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

[David Morelli]

Ron,

My original post and last post should have had a smiley face.  They  
were intended as humor.

"Decimated" , 10%, 12%

Oh well, if it has to be explained it wasn't successful as humor.   
The "OH!" factor is gone.

BTW, we bought a home in foreclosure and we didn't pay market.   
Otherwise we couldn't have qualified.

David

On Jan 27, 2007, at 7:56 PM, Ron D'Eau Claire wrote:

> 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
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