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11-17-2008, 01:48 PM
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All this talk about Foreclosures center on property,...
...what about the Families? Heard a scary NPR story this morning on my commute.. Out in Lancaster CA, about an hour commute from downtown LA. There is a start up program that is using state money (????) buying up foreclosed homes, for a slashed rate, refurbing said homes and then selling at a loss? The model they used was a 90k purchase, a 100k investment, and they're selling the home for 175k... that's a 15k loss?Also the financing is targeted at Low income families, which they categorize as a family of 4 making less than 75k ?the entire story focused on keeping the "Blight" from destroying property values for the area... but it left me scratching my head ?If they were willing to throw away 15k right off the bat, why not invest that into the home while the family that paid 270k for it 4 years ago is still there? further, if they can cut a deal with the Bank once the family is out on the street.. why not cut those deals again, while the family that had already invested 4 years of their salaries and lives into that home??????this entire fiasco has been focused on the capital but what about the Human Capital ?... there was no mention of where that family had gone... ?Don't call me a socialist as we sit around and debate where the next 100 billion will go and to which private business .... what about the people ?
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11-17-2008, 03:10 PM
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I agree... what about the Human factor? No one talking much about Homeless rates, but I'll tell you what, They're sky rocketing...
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11-17-2008, 04:27 PM
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Actual people are often secondary to the financial aspects. I am shocked that the people who are losing their homes are not only given little thought or compassion, they are actually being demonized by some on the right.
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11-17-2008, 05:44 PM
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I heard the same story on my drive to work, and, if you recall, the house they used as an example was bought for 90,000, and had 100,000 worth of renovations done to it due to(among other things), all rooms being painted black, cigarette burns everywhere on the carpet....Which leads me to think that fixing up the house and selling it under a FHA mortgage to a qualifying family was probably a smart move...
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11-17-2008, 07:04 PM
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mmmm......Valuable lesson learned. Make $25K, buy a $250K house with nothing down, variable rates... I might end up homeless..Yup, nope, I don't feel bad at all... Survival of the fitest, or in this case, the one's with common sense.
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11-17-2008, 08:21 PM
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Targeting the financing at low income families is kinda what got us into this mess. A family making 75k is considered low income by what standards? How are they using state money for this? Sounds like it could turn into some kind of section 8 housing thing. Do you have a link or could you tell me where I could pull this story up so I can read a little more about it.
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