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Jul 22, 2014 1:21PM
Bottom line is...THERE IS NO FREE LUNCH. If it sounds too good to be true, it is. Before buying a house anywhere, be sure to check out how much property tax you will have to pay each year on that property. After accessing all your monthly expenses, then decide if you are going to be able to save enough money each month so you can pay half of that property tax in Dec, and the other half in May. Some cities will auction off your house if you can't afford to pay your property taxes. Don't bite off more than you can chew, just because some Real Estate Agent wants to sell you a house. Some of those people are really crooked. Beware!

May 4, 2014 6:20AM

Just what does that mean? The courts cannot find the people that are the real owners relatives. It is outside their states of residence. They condemned it and scammed the real property owners out of their inheritances. The IRS says you have to pay them first, but your only equity in said property cannot change hands to pay them with. Perfectly logical. Just sleep on the streets and pray that they do not bust you for vagrancy because they do not want to use their discovery so shrink their own cash flow.


Apr 12, 2014 10:42AM

The quality of those $500 K - $million dollar houses which were sold, The Mc Mansions - were all about glitz, shine and hardly anything else. They were built by speculator who gamble on blaming their clients with Glamorous appliances - yet hired the cheapest labor they could get (legally or illegally). Many, if not most of them - were found to  be defective within months of the new home owner moving in. Ground was not properly compacted, the roofs were put together at a factory, in some backwoods county or sometimes shipped in from some other country. here we are less than 10 years later for some of those homes... and they have warped rafters, cracked or cracking floors and foundations ... and all those beautiful plantings? - they died because of the water shortages, predicable when you put Million dollar houses close to small towns which have limited tax base, no reserves and the homes were purposely built outside of he city limits.


Its not that the homeowners deserve all the blame - the builders / developers deserve a lot of the blame for building attractive nuisances.


Buyers would have been smarter to buy older homes - in the city than to buy those cracker barrel sub-standard homes 30, 40, or 100 miles from where they work. Now they can't sell them because they can't afford the commute cost, have lost those get-rich-quick "Hi-tech start-up" jobs and even worse - there are no businesses, jobs or services in those Ghost town developments.


Like copy cats ... China and Brazil followed the same pattern. some the hi-rise 10, 20 story apartments surround Beijing have been empty since they were built - 10 years ago - its likely they will need to be demolished (from shoddy workmanship) before any large number of owners ever move in... the purchaser never intended to move-in, they were just speculators. Now that the gullible are starting to think. No one is taking the bait, Maybe the State will use them to house all the carpet baggers who are flocking to China ....following the - Fast money dream? 

Apr 12, 2014 10:12AM

What seems like a paradox - every time you turn around, there is a news article about some card carrying Red state imbecilic hose and tank brigade, who is against not only abortion, but sex-education, condoms, yet are encouraging implants...pay for education Charter school... yet the parents are either indigent now, living with grand parents or employed at Wal-Mart, Target, 7-11 or some fast-food franchise. You ay house prices are outrageous - but never condoms these red state sponges?


How can you blame the home owners, who are looking to move to an affordable state with jobs (think Blue state) which pays a living wage... yet celebrate all these 2, 3, 4,6 -8 births by artificial insemination.


May you Texan could understand why God decided those folks needed to shoot blanks! The thing about foreclosed property  is.... at one time those people did work for more than minimum wage, took a chance on going for an education above a mere GED or CC. Isn't that the republican ideal? - that a man should take a chance on his own labor, ambition? These sponges didn't and yet most of them breed like immigrants. I see a lot of brand-new $40K, $50K pickup trucks - filling up at the second harvest food bank... and inner city / Urban folks DON"T buy trucks - to go cruising through the "Hood" or the Barrio. ....Go figure!

Apr 12, 2014 8:42AM
Wow.  Florida's a real mess, made 1,000 times worse by a  stupid 3 year foreclosure time frame.   I guess they deserve what they have there.
Apr 12, 2014 8:12AM
stupid people for moving out. never leave.  fight the bastards.  the servicer has no real claim to the home. I've been fighting them for over 5 years......  ever notice how the original lender is always the "bankrupt" lender which was "seized by the FDIC", then supposedly sold to a new bank?  watch Leverage is an American television drama series on Netflix.  It was a trillion dollar Ponzi game.  the homes are left free and clear and up for grabs by anyone who has the balls to grab them.  the servicers make up fraudulent documents.  NEVER LEAVE.
Apr 12, 2014 8:07AM
 Wow, I'm amazed that Floriduh occupies 3 of the 5 positions, Way to go Floriduh.
Apr 12, 2014 7:52AM
If you can't afford something....don't buy it. Real wages haven't gone up for decades, yet people bought into these bad loans thinking somehow their income was going to magically rise to cover that subprime loan, balloon payment loan, "variable" rate loan, etc. You can blame the crooked bankers, politicians, Wall streeters, etc. but unless you lost your job or had a tragedy or setback  of some sort, getting in way over your head to keep up with the Joneses is a personal choice. If the loan looked too good to be true, it was.
Apr 12, 2014 7:50AM
And now you know why realtors/bankers/Gov't are telling you the markets just great! Foreclosure sales are down!  Yippeeekia the real estate market's good.  BUY BUY BUY!!!
Apr 12, 2014 6:50AM
Apr 12, 2014 6:35AM
They let them sit.  Homes get trashed.  Sell home for partial value.  Home around them often go down in property value.  (ask appraiser how they figure value of your home)

It's not just trashed homes that get sold at fraction of value.  

Oh, the ones that are totally trashed.... I can see.    But when they need cleaning and paint????  Flippers buy them and make huge profit.     Now who is stupid?? 

that banker who says: I am not in house selling business.  I am into banking.  

Or maybe work with those owners?   

Apr 12, 2014 6:26AM
when the rules no longer work - change the rules. Notice that the problem is that those with money seek to leave the responsibility with those who have already lost their money.  Expect the problem to be resolved when someone figures out how to make money off it.
Apr 12, 2014 5:56AM
The banks got billions in bailout money to cover their loss on the home loans. They got the money due on the over rated home loan and got it back free and clear, So what do they do. They hire property preservation companies to fix up the homes and sell them as is condition for extra money and make another loan on the property. Check out Safeguard Properties.com
That worked out well so lets do cash for clunkers and get everyone a new car loan.
What a scam, You or I would be in jail for doing this. Welcome to the USA.
HUD.org is another place to look also. I would love to show America just what they are doing with there free home and in the process making more money on this scam than if the loan was paid in the first place. Mad yet, I wish I knew the right person to show all the information I have to show the people this is true. CNN would have a party with the information I have and how it works.
Apr 12, 2014 5:33AM
I always wondered why local governments didn't just raze these types of properties (as well as all of those abandoned buildings in big cities) and bill whomever holds the deed.
Apr 12, 2014 5:32AM

I own homes in two of the five cities... there may still be vacant housing in Fort Lauderdale, but there's a real estate boom going on there now.  My condo looks out at a new high rise going up that had been mothballed during Dubya's crash, back in 2008/09.  Prices in my complex have doubled in the three years since I bought in.  re: NYC, here in Brooklyn, prices never collapsed like they did in some other places, and have now surpassed their 2008 highs... our neighborhood realtor complains she doesn't have enough inventory to sell.

This article leaves the mistaken impression that the real estate markets in both cities are in a state of crisis, far from the case today.

Apr 12, 2014 5:29AM
Greed, envy, or jealousy.  Take your pick.  The major reason for this situation (and many other financial missteps) can usually be categorized by one of these very human behaviors.  Oh, and lets not rule out stupidity as well. 
Apr 12, 2014 5:20AM
I love how MSN combine two major blue states as one. New York and New Jersey-listed #3 Chicago #2. I love how they do not mention Detroit. LOL-LOL- Would be too many blue states. Demorats are funny. 
Apr 12, 2014 5:01AM
Mixed messages. We get news that tell us about our economic recovery, lower unemployment rates, and a rebound in the housing market. Me thinks someone is lying, has lied, and will lie.
Apr 12, 2014 5:00AM
These homes should be seized by the local community and auctioned off, screw the banks!
Apr 12, 2014 4:37AM
What do we expect. Realtors, bankers and local taxing governments love grossly over priced housing. They can get multiple profits off the same properties simply by inflating values and writing mortgages with rediculous interest rates. Amazingly no one has come up with a truly affordable house and buyers are foolish enough to buy homes that exceed their needs. And yet bankers and realtors tell their customers what great investments houses are. 
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