[Grovenet] Forest Grove's Future (WAS: America'sTrillion-Dollar Baby)

[Ron D'Eau Claire]

My point was that foreclosures don't affect the market that much. First of
all, as I explained, it's a year or more from the time the homeowner quits
paying the mortgage before the lender can take title and then put the home
on the market. Then it's put on the market at *full* market value. There are
*no* homes given away cheap. Sometimes foreclosed homes go cheap, but that's
because they have serious problems that make them un-marketable in the first
place. 

So, a year or so after someone defaults, their home is simply one more out
there available for a buyer who is willing to pay the full fair market price
for it. 

I said that 12% of the sub-prime loans were in foreclosure, and that about
20% of the loans were sub-prime. That's only 12% of 20% or about 2.4% of the
total loans. Not even 1/10th, assuming that's the definition of 'decimated'
you're using <G>. 

Ron D'Eau Claire 



-----Original Message-----
From: grovenet-bounces at rdrop.com [mailto:grovenet-bounces at rdrop.com] On
Behalf Of David Morelli
Sent: Saturday, January 27, 2007 5:54 PM
To: Forest Grove local interests list
Subject: Re: [Grovenet] Forest Grove's Future (WAS: America'sTrillion-Dollar
Baby)


>> Would that mean that the housing market has been "decimated"?
>>
>> David
>>
On Jan 27, 2007, at 5:21 PM, Ron D'Eau Claire wrote:

> Ha, ha!!
>
> Hardly a burble.
> ...
> Ron D'Eau Claire


But Ron, one out of every ten sub-prime homes has gone into  
foreclosure.  Isn't that the definition of decimated?

David
_______________________________________________
GroveNet mailing list
GroveNet at rdrop.com http://www.rdrop.com/mailman/listinfo/grovenet