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Where Have All The People Gone?

By
Services for Real Estate Pros with The Real Estate Investment Institute 1retiredsage

Where have all the home owners gone?

Long time passing.

Where have all the people gone?

Long time passing.

Defaulted and disappeared every one.

When will they ever learn?

When will they ever learn?

Where have all the home owners gone?

Where have all the people gone?

Where? Where? Where? Where?

I sit in Las Vegas and look at the vacant foreclosures and have to ask where have all the people gone? We have one zip code, North Las Vegas that is said to have more foreclosures than any other zip code in the country and yet the population continues to grow!

Every one claims to know the cause of the problem, it's every one else! Every one has a solution, more government control for every one else! The government has solutions, more law, more taxes, more subsidies, more dependancies!

But no one has studied the problem. No one wants to know what happened or why! No one can tell us where have all the people gone?

May be in the East and Midwest some have returned to live in their parents basements, but we have few basements in the South and West. What happens when elderly parents have more than one deadbeat? Where have all the home owners gone?

I've yet to encounter or read about REALTORS or lenders dealing with new former home owners. So, please, tell me where have all the people gone?

Bill

William J Archambault Jr

The real Estate Investment Institute

My apologies to Pete Seeger.

Posted by

Bill

William J Archambault Jr

The Real Estate Investment Institute

wja@reii.org      Cell 832-259-7078,      Houston 832-582-8415,       Las vegas 702-516-1569

     http://www.reii.org  Back Cover One House At A Time http:www//reii.orghttp://www.flippingforfunandprofit.info/ http://www.billarchambault.com   

From my past: GRI 1975, FLI 1974, Catalyst from a client 1974 an agent that makes things happen, REII, The Real Estate Investment Institute 1995.

http://www.reii.org

©William J Archambault Jr   ©The Real Estate Investment Institute   ©REII

Comments(8)

Jeff Johnson
On the Move - Louisville, KY
Proud To Be Your Realtor

WOW that blog seems kinda sad.  Are you serious?  I think that is the same song so many folks were signing back in the 80's when everyone left the midwest and north for the sun and fun of the south and west!!!

Guess like everything else it is all a big circle!

Jul 24, 2008 08:45 AM
Charlie Ragonesi
AllMountainRealty.com - Big Canoe, GA
Homes - Big Canoe, Jasper, North Georgia Pros

I saw a show with a guy from Vegas. He was a mortgage broker. He was selling at 30k under his purchase price . He said i am selling because I know the market. Well what the heck did he know??? He bought high , is selling at a loss and oh PS he has a roomate paying rent and still cannot afford the place !!! It really steamed me the the commentaor at this point did not say you don't know squat. But it did high light how rouogh your market is. And for that you have my sympathy

Jul 24, 2008 08:48 AM
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Let's see.

Some are living where they always did, in their primary residence.

Some (and I know a few of them) rented before selling short.

Some are renting from private parties that don't pull credit.

Some are renting with money they didn't use to pay their mortgage for the past year.

Some are with family. 

I hear the market on mobile homes is hot. 

Jul 24, 2008 08:53 AM
William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX

Jeff,

Here in Las Vegas we keep gaining people and REO's. I want to know where the home owners went.

Bill

Jul 24, 2008 08:53 AM
Bryant Tutas
Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL
Selling Florida one home at a time

Bill, That's a darn good question. We have tons of empty foreclosure homes yet it's still difficult to find renters. If you find them send them my direction. I've got plenty of cheap houses for sale. If only we could find mortgage money!!!!

Jul 24, 2008 09:41 AM
R. B. "Bob" Mitchell - Loan Officer Raleigh/Durham
Bank of England (NMLS#418481) - Raleigh, NC
Bob Mitchell (NMLS#1046286)

Please be careful painting all of these folks with the same "dead beat" brush.  I know of quite a few folks that worked hard to try and save their homes from foreclosure but couldn't because they couldn't get refinanced out of a mortgage that had turned userus. 

Instead of bailing out JP Morgan and Bear Sterns, maybe the government (and us too) would have been better off if they had spent those billions bailing out homeowners who wanted to make their payments but couldn't.

As far as where these former homeowners went....I would imagine that they are renting somewhere.

Bob Mitchell

ValueList Real Estate Services, Inc.

Jul 25, 2008 04:02 AM
William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX

Bob,

Perhaps "dead beat" is a little harsh. But, what would you call some one that doesn't make the payments they agreed to?

There has been very few findings of fraud against consumers.  I understand the pain an individual can experience, but it changes nothing. If they lost the house, it's because they didn't make the payments they agreed to! I know it's PC to think of everyone as a "Victim" and most are, a victim of their own making!

Don't get me started om the Bea Sterns scandal. Or you'll be defending them, for my opinion of what the bureaucracy did to the tax payer is hard to express politely.

I call a long handdled retangular shovel a spade!

I agree with you about renting, but where have all the rentals come from?

Bill

Jul 25, 2008 05:36 AM
Gene Allen
Fathom Realty - Cary, NC
Realty Consultant for Cary Real Estate

I guess the former owners are renting and new buyers are coming in but at a slower pace.  Maybe I should sell here and buy there.

Jul 28, 2008 12:58 PM