Quote Originally Posted by GrnBay007
Is anyone out there with money laying around checking out the foreclosures?? This housing bust can't last forever. Seems like there are some incredible deals out there right now.
You ain't seen nothing yet. It will be at least another year of this.

I live in sub prime nirvana...az..and the mortgage brokers..and I mean real brokers..not the guy that switched from selling cars the minute the market got hot..are all telling me that at the minimum a year. Tyrone's brother, who is a very financially viable guy has his bankers saying pretty much the same.

I dont' think many on this board realize how many bad loans are out there. Those no doc loans were given to anybody with ok credit..so every bartender, waiter, person who earned off tips..got a place on. Now, they are screwed because you need to show some sorta earning..and they can't do it. They can't afford the new payments after the arm term ends..nor can they refi as they can't prove earnings.

Every week there are more commercials for REDC and buying properties at auction. Ty's crackhead friend went to buy a property that the bank had bought after foreclosure (poor bastard had left 100k in equity in the place)...house at one time valued at 650...bank offered it at 395...property sold at 375.

And, let's not forget the other countries like India, Australia, UK that are also going thru their own sub prime problems.