Posted by MarkB_MI on March 01, 2008 at 06:02:22 from (216.234.120.104):
In Reply to: Real estate. posted by Spook on February 29, 2008 at 17:12:40:
Foreclosures here in Oakland County, Michigan peaked out last year at 7643. There have been so many foreclosures that they've had to move the county clerk's office to another part of the building so they have enough room to work. Real estate is in free-fall here. About once a month I count the foreclosure notices in the local paper. It's been running about fifty a day, and the number just keeps going up.
A lot of people with mid-priced houses are "upside-down" on their mortgages: They may not take a loss if they sell, but they refinanced or took out lines of credit so they still owe more than their home is worth. Meanwhile, in the late '90s and early part of this decade, developers were building "McMansions" like crazy: Crackerbox houses that sold for upwards of half a million bucks. Good luck selling one of these overpriced, expensive to maintain monstrosities.
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