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SarahBell

Google Map Foreclosure Tricks

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Check Miami beach it's rammed full of them!

Why are there so many repossessions in the US compared to here? Their interest rates are lower than ours and there jobless is 8ish (I think) ours is 7.7%

What's so different here?

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Check Miami beach it's rammed full of them!

Why are there so many repossessions in the US compared to here? Their interest rates are lower than ours and there jobless is 8ish (I think) ours is 7.7%

What's so different here?

ARM mortgages are designed to sucker the punters in and spit them out. I believe the US unemployment rate is closer to 10%.

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Check Miami beach it's rammed full of them!

Why are there so many repossessions in the US compared to here? Their interest rates are lower than ours and there jobless is 8ish (I think) ours is 7.7%

What's so different here?

Many people in the US have fixed rate mortgages I believe, so low interest rates haven't helped them, their unemployment is also 'officially' 9.6% now. One other factor is 'jingle-mail' - being legally allowed to mail back the keys of your negative equity house to the bank and wash your hands of it, with little repercussion.

Do not fret, when interest rates are pushed up, the UK will have it's blood bath, unless of course the government start printing like mofo's, which I think they may well do. There's always gold.

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I'm no expert on the US real estate market, so maybe some kind soul could explain why Florida seems to be a bloodbath? :unsure:

Two main factors IMO:

- was one of the bubbliest states with massive speculation/flipping and huge oversupply (don't quote me on the numbers, but something like 25,000 condo units were built in Miami-Dade county alone during the boom, more than were built in the previous 50 years or so)

- as one of the first bubbles to pop, the mess is now feeding on itself. Lower prices and/or unemployment led to a few foreclosures which led to lower prices still, which led to lots of significant negative equity and even more foreclosures...you get the picture...and as news gets around that banks are taking up to 2 years (or more) to actually kick you out, strategic defaults are all the rage - people are quite happy to lose their homes as they're in NE anyway and they can live "rent free" in the meantime. When this "stimulus" goes away it's not going to be pretty.

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Many people in the US have fixed rate mortgages I believe, so low interest rates haven't helped them, their unemployment is also 'officially' 9.6% now. One other factor is 'jingle-mail' - being legally allowed to mail back the keys of your negative equity house to the bank and wash your hands of it, with little repercussion.

Do not fret, when interest rates are pushed up, the UK will have it's blood bath, unless of course the government start printing like mofo's, which I think they may well do. There's always gold.

Florida is a recourse state so the banks can come after you. In theory anyway. With this volume of cases and with people who have nothing for the banks to go after, who knows what they will end up doing. Probably just go after those whose foreclosed houses were investment properties.

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Nice find! I am sorely tempted by one of those Miami condos overlooking the gulf. If I can convince myself it will pay its way, I'm in. This feels like the time.

NTS

Gulf? If you meant Gulf of Mexico you're in the wrong place - Miami's on the Atlantic. You'll find even cheaper ones on the Gulf!

Anyway, beware sky high maintenance and not insignificant property taxes. It won't pay its way if you intend to BTL.

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I live in the US and just tried this trick for my area, then compared the listings to the county court online records for foreclosure petitions and it is not accurate at all. The bulk of them are not foreclosures, just regular sales.

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ARM mortgages are designed to sucker the punters in and spit them out. I believe the US unemployment rate is closer to 10%.

If shadow stats figures are accurate you can double that to at least 20%.

ARM mortgages only work if property values go up, once you have a property crash ARM are shown to be complete folly.

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Gulf? If you meant Gulf of Mexico you're in the wrong place - Miami's on the Atlantic. You'll find even cheaper ones on the Gulf!

Anyway, beware sky high maintenance and not insignificant property taxes. It won't pay its way if you intend to BTL.

Maybe you're right. While I have a hunch some of these properties might pay their way (by which I mean, return the same as or better than the cash in a savings account, after all costs) with potential for capital growth based on coastal location, having slept on it, there are simply too many unknowns for me. The legal implications of buying a foreclosed home seem a bit opaque to my untrained eye. Shame though.

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Florida has zero income tax, but is almost as full of overpaid public-sector parasites as any other state. This means that taxes fall disproportionately on home owners,. So, basically people are losing their houses to subsidise non-jobs and bloated pensions for the public sector.

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I'm no expert on the US real estate market, so maybe some kind soul could explain why Florida seems to be a bloodbath? :unsure:

http://www.stateofflorida.com/Portal/DesktopDefault.aspx?tabid=95

* International Trade (40% of all U.S. exports to Latin and South America pass through Florida)

* Tourism - with 76.8 million visitors in 2004 (a record number), Florida is the top travel destination in the world. The tourism industry has an economic impact of $57 billion on Florida’s economy.

* Space Industry - The space industry represents $4.5 billion of the state's economy. The average annual wage of aerospace workers is approximately $52,000. The number employed at Kennedy Space Center (KSC) alone is 15,000 and Florida ranks 4th among the states in overall aerospace employment with 23,000 jobs.

* Agriculture – Florida leads the southeast in farm income.

Florida produces about 75% of the U.S. oranges and accounts for about 40% of the world's orange juce supply.

* Construction - This industry's strength results from the steady stream of new residents and visitors who are welcomed to Florida each year.

* Services - growth in high tech, financial & back office operations

* Software - many small, entrepreneurial companies

* Health Technology (medical, biotech, laboratories)

* University Research - more than $500 million per year in sponsored research at Florida universities

* (Click Here) for more information on Florida's economy

Disposable income down, therefore less tourists.

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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