The Evolution Of Real Estate Foreclosures

Why is there so much foreclosure??It used to be that all foreclosures looked exactly the same.?It was not horrible, but it was quite odd.?Strange and unrelated items were missing.?In a home that was otherwise in good condition, a few damaged items were found.?The story was that a responsible citizen taking care of his home got a bad break, and maybe even taking his beloved ceiling fan and vanity chest out of the master bathroom.?Notable is the fact that foreclosures were rare at that time.

The exotic loan was then introduced.?Because they could get a low monthly payment, buyers bought big.?They lived large in a house that was well above their means, and likely in a community and neighborhood that is far beyond their means.?They included the mortgage payment in their budgets but did not include the cost of living in the area.?Many people refinanced their pools, Top Real Estate Agents In Sedona snowmobiles and dirt bikes, as well as big-screen TVs.?Low payments allowed them to buy the same items with the savings.?The result of hard times, regardless of whether it was an ugly interest rate change or job loss, was the same: Foreclosure and unmet payments.?These houses were different from the ones mentioned above.?These houses were described as "lived-in" by polite observers. They had crayon marks on the walls and stained carpets. There was evidence of children, too, and they also had small maintenance issues.?A blunt observer would state that the house was not "loved" nor "cared for".?These kinds of foreclosures were very common.

There is no standard for the homes that are being foreclosed on.?It is impossible to predict what they will find when they walk in the front door.?Some are so filthy and damaged from neglect, others from intentional abuse.?Some will be in such good shape that the seller can make a graceful exit from one life to start another.?Many believe that lenders who are not careful with their money are responsible for the decline of our economy and communities.