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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Maybe Where You Are Posted by SeanW on June 18, 2003 at 6:36 AM In Reply to: foreclosure stats/housing bubble posted by Art on June 17, 2003 at 8:52 PM I've read that some previous booming areas, like the suburbs of Denver, have housing appraisals reverting back to 2000 and 1999 levels. In this situation, when people take out 2nd mortgages and HELOC, expecting a price rise, they will go "upside down" on their houses. Their desperation to at least break even causes them to ask too much, and fail to sell to a retail buyer. Bam! Foreclosure. I live in Charlotte NC, and foreclosures are running at double last year's rate. The economy is not all that bad here... but there's so much new construction going on to take advantage of the low rates that existing housing is not appreciating much. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : I've read that some previous booming areas, like the suburbs of Denver, have housing appraisals reverting back to 2000 and 1999 levels. In this situation, when people take out 2nd mortgages and HELOC, expecting a price rise, they will go "upside down" on their houses. Their desperation to at least break even causes them to ask too much, and fail to sell to a retail buyer. Bam! Foreclosure. : I live in Charlotte NC, and foreclosures are running at double last year's rate. The economy is not all that bad here... but there's so much new construction going on to take advantage of the low rates that existing housing is not appreciating much. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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