economic indicators

[rockriver]

4 different econ. indicators in my area.
1 large motorcycle/4wheeler dealer... just got sold. he had many brands. had been losing money.
florida feller bought and will turn dealership into primarily a parts supplier.

2 i just heard of several physicians selling property for loss and having financial difficulties. included one having his house reposessed... part of cause is trouble getting money from gov't for services rendered.

3. real estate agents reporting no sales. repos in the area killing the real estate market.

4. insurance rates in georgia on houses having large increases. typically 10 to 15 %
but some as high as 25%
these higher rates are already approved by the ins. commissioner. with the storms and payouts from the storms, we can expect even higher ins premium increases.

[protus]

on #3.
There are TONs of homes on teh market that are foreclosed on. The banks however,do not want to take a loss or break even. They want to gain $.

For example. Me and the wife found a good 1st home/homestead.

1.7 acres...2 story house( upper story was just a big deck, master suite/kicthen) ...10 mins outside of town...near major exfil routes within 1-2 miles....down a dirt road with a few hundred acres behind it of nothing.....
with 3 + acres behind it with a seller that wants it gone.Area would be 4 times as much in 10-15 yrs. due to encroaching development in the area.

bank foreclosed on the home for 50k.
Now in my AO under 2 acres, plus house, is a ton of $$$$.
Bank/agent listed it @ 79K.

bank wont accept offers any lower.

homestead #2.
5 acres...home....great location.off the beaten path, down a dirt road... Same deal 15+ yrs , the area will gain value.
county appraised at 60-70k....bank wont go lower than 100k ,even though its valued much much less.

i can list about 50 more.
The banks want to make a profit over loans they gave to people that cant /couldnt afford it.


they are like buy here,pay here, car dealers right now IMHO.
they'll let that 69' camero rust in the lot, rather than sell it for one penny less than what THEY think it is worth.

[Tofu]

I would hazard a guess the banks are waiting on a govt bailout with QE3.

[Bearman202]

Check these out. They list .gov foreclosures, by zip code. I just missed one here. I got outbid by $255 on 4-5 acres with a pristine two-car garage and a house that had been gutted. I looked at another one today that I'm not even going to bid on. The banks won't let them go, but the .gov will. The one I bid on started at $20,000, and they dropped the price to $14,900 to get it moving. I'm going to keep looking.

1. Fannie Mae = www.homepath.com
2. Freddie Mac = www.homesteps.com
3. HUD = www.hudhomestore.com

These are the REAL lists. There are companies that will charge you to search them. They are a ripoff.