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Originally Posted by SOREHOOF
A lot of these foreclosures are on 2nd homes that people don't want to dip into their savings or investments to save, or are waiting to see if our benevolent Govt. will throw them a bone. Of course some are primary homes of people who lost their jobs, and I have no problem with helping them out.
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The houses I am looking at are primary residences
of mostly older people in a coastal city.
I would guess their 401K did not meet requirements
for longer ownership given the current climate.
This is kinda sad imo.
The high end houses in the same place are 2nd homes.
These will probably not be sold quickly. They are not
worth near as much as the banks think right now.
Guess they are holding out till things get better.
A very small survey of a big problem.
As mentioned earlier each area in the US
has its own little story.