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Stockton, CA. Foreclosure Capital Of US
I just saw a quick blurb on Yahoo which said that Stockton, California which a few years ago was the one of the "Hottest" real estate markets in the US is now facing a foreclosure rate of 2 out of 3 houses.
If it can happen in Stockton, is your community next? Interesting times. |
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It's happened in California before. Fixed rates! That's the way to go! One of my sisters works in the mortgage industry and she is furious that they put out loans to some of the people they did!
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That is because them knuckleheads in Cali have gone nuts and driven the price of housing sky high!
typical west coast, the land of fruits and nuts! there would be vertuall no forclosures in Cali, if a 1500 sq ft home costs $130,000! goofy people. |
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WOW............ I am totally impressed...........4 post and the Tulsa Meeting has not yet been blamed for this little problem..........but Hey the first page aint over with yet..........
:happydance:happydance:happydance |
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Theres a pretty big UPC in Stockton... used to be Haney's church.
I wonder if any saints in Stockton are affected by this. |
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they might make a little moonshine and have gun fights with the revenuers and such, but they dont take out loans they cant pay! and lets not kid ourselves, most folk in California, dont marry. they just shack up and who even knows if they is shacken with a person of different gender or not! |
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Same in Vancouver! |
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you cant be greedy when you are buying a 1300 sq ft house that doesnt look any better than a hillbilly shack. that kind of place in california will cost you a half million bucks! the seller is expected to accept the higest bid. it is the goof balls paying that kind of cash that are the issue. if they would look a broker in the eyeball and say "that costs too much" well then you wouldnt have half this problem. |
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It worked out well for my cousin. He got a steal of a deal on a new home in Stockton. It is absolutely beautiful.
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I know. I've worked in banking and finance for a few years now and I've spoken to many of these people myself, and theres a side of the story that many people aren't exposed to. Theres a lot of blame to go around. |
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so you have teeth, but dont seem to be using them? |
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Related story... very sad.
http://www.breitbart.com/images/common/dot.gif US mortgage crisis creates ghost townhttp://www.breitbart.com/article.php?id=080127183107.ahcwfxrz&show_article= 1 The streets are empty. Trash rustles down the road past rusted barbecues, abandoned furniture, sagging homes and gardens turned to weed. This is Shaker Heights, a suburb of Cleveland and a town ravaged by the subprime mortgage crisis roiling the United States. Faded "for sale" signs sit in front of deserted houses. The residents are gone, either in search of new jobs after the factories shut down, or in shame after being evicted for missing their mortgage payments. A red, white and blue American flag flies over windows and doors which have been boarded up to keep the drug dealers away. Thieves have stripped many homes of the plumbing, the doors, the windows, the aluminum siding. The police station parking lot is full. The officers, who have seen their numbers triple since 2006, are coming back from their rounds. They speak of installing alarms in some of the homes claimed by squatters. At 9422 Chagrin Street, a hand-scrawled sign attached to a window indicates someone lives there: "Please Used." After three rings of the bell, Sarah Evans, 60, opens the door with a mixture of curiosity and alarm. She says she is one of the last people left on the street. And she is on the verge of losing this two-bedroom house in which she has lived for more than 30 years because she simply cannot afford her monthly payments. It is a complicated story. She refinanced in 2003, but did not realize the document she signed included provisions to radically increase the interest rate. She stopped making payments in 2006 and shows her unpaid bills totaling 24,000 dollars. Her bank is in the midst of eviction procedures. "When folks buy a home they expect to die in it, I guess," she said as she stood outside in the cold. "I had my American Dream but it became a nightmare." Her words are echoed by the angry barks of the guard dogs pacing behind a chain link fence two houses away that was installed by the new owner: a bank. The massive parking lot of the Eagle Fresh supermarket is empty. Behind her till, Myra Bibldwit lifts her head when a bell signals the entrance of a customer. "Not many folks come anymore. We're used to it," said the 24-year-old cashier, one of the few in the neighborhood who managed to hold onto her job. In the five hours since she started working today she has served just 10 customers. "Maybe you will buy something," she says with a smile. Then comes customer number 12. Laura Johnston, 50, says that her street -- about 10 minutes away by car -- was alive two years ago. Today, half the houses are abandoned. "Folks could not afford their payments. They were asked to pay loans which doubled. They could not afford it, some lost their job. Lenders were greedy. They threw them out of their homes," she told AFP. "I'm very upset. I missed my friend Helen. She disappeared overnight. She did not even say goodbye." There are plenty of cases like Helen. They are called the neighbors who disappear in the night. For county treasurer Jim Rokakis, the greed of the banks is to blame for this man-made disaster. "All you needed was a pulse to buy a house. Some loans were written with no money down, no proof of buyer's incomes. They did not even check what people were saying. Most of those folks were jobless," he said in an interview. "Shaker Heights was the perfect storm: poor folks, unemployed and a desire to get a piece of the American Dream." |
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Yes, and it's affected our entire area from Sacramento south. All of Calif. has been affected.Church members everywhere have suffered losses. I understand that this situation has hit all over the U.S now though. storms blow from west to east |
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For folks who may not know...Stockton is a bedroom community for Bay Area (san francisco) commuters who work in technology. A lot of the overprice initially came with the dot-com boom...we all know what happened there!!!
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Mark, how is the Tracy/Modesto/Manteca area?? Far behind or is this hitting them as well?
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Starting with over stated income... sorry bro, but when you lie you know you are lying. now, the reality is the people writing this bad paper did so because CONGRESS relaxed the rules on lending to incurrage home ownership in poorer areas.... next, the guys issuing the bad loans knew they were bad and SOLD them to other investors, in many cases the other investors resold the loans as well. the lean holder, left holding the bag, got stuck by everyone from the borrower to the lender, to the banking house that allowed the practice. Now the lean holder is on the hook for billions. stupid stuff, from congress to the banks to the borrower, to the knuclehead in the big banking house that ended up with the bad paper and everyone in between. bottom line, when the sorry cuss called my house and told me i could get an intrest only ARM at 3% and only pay two or three hundred per month, I told him to get lost and told him he was a crook. Yea that happened several times. Sometimes bad things happen to good people. Economy goes south, people loose jobs, houses get forclosed and really nobody is to blame. in this case, people over spend on a house, get a 120% loan and pocket the 20% extra at closing, their ARM goes up because interest rates rise as they are expected to do, and they loose their house. the borrower is to blame, the crook that advised them is to blame, the bank that employed the crook is to blame, the bank that bought the bad loan is to blame and congress is to blame for makeing law that caused the chain reaction. theres lots of stupid to go around with this one. |
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*Thread Hijaaaaaaaaaaaack!!!!!!!!!!!!!!!!!!!!!!!!!!!!!*LOL |
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Look up the phrase "California armpit" and the definition is : Stockton.
Yuck! |
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But the thing is I listen to a lot of [mostly conservative] talk radio and it irritates me how so many of these guys make is seem like its just the ("stupid/greedy/irresponsible") homeowners fault...while they ignore the fact that the mortgage industry, Wall Street, and many other fat cats were feeding the monster too, and getting rich in the process, blowing up a bubble that had to burst eventually! I just wanted to show the other side of he story, because I think a lot of people have a false impression of how this all came about. |
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It's all about the same and as you know, that whole area has all grown together. we are only 30 min from modesto turlock is 18 miles - it's all been hit hard. I hear that 1 in 4 homes are in foreclosure in Elk grove(south sacramento). but southern CA. is being hit really hard too- just ask socaliupc. Also, Miami,FL is almost as bad as CA. |
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Waaaaaaat! wow can't believe you said that o wow |
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I saw an article on that on Cnn, how foreclosure investors are now snapping up bargains like crazy in that area.
Like they say... the rich get richer. |
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Republicans wanted home ownership to poorer people because it would help them build wealth Democrats wanted this because they advocate for the people to begin with. neither party thought their actions thru and the number crunchers figured out how to make a buck. and the people who wanted more house than they could buy found out how to do it. |
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in fact, my BIL and I are talking about doing something. this is a great market to get into and it doesnt take much $$$ to start. It does take some effort. |
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