....A total of over 851,000 homes have been repossessed by lenders
since August 2007.
Add to that the number of homes builders are going to lose to other
buidlers (who are stockpiling land for the future). Builders and
developers have stockpiled land for years and years. That's how their
success was achieved. not to say that some developers who purchased
land and got approvals weren't successful, but alot of problems now
are from those developers or developers in training who purchased high
with long approval processes and missed with high cots, given the
housing market.
Kara is one example. Then drive out to Lakewood/Jackson. Paramount has
a huge project with exactly one house on it and all the infrastructure
in place. There's quite a few projects in Mon and Ocean county in
process or all approved that will not built anytime soon. The guys
with the money will scoop up the land and sit.
I think Dan said it best and it's something we learned in every biz
class...
The laws of supply and demand.
That's why builders build in Phases . (creates demand)
"Phase I sold out" "buy now before the price increases in Phase II"
"Grand Opening of the last building...the Monterey..".
Builders also have to build in Phases when the bankers are nervous.
Sell out Phase I and pay us, and we'll fund you for Phase II.
Many people purchased homes not to live in, but to invest in. I think
my parents once in 39 years in their house, talked about moving "up "
to Wayside. I think my ears are still ringing from my father talking
back. So when my wife sent me an email showing me a house in Toms
River on the water with the line "maybe we should sell our house and
move here..."
Are people losing their primary house because the "invested" in a
second home? Did people overpay, supersize it, take out a crazy loan
or believe they can get the rent the realtor told them would "cover
all your expenses.."
Not all realtors know what they're talking about
- they might not own their own home
- they may have never developed a property or for that matter,
rehabbed one or picked up a paint brush.
- they may have never had to pay a mortgage or taxes or insurance
not taking a shot at anyone, but the truth is, YOU have to take the
responsbility to know what YOU are doing. YOU are the one who is
signing - not the feds, the realtor, the attorney, the morgtage
broker, apparaiser, underwriter or the seller of the property. In the
end, none of them really give a shit if you can make it or not. I
think I am the only idiot that asks questions like that. So if someone
says I want to buy a condo for an investment, you'll get an earful and
likely walk away unless you have that exta money.
Train time.
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