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Foreclosure Update

Foreclosure Update

Okay people, stand fast and, as I have said, pay attention.

How many of you have heard the news. That literally thousands of foreclosed homes will never make it to the market and will be allowed to just sit and fall apart. Read into this one it’s the banks saying this.

All financial institutions LIE.

I have been telling y’all pay attention. This morning’s news is no different. And I stand by my last prediction and will tell you why shortly.

First off incase you live under a rock and do not do as I say and pay attention. A bank will never lose money as long as it has customers. You say but they took bailout money. Don’t be fooled; I never said they weren’t greedy. And the American consumer is finding out just how greedy they are today. If a bank had just one customer and that customer was say Bill Gates he would be paying so many fees that even him with his seemingly infinite amount of money would be broke in a week.

And the stock holders and CEO’S, CFO’s, VP’s and anyone else who worked in the executive offices would be living in 3 million dollar mansions in Georgia and Florida with their tax protection laws. Do not be fooled. And now mix in the Government and its corruption. People pay attention here.

In recent news, four states in our great country top the list unless you just have no idea of what goes on in this country. California and Nevada top all lists about anything all the time so it should surprise nobody. That California and Nevada are at the top of list this two states alone make a full quarter percent of all construction in the entire country. Again people pay ATTENTION.

Now just incase you have not read any news or watched any news or do not live in California. Here is a major piece of news most people either did not see or just over looked. Now everybody knows the company U-haul right the moving company they rent trucks and trailers for people who are moving. For the first quarter of this year they reported a 20 percent rise in one way trailer rentals leaving California.

So it’s safe to say that owning or buying property in California isn’t what you want to do right now. Or another is owning a U-haul rental in states where construction is starting to pick up like Michigan, Ohio, where people are snapping up foreclosed homes for literally pennies. And not pennies on the dollar. It is safe to say these states will see a rise in Rehab Construction in the coming months. AGAIN PEOPLE PAY ATTENTION.

All I keep seeing in my head is Mel Gibson with his painted blue and red face in Braveheart sitting on his horse yelling hold waiting till the time till was right to release his winning attack.

As I stated earlier this year the foreclosure market has not yet hit bottom. I do not care what state or what is said it was reported that there are over 2 million homes in foreclosure this year. A lot of these homes have still not come to market.

You say why haven’t these? Again people Banks LIE. The banks right now are selling a very large amount of homes in packages to large investors. Remember what I said earlier this year. The big guys are playing now. They are buying packages of homes which you now see on eBay now and these homes are selling from two thousand to ten thousand. These are homes the banks consider not sellable. So why would anyone ever think there would be homes anywhere that the banks would not sell.

As I said their will be later this year a new round of creative financing packages brought forth by lenders to get rid of the rest of their inventories. Either this or states such as California will see further erosion in property value. Simply because these homes will be tore down and their will be more land available. Which will further drive down home costs and land values.

The city factor:

In places like Riverside California some cities have a foreclosure rate of 75 percent.
Imagine all these homes sitting empty in their city and deteriorating and the city paying to keep them up. A city which now has not enough income to survive. Do you really think the leaders of these cities will allow this to happen. Again people pay attention. The best is yet to come. I will update y’all as things happen but again do like Mel and hold for the best attack for your money.

Okay y’all love you and pay attention.

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