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Wednesday, December 22, 2010
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8 comments:
failed flip
assesed 253K sells for 82K
66% off
contrarian
your chart from yesterday indictes about 20% of homeowners were able to exploit the cheap money policy.
i wish we had that data locally
Pat-
I agree it would be interesting to know the local stats. I would be very surprised if only 20% of people in this area had 5% or lower rates. I would guess it would be 50%+ for several reasons including (education, money to pay new loan fees, and a high percentage of people significantly above water.
HB
I think it varies hard.
NW, Arl, Alx people had equity.
SE,PG,PW,LO they had much less
or drained them.
HB
Despite the "Better" economy here,
MD adn VA were right in the middle of the bubble states. DC is a little better. which may model the
MSA better, but still.
Plenty of folks went crazy.
pat-
Most people who bought before 2004 have equity even in areas like LO and PW. This is particularly true, because most people who moved during the bubble took equity from selling their old house and used it as a DP on the new house. The savings rate in Nova is also one of the highest in the country so many people are also making additional payments towards their mortgage payment, which gives them equity.
I think there are also a lot of people who have 5% rates from 2001. I know a ton of people who bought houses in the 90s and refinanced at or near 5% a decade ago. Most of these people didn't refinance recently, because the savings weren't worth the cost.
I agree there are a lot of people in this area that are underwater, but I think I think the majority have equity and are financially savvy enough to get good rates.
"pat said...
HB
I think it varies hard.
NW, Arl, Alx people had equity.
SE,PG,PW,LO they had much less
or drained them."
Thats pretty much correct. FWIW, Novawatcher once compared the number of bubble era transactions (by county) versus the total increase in county population.
The results were staggering -- PW, PG, LO, etc had multiple times more transactions (per increase in population) than places like Arl, Alex, etc.
Thus it was pretty clear that the "collapse" in the immunozones was going to be far less severe due to the (likely) greater amount of equity in those places.
"Thus it was pretty clear that the "collapse" in the immunozones was going to be far less severe due to the (likely) greater amount of equity in those places."
In that part, I do agree.
People in the inclose areas had better equity, having sold and moved up or been there longer, but, it's
amazing how crazy things got.
Where foreclosure was unheard of in Montgomery it happens.
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