so where are all the foreclosed upon living?...

oompa

i invest in real estate a bit.......with millions losing their homes......where are they living now?.....family?.......apartments are not even near full in atlanta due to overbuilding during the good times........if these people were paying 1900 bucks a month for a crib too big....i would think they would be a good tennent in a small home and could pay the 800 bucks they should have been paying for the right home.......btw.....i am thinking of buying a camp ground....they are SLAMMED full in many areas.....and they pay in ADVANCE one full year to keep their spot...i had started noticing that there are are two or three cars at the campers........a sure sign of a home.....not really camping......oompa

BurnTheShips

A whole lot of people have left the country...mostly the illegal aliens. There was an oversupply of housing also, so the foreclosed are now renters.

Bushvilles on the way? Or will they be called Obamavilles?

JeffT

A very high percentage of sub-prime loans were made to small investors. When the rents they were charging didn't cover the mortgage any more, they walked away. In most places the new owner is obligated to keep honor the lease as long as the tenant is paying the rent. So the people that actually lived in the houses are just paying different landlords. And given the market conditions, the banks might be happy with that.

In the picutre Burn posted, my office now is just off the right edge of the picture near the big building on the hill (harborview hospital). The real estate company I used to work for owns the builidng in the center of the picture just below and to the left of the building with the pointy top. Hooverville is now under about a billion dollars worth of sports stadiums.

wha happened?

Fannie Mae announced that they will not evict tenants of forclosed proprty. This makes sense. Any rent on a forclosed property is welcome

Mutz

I've seen a few news reports from the USA recently featuring people living in their cars or newly formed tent cities.

Very sad indeed.

jaguarbass

I dont know where they are we have tent cities here in Florida and homeless shelters.

We have bridges and there are always homelss people by the bridges.

Something else I have noticed.

Something has happened to all the American redneck, rent a bumb/drunk types in Florida,

They have been misplaced by Mexicans/Aztecs/Myans.

Maybe they were all christian's and got raptured to heaven and we are in the tribulation.

Got to get that book "left behind" to see what I'm supposed to do now.

kurtbethel

There are people who made bad life decisions and end up a tent. There are other people who worked hard, did everything right, and got caught in the fallout of the big players and their misdeeds. It is not our place to sort that out, but to treat everyone with some human dignity. There is no fairness here. The people who should rightfully live in a tent will likely be living large on bailout money.

abbagail

Hey Oompa, if you open a campground beauuutiful scenery!

Maroon Bells, Aspen, Colorado

[photo: Maroon Bells, Aspen, Colorado]

As for maxed-out campgrounds , the RV Lifestyle is still going strong it seems... long before the Bailout Days, people had been moving from stationary homes to RVs... There's a great forum here if you want to read up about the "RV life" -- RV Forum: http://www.rv.net/FORUM/ -- [the URL insert isn't working for some reason] -- which is exciting reading to me (went camping a lot as kids). The "full timers" section of that forum I always find fascinating to read how these people are living in their RVs and they just keep on traveling!

<< Class A Motorhomes, the Big Daddy's...

--vs.--

Class C Motorhomes, the Little Mama's >>

Of course the more ritzy-RV-families keep their homes and park their motorhomes in RV-size-garages (which evidently there are subdivisions already round about for this purpose, sort-of like the "fly in" subdivisions...

-----------------------

As for the homeless due to foreclosures, Dateline NBC had a show about it a few weeks ago, and they followed the stories of about three different families, and it was a real tear-jerker! Heartbreaking to see grown men cry! SadSmiley

Confucious

Many of the forclosed are people who bought spec homes wanting to flip it.

It's not their primary residence.

But of course, many people have been forclosed.

I'd imagine they are renting now.

WuzLovesDubs

The house immediately next to me was sold and bought during the HIGH point of pricing and it is now worth about HALF what the poor guy, who is a natural gas installer, bought it for. His business went down the shoots. He had to just walk away from it..after they totally fixed it up soooo cute. He went back to the home he had, which he had been renting out. Now its overgrown. Here in Florida, when you dont keep up property, nature reclaims it very quickly, almost like a sci fi flick. Seriously.

The home diagonally across from me, the guy bought in July 04 for a song. He tried to sell it in 05 during the HIPE period and "held out" for that really high bidder turning away many. And then Wilma hit here, the bottom fell out of the housing and he never had another buyer in three years! He finally walked away last fall...and the house was foreclosed on. It was bought for only $!40,000 this month. Half acre of land, no HOA, four bedroom three bath ranch with a huge work building in the back. This family moved to property they bought up in NC.

So Im thinking people will start buying up all this foreclosed prop. and things will get rolling again.

so where are all the foreclosed upon living?...

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