage money on Outback Steakhouse dinners and new purses?

Maybe I’m just naive, but I have a hard time seeing this being the huge phenomenon that it is portrayed here on this board. I’m sure there are a few deadbeats that actually do crap like this, but the way some of you describe it makes it sound like PF Changs would be out of business if it weren’t for these people. That seems unbelievable to me. I think that PF Changs is staying in business due to people who don’t want to live without the ‘life of luxury’ that they got used to during the boom years. People who are still paying their mortgage, but are still racking up the debt on their credit cards — not deadbeat mortgage holders.

I know that if I was in their situation and I knew that I could be kicked out of my house at any moment, I wouldn’t be blowing my savings on nice dinners and flat screens. I’d be saving like a madman.

So can someone with more knowledge on the subject explain whether this is a true phenomenon, or whether people are using it for dramatic effect in their arguments?

[afx114]

I am curious about all of these people who have stopped paying their mortgage and are still living in their house. Is this really a popular phenomenon? Who are these people? And are they really spending their mortgage money on Outback Steakhouse dinners and new purses?

Maybe I’m just naive, but I have a hard time seeing this being the huge phenomenon that it is portrayed here on this board. I’m sure there are a few deadbeats that actually do crap like this, but the way some of you describe it makes it sound like PF Changs would be out of business if it weren’t for these people. That seems unbelievable to me. I think that PF Changs is staying in business due to people who don’t want to live without the ‘life of luxury’ that they got used to during the boom years. People who are still paying their mortgage, but are still racking up the debt on their credit cards — not deadbeat mortgage holders.

I know that if I was in their situation and I knew that I could be kicked out of my house at any moment, I wouldn’t be blowing my savings on nice dinners and flat screens. I’d be saving like a madman.

So can someone with more knowledge on the subject explain whether this is a true phenomenon, or whether people are using it for dramatic effect in their arguments?

[blahblahblah]

The banks aren’t gonna list those REOs until they are forced to. And guess what, they aren’t going to be forced to because their buddies in the government will keep shovelling OUR money THEIR way. Essentially we have a sort of Soviet system now where the government is paying for housing. Why move out or pay your mortgage when the bank won’t kick you out? Dammit if I knew then what I know now I would have:

1) Bought as many houses as possible with as many crazy loans as I could have gotten.

2) Flipped as many as I could have and used the proceeds to buy some real property in cash out of the country somewhere.

3) Stayed in the nicest, most expensive and hardest-to-sell one here in SD.

4) Stopped making payments on it in 2008.

Hell I’m sure they wouldn’t have kicked me out by now. I’d probably have a couple of more years scot-free there until the sheriff showed up. By then I would have saved a BUNDLE and I’d shuffle off to my foreign retreat.

What sickens me most is the knowledge that quite a few people have done what I just described, AND THEY’RE GOING TO GET AWAY WITH IT with our government’s help. AAAARRRRGH!

[blahblahblah]

The banks aren’t gonna list those REOs until they are forced to. And guess what, they aren’t going to be forced to because their buddies in the government will keep shovelling OUR money THEIR way. Essentially we have a sort of Soviet system now where the government is paying for housing. Why move out or pay your mortgage when the bank won’t kick you out? Dammit if I knew then what I know now I would have:

1) Bought as many houses as possible with as many crazy loans as I could have gotten.

2) Flipped as many as I could have and used the proceeds to buy some real property in cash out of the country somewhere.

3) Stayed in the nicest, most expensive and hardest-to-sell one here in SD.

4) Stopped making payments on it in 2008.

Hell I’m sure they wouldn’t have kicked me out by now. I’d probably have a couple of more years scot-free there until the sheriff showed up. By then I would have saved a BUNDLE and I’d shuffle off to my foreign retreat.

What sickens me most is the knowledge that quite a few people have done what I just described, AND THEY’RE GOING TO GET AWAY WITH IT with our government’s help. AAAARRRRGH!

[blahblahblah]

The banks aren’t gonna list those REOs until they are forced to. And guess what, they aren’t going to be forced to because their buddies in the government will keep shovelling OUR money THEIR way. Essentially we have a sort of Soviet system now where the government is paying for housing. Why move out or pay your mortgage when the bank won’t kick you out? Dammit if I knew then what I know now I would have:

1) Bought as many houses as possible with as many crazy loans as I could have gotten.

2) Flipped as many as I could have and used the proceeds to buy some real property in cash out of the country somewhere.

3) Stayed in the nicest, most expensive and hardest-to-sell one here in SD.

4) Stopped making payments on it in 2008.

Hell I’m sure they wouldn’t have kicked me out by now. I’d probably have a couple of more years scot-free there until the sheriff showed up. By then I would have saved a BUNDLE and I’d shuffle off to my foreign retreat.

What sickens me most is the knowledge that quite a few people have done what I just described, AND THEY’RE GOING TO GET AWAY WITH IT with our government’s help. AAAARRRRGH!

[blahblahblah]

The banks aren’t gonna list those REOs until they are forced to. And guess what, they aren’t going to be forced to because their buddies in the government will keep shovelling OUR money THEIR way. Essentially we have a sort of Soviet system now where the government is paying for housing. Why move out or pay your mortgage when the bank won’t kick you out? Dammit if I knew then what I know now I would have:

1) Bought as many houses as possible with as many crazy loans as I could have gotten.

2) Flipped as many as I could have and used the proceeds to buy some real property in cash out of the country somewhere.

3) Stayed in the nicest, most expensive and hardest-to-sell one here in SD.

4) Stopped making payments on it in 2008.

Hell I’m sure they wouldn’t have kicked me out by now. I’d probably have a couple of more years scot-free there until the sheriff showed up. By then I would have saved a BUNDLE and I’d shuffle off to my foreign retreat.

What sickens me most is the knowledge that quite a few people have done what I just described, AND THEY’RE GOING TO GET AWAY WITH IT with our government’s help. AAAARRRRGH!

[Author]

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