Continuing to examine and hold a lively discussion of the Northern Virginia Real Estate market.
Please post your local house search updates, MLS finds, on-topic ideas, and links here.
http://wapo.st/cskdGa 3 years no payments no foreclosure
http://nyti.ms/cy57Gd this defines Bubble.
I am surprised there hasn't been more discussion recently about the foreclosure issue the banks have and how it will impact the housing. Obviously with news stories changing everyday on the size/scope of the issue it is hard to make reasonable conclusions...My guess in what happens is that the banks work through everything, but are forced to speed up the rate they move houses into foreclosure. This would likely put pressure on housing in the near term (1-2 years), but help it long term (5+ years). Although until we get more information I am hesitant to make a real prediction.
Here is a little buyer redemption story....http://www.nytimes.com/2010/10/21/nyregion/21condos.html?_r=1&hp
contrarian,Please stay on topic. There will be no free houses. There is a difference between producing proper paperwork for a foreclosure (which can be fixed rather quickly) and whether the original lien was perfected.The deadbeats can get the heck out. No sane judge would rule otherwise.
Criminal intent? LOL! Try major incompetence. But in the end...no harm, no foul.
Contrarian-I agree with VA that people will not get free houses. I do worry that the banks may be sued by MBS investors. If this happens it could either greatly speed up/slow down the pace of foreclosures. I don't know enough about the legal docs to know who would win that battle or what the results would be, but I think it will be interest to see how it pans out over the next couple of months/years
Don't get me started on Frank and Dodd...The MBS investors will sue, but further delays are not in their interests.
Hey winter is on, which is myusual time to look for abandoned/foreclosed/empty housing units.Is there a more efficient way to do this?I tried contacting dominion power and they wouldn't give me a list of dwelling units without electrical power accounts, perhaps, water bills?any suggestions would be good.
http://www.washingtonpost.com/wp-dyn/content/article/2010/10/20/AR2010102003372.html?hpid=topnewsforeclosure freeze puts clearances at risk.
pat,The freeze is not putting their clearances at risk; it's their poor financial decisions. The article is ridiculous.And those people in Florida are idiots. Of course the lawyers want someone to sue, it doesn't mean a free ride for deadbeats. What the heck are they cheering about? Screwing up legitimate (ie. people in default) foreclosures? YAY!!
"Contrarian said...I've said along the entire housing market will eventually collapse, but no one believed me."And why should they? Especially when you say crap like this:"Contrarian said...This "shadow inventory" will soon come back onto the market, lowering the value of other homes, and ultimately the value of banks holding the mortgages.When the next tsunami of foreclosures begins (in the next few months, along with a collapse in the stock market), it would not surprise me to see bank holidays (closures) lasting for long periods of time. 4/1/10 3:42 PM"http://novabubblefallout.blogspot.com/2010/04/northern-virginia-bits-bucket-412010.htmlHow is this clarion prediction working out for you?
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