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"Misery lures opportunists at foreclosure auction&... - 5/12/2007 7:28:03 PM

Vendaval

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"Misery lures opportunists at foreclosure auction"

Friday, May 11, 12:21 p.m. ET

By Peter Henderson, Tim McLaughlin, Andy Sullivan and Al Yoon

" RIVERSIDE, California (Reuters) - Twice a day, would-be real estate moguls gather on the local courthouse steps for the latest can't-miss opportunity in California's land rush: the foreclosure auction.

Beneath the shade of a magnolia tree, veterans and "newbies" crowd around auctioneer Gary Oberdalhoff as he lists a property whose owners couldn't pay the mortgage, one of thousands to go on the block in this sprawling, arid region 50 miles east of Los Angeles.

"Do I have any opening bids?" Oberdalhoff asks. Several step forward to show him cashier's checks worth hundreds of thousands of dollars, and the bidding begins.
It might be a scene straight out of the Great Depression, if you ignore the Bluetooth wireless headsets.

A record level of home foreclosures has hit the U.S. housing sector after years of reckless lending to risky borrowers. To those on the courthouse steps, that spells opportunity. Unlike during the Great Depression, investors are still eager to enter the market. '

http://biz.yahoo.com/rb/070511/usa_subprime_auction.html?.v=2

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RE: "Misery lures opportunists at foreclosure auct... - 5/12/2007 7:32:19 PM

minnetar

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They have been speaking about the tightening of lending rules for what they call i guess sub par folks who get loans. i am concerned about the huge impact of it.

minnetar

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RE: "Misery lures opportunists at foreclosure auct... - 5/12/2007 7:35:51 PM

Vendaval

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Are there foreclosure auctions in your area too, minnetar?

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"Beware, the woods at night, beware the lunar light.
So in this gray haze we'll be meating again, and on that
great day, I will tease you all the same."
"WOLF MOON", OCTOBER RUST, TYPE O NEGATIVE

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RE: "Misery lures opportunists at foreclosure auct... - 5/12/2007 7:38:24 PM

shyinini

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quote:

ORIGINAL: Vendaval

Are there foreclosure auctions in your area too, minnetar?

there are in my area..it seems likeopportunistic tasctics to me

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RE: "Misery lures opportunists at foreclosure auct... - 5/12/2007 8:20:32 PM

minnetar

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quote:

ORIGINAL: Vendaval

Are there foreclosure auctions in your area too, minnetar?

yes Ma'am there are. Actually i think last month's figures did show an increase in home sale prices in indy. i continually see them talking about the tightening. i think it is just a matter of a time before it affects everyone. Cali has one of the highest real estate values so i can understand why it would be hitting there first.
minnetar

< Message edited by minnetar -- 5/12/2007 8:22:07 PM >

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RE: "Misery lures opportunists at foreclosure auct... - 5/12/2007 9:18:20 PM

GoddessDustyGold

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<general reply> It is a shame that there are so many foreclosures due to the sub-prime lending craze and that lack of education that most buyers had as they dove into more house than they could or should handle. I am disappointed more with the headline of "Misery lures opportunists...", without any any reference to the foregone misery cycle that was begun by the builders, developers and the mortgage lenders. And, yes, even the private homeowners who jumped into the fray and sold their personal properties while appreciation was skyrocketing. They made out like bandits, too!
There have always been foreclosures and there always will be. We are in a particularly high cycle of this, and it is not the investors' fault. Yes, they are taking an opportunity, and I don't see why they shouldn't. I also don't think they should be blamed. They didn't start this mess...they are simply taking advantage of a business opportunity. I am one of those people, and I always try to create a win-win situation, but I can't go out and tell the whole country that they should be more prudent in the first place.
As an aside...Are their really magnolia trees in Riverside? *Smile* I've only driven through the city a few times and the verbiage made it sound like a lazy southern day on the courthouse steps. Mint julep, anyone?

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RE: "Misery lures opportunists at foreclosure auct... - 5/12/2007 9:48:20 PM

popeye1250

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Here in the Carolinas there may be some foreclosures but I haven't heard of any.
We didn't really participate in that big housing price run-up here over the last 5-7 years but we did have one great year in 2005 the year after I moved here.

This place that I'm in, a 3 br 2 bath condo on a golf course with pool would go for $300-$600k in different parts of New England where I moved from. And probably a lot more in Calif but it goes for about $160k here.
There is a lot of *value* here unlike many other areas of the country.
That's the problem in New England, everyone thought they'd buy a house and get rich. And for a while it worked until prices went too far beyond "value" and now people can't pay the $2,500 a month mortgage on overpriced houses.
And that's another problem, prices up there are still way too high and they'll have to go down by 40% in many cases.
I hear there's quite a few forclosures in New England as well.
And, to compound that there's all the "outsourcing" of jobs that's happened over the last 7-8 years.
You could justify high prices back during the days when anyone could get a job at a high tech co making $80-$100k per year but those days are gone.

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