homes for sale in sarasota: The Foreclosure Snowball
- 01/21/09 06:56 AM
August 2002 - Jim buys a personal residence for $200,000 because he wants to own a home. 2003 - Home prices rise so Jim has more equity in his home. 2004- Home price continue to rise. Everyone is a real estate genius. Jim's house is worth about $350,000 now. December 2004 - Jim gets a line of credit on his home because he thinks that home prices will continue to rise and wants to get in on the action. After all, most of his friends have done it and are making lots of money. March 2005- Jim pulls $40,000 from his line of credit to put … (59 comments)
The Sarasota Herald Tribune reported this today that the number of foreclosure filings dropped by 8.4% in September according to Realtytrac Inc. Sarasota, Manatee and Charlotte counties saw 2,690 filings in September. A few Realtors and Brokers in Sarasota commented in this story with a postive message. They reiterated (of course) that this was a great time to buy and that Sarasota had worked its way through the subprime mess. Helen Sosso, the Sarasota Association of Realtors president, said, "They (banks) are trying to figure out ways to keep people in their homes. Florida is starting to come out of the doldrums. … (0 comments)
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