Well, I guess slowdown in the RE market has now arrived here in Idaho although I still think, overall, we are still doing fairly well. But, the local TV news carried something tonight that floored me!
Local real estate agency is chartering a bus to take a group of potential Buyers on all day bus tours to 15-20 foreclosed houses ranging in price from 200K on up.
As background, agency explained foreclosures have increased 50% over last year and there are now 700-1000 foreclosures on the market in a metro area of 300,000 people. Since they are getting numerous requests from people who want foreclosures vs short sales, they're doing this and making it into a fun event for all!
Quess it makes sense to maximize showings but have to say I was surprised to hear about it. Anyone have experience with this concept or is it simply an innovative marketing idea someone local has come up with?
This message has been edited. Last edited by: Idaho Resident,
If I'm not mistaken, a lot of the ARMs and subprime-whatnot reset this summer don't they? I would think over the next year, and into the first half of 2010, these bus tours will be busy. I doubt it's gonna be just for this selling season. The bubble areas felt the heat first, but the rest of the country is not going to escape the complete cycle of the *crisis*.
As said, they're doing that in Northern Virginia - and I've heard of it happening pretty much everywhere. It's a way for realtors to do a scheduled run through different pricepoints of homes - and these are really nice homes!!! I guess now that some of the foreclosures are as nice (or nicer) than some of the regular listings, there's a market for the tours...
Posts: 3623 | Location: Northern Virginia, USA | Registered: May 29, 2003
Yes, a local credit union here in MA is doing the same thing and touting it as some kind of super fun party scene. Personally I feel it is tasteless and sad to execute a tour in this manner, and have decided I would NEVER go to this credit union for a mortgage or other loan, for this reason alone. It is humiliating enough for people to loose their homes to foreclosure, let alone make a "fun time" of it for the public. I was disgusted when I got the e-news advertisement.
Posts: 1163 | Location: Massachusetts | Registered: Jan 03, 2003
The Sacramento has these all over, just pick your city. We also have our own housing bubble blog. What surpised me was that NoVA has it's own bubble blog too. I though NOVA was different. NOVA Bubble Fallout
Trust me - there were just as many (if not more) stupid people in NOVA that bought more house than they could afford and now are in serious trouble. What you don't get here quite as much is the "lack of jobs" issue, there are plenty of jobs here, but you sure do get the "what do you mean my house isn't worth the ridiculous price I paid for it and it must be somebody else's fault that I can't afford this mortgage". Sorry - I really can't blame a whole lot of other people than the buyers that needed that huge house (and they do build them big here) because everyone else had one.... From a buyer's perspective, these foreclosures are a good potential buy - many are in amazing shape.
Posts: 3623 | Location: Northern Virginia, USA | Registered: May 29, 2003
You know, I had a great deal more sympathy before I joined "realtytrak" and got an eyeful of the loans and liens on these foreclosure houses. They're all the same, too -- first and second mortgages equaling or exceeding the purchase price of the house (no money down) and then HELOC after great big hulkin' HELOC.
When did this 'using your home as a bank' nonsense begin? I may be living in the 70s or something, but I'm just stunned by it, I really am.
Posts: 219 | Location: Arizona | Registered: Mar 14, 2007
