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by Z-BRA from Gilbert

Last Post 40 days, 16 hours Ago


NIEGHBORS LEAVING IN THE MIDDLE OF THE NIGHT
Jul 18, 2008 | 11:34 AM
Category: News
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A week and a half ago a moving truck was three doors down from me, and the house is now listed as a short sale.

            Last weekend the house across the street had a moving truck, and now their home is listed as a short sale.

            Last night the house right next door had a moving truck, and this morning they are gone for ever.   I am only left to assume that their home as well will be a short sale. The feeling of moving in the middle of the night in hopes that neighbors don’t see, has got to be one of the toughest life experiences to go through.  My heart pours out to everyone that is left to this alternative and I hope for the best to every single one.

            I have been in denial about my home’s value depreciating the 60-70 thousand dollars from we bought it in 2006.  However we walked in with a huge down payment and our loan to value ratio is still holds strong.

            August will be the highest foreclosure month in history.  I was considering the fact that a true depression is possibly on its way.  In the 30’s it was the collapse of the stock market and banks.  Today it is the collapse of the banks holding on to defaulted loans that exceed billions of dollars that is tied up and is gone for good, with bad notes in the collapsing housing market.  We have already seen some banks close their doors and the need to have the FDIC take charge. I guess survival for the fittest is what we need to prepare for

I am absolutely frightened of what is to come.   Will there be a day when utilities become a luxury?      

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Member Comments Total Comments: 21
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Call2Glory read my blog
Jul 18, 2008 | 2:05 PM

Hey Z:

I am moving next week to Pheonix from Scottsdale and I had intentionally decided to do most of my moving at night to avoid the daytime triple digits.
Z-BRA read my blog
Jul 18, 2008 | 3:23 PM

When I say middle of the night; I mean middle of the night...11:30pm-till they get all their stuff out.
I am sorry that you have to move in the month of July.
Call2Glory read my blog
Jul 18, 2008 | 5:15 PM

Ugh! Yah, I'm not looking forward to it.

Your street must feel like a ghost town with people dissapearing in the middle of the night.

You know, we had a boom in housing construction in Colorado Springs about 10 years ago and I had a friend who is highly economically incline that predicted a huge fallout. The funny thing is he predicted it just as new neighborhoods started popping up 10 years ago and the economy was thriving. I thought he was crazy!

The mass incentive was to 1st time home buyers. In the Springs, buying a home was a scary endeavor because a great part of the industry was High Tech. That was when Large industries just started to outsource.

I wanted to get into a home of my own but, what my friend said made me keep my eye on the future. As the years passed more and more High Tech industries in the Springs began downsizing. Alot of people that just bought a house, lost it in a blink of an eye.

I even tried to sway some of my own friends that worked with me from buying a home, they did so anyways. My company closed it's doors December 2006 and they lost their homes.

I just figured that the bottom had to fallout sooner or later. Mortgage Companies and Lenders were being far too creative with special interest rates etc...

When life is good we rarely consider what would happen if??? Utilities is a luxury now, but many Americans won't realize it until it's gone. We're a nation that takes too many things for granted and rarely think of consequences until it's too late.

Sad to say!
splat read my blog
Jul 19, 2008 | 5:51 AM

It is so sad to see people moving away. My former neighbor did pretty much the same thing. He tried to get someone to work with him to make sure he could pay his house payments but couldn't get anyone to help. Now the house sits empty, the yard is a mess and he's back to renting.
Times are tough for all of us. Just remember if you need help your neighbor probably needs help too. It wouldn't hurt us all to get to know our neighbors and help each other out.
Call2Glory read my blog
Jul 19, 2008 | 7:12 AM

Ain't that the truth.
desertrose read my blog view my photos
Jul 19, 2008 | 7:17 AM

Maybe I'm just ignorant on the subject of home owning because I'm a renter, but didn't these people know that their payments would change? Were these people not told or was it hiding in fine print and legal mumbo jumbo, I say if its in the contract then they have only themselves to blame,if it was the agents responsibility to inform them of the "balloon pmyts." then the government should step in and hold the real estate companies and agents responsible financially and legally if fraud was committed.
desertrose read my blog view my photos
Jul 19, 2008 | 7:23 AM

I didnt get to finish my rant on my previous blog, ran out of space. My point is the American dream is backwards, you should have the American dream job before you can buy and American dream home. The "American Dream"has turned into a nightmare. I cant afford it so I don't get it! Old School.....
Call2Glory read my blog
Jul 19, 2008 | 10:24 AM

desertrose- your right! It's a typical case of putting the horse before the buggy for most consumers!

Thats why Mortgage Companies and Lenders made such a big push to 1st time home buyers and young people. Everybody was putting money in the Bank from home sales. Most people don't really know what they're getting into, they might at best ask a few questions but the Mortgage Lenders and Realitors, paint such a pretty picture of your dream for you that the offer was too irriststable to millions of young Americans. I know some realtors and they don't care who you are or how you make your payments 6 months from the close. Their job is to close and earn your commission. The rest is up to the homebuyer to fully understand what they got themselves into.
azRazz read my blog view my photos
Jul 19, 2008 | 10:31 AM

Buying a house with an adjustable mortage rate is always a gamble. A fixed martage rate is just that. The rate cannot go up or down. Regardless of the type of mortage rate the balance goes down very slowly for the 1st ten to 20 years. Round off your payment to the next $10 which should cover property taxes & the balance should go down faster.
bijou read my blog
Jul 19, 2008 | 11:50 AM

Does anyone know anything about "reverse mortgages"? Every paper I see is advertising them.
Call2Glory read my blog
Jul 19, 2008 | 12:47 PM

A reverse mortgage is a special type of home loan that lets a homeowner convert a portion of the equity in his or her home into cash. The equity built up over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence.

Approach with caution. The world was a better place before people started showing us ways to spend our money. If it takes away from the value of your investment, then I would approach with caution.
bijou read my blog
Jul 19, 2008 | 1:03 PM

enough said........not interested it that. Hopefully it will be for retirement, unless the housing market keeps it downward slide and all our equity is in the toilet.
thelandman read my blog
Jul 19, 2008 | 1:04 PM

you must be over the age of 62 in order to qualify for a reverse mortgage.
simonk read my blog
Jul 19, 2008 | 1:51 PM

My wife and I have lived in the valley for 34 years and on the several occasions that we've had to move it has aways been in the summer. People move at night because its cooler and there is less traffic. Also most people work during the week and the weekend is all the time they have. It makes me sad to think of anyone having to involuntarily give up their home for any reason
delphi read my blog
Jul 19, 2008 | 11:58 PM

First- I helped a friend move last summer. 107 degrees and going up two flights of stairs with a couch. I have since decided that is what I will be tortured with to atone for my sins in the afterlife.

Secondly- I see this housing crunch from several pov. First, the ones all of you mention; a home owner, a neighbor, an investor. But I also see its effects in my job as a teacher. Our district is one that had the booming growth a few years back. We now have students leaving our district at an alarming rate due to foreclosures and cost cutting. Not only do I miss them terribly and hope they end up somewhere good but this loss of students means loss of revenue for the school. (We get a certain amount of money per student in attendance each day.) Schools are strapped for funds as it is and now we are losing more in a way most peole never consider.
azslammer1
Jul 20, 2008 | 8:44 AM

WHAT? people moving in Arizona? the whole state is transient not just the panhanlers down on vanburen street! most people out there think they are starting a new and exciting life,but the truth is most of them are washed up has beens losers, wannabe politicians or wannabe business owners! this will not change when i lived out there i had close to 6 new neighbors in 15 years! they think they made money when their house sold for a couple thousand dollars more than they paid !! so they sold!!!
bijou read my blog
Jul 20, 2008 | 1:51 PM

Then I guess we are all fortunate that you have left AZ so we won't be unlucky enough to be your neighbor.
Tazaz
Jul 20, 2008 | 3:32 PM

Some people cannot afford their mortgages because they have lost their jobs. Computer engineers have been replaced by H1B visa workers, just as many other workers have been replaced with cheaper foreign workers. There are many reasons for losing your home.

Didn't we all forsee problems ahead with "no downpayment", "no social security number needed for a loan" and "we'll help get you in your new home"? These banks and such do not deserve to be bailed out by the government.

And back to the original blog, yes Z-bra, there will be problems ahead with our utilities AND our food supplies just like our oil supplies.
raybeez
Jul 21, 2008 | 1:49 PM

What ticks me off (among other things) is when people move, but they leave their DOG in the backyard!
I never ever heard of anyone doing that until I moved to Arizona.
What a selfish, self centered act that is..to leave the dog to "fend for itself".
delphi read my blog
Jul 21, 2008 | 11:35 PM

I totally agree with you. These people think of nothing but cutting and running. We had a neighbor last summer who left three chows inside the house with no food, water or A/C. Not even a cracked window to help allievitae the sweltering heat. Local animal control called the owners (out of state) and had to bust in a window to rescue them. All the people had to do was call AC before they left. If no one had heard them, they would have died in there.
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Z-BRA

Kids, school, work, friends, family, Is my life in a nut shell.

Member Since: 1/24/2008


 

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