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Older homeowners falling more into foreclosure


By Ironman   Follow   Sun, 2 Dec 2012, 11:49pm PST   2,758 views   60 comments   Watch (0)   Share   Quote   Permalink   Like (1)   Dislike (3)  

Homeowners more than 50 years old are falling into foreclosure faster than any other age group, particularly widows whose husbands held the mortgage, said the New York Times.

Foreclosures among homeowners over 50 increased by 23% over the past five years, resulting in 1.5 million foreclosures.

The main reason for the rise in foreclosures is due to women outliving their spouses and not being able to cop with ballooning, medical costs, mortgage and pension cuts.

One of the problems is older Americans are saving less and borrowing more, said executive vice president for policy Debra Whitman of AARP.

http://www.housingwire.com/news/monday-morning-cup-coffee-homeowners-over-50-fall-foreclosures

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I guess all those kids of these seniors better plan on another way to get a "free" house because it won't be mom and dad's they get.......

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Ironman   befriend   ignore   Mon, 3 Dec 2012, 4:25am PST   Share   Quote   Like   Dislike (4)     Comment 21

CaptainShuddup says

Notice every chart is in a taper down trend. Coincidence or Convenience?

OK, then add this one too, no chart, you'll have to read it:

Study: American Households Hit 43-Year Low in Net Worth

30 Nov 2012 The median net worth of American households has dropped to a 43-year low as the lower and middle classes appear poorer and less stable than they have been since 1969. According to a recent study by New York University economics professor Edward N. Wolff, median net worth is at the decades-low figure of $57,000 (in 2010 dollars).

And as the numbers in his study reflect, the situation only appears worse when all the statistics are taken as a whole. According to Wolff, between 1983 and 2010, the percentage of households with less than $10,000 in assets (using constant 1995 dollars) rose from 29.7 percent to 37.1 percent…

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Yep, the baby boomers are definitely "wealthier"...

Ironman   befriend   ignore   Mon, 3 Dec 2012, 4:27am PST   Share   Quote   Like   Dislike (4)     Comment 22

tatupu70 says

Call it Crazy says

The cold hard facts are available for all to see:

I'm not sure you know what a fact is. You have some facts listed there, along with many estimates or outright opinions. Your point would be much better made if you actually stuck to facts...

Newsflash, the election is over... there are no more Troll Dollars for you!!! You'll need to go to a different forum if you want to troll...

Now, back to your tree stump....

Mr Happygoluckofus   befriend   ignore   Mon, 3 Dec 2012, 4:30am PST   Share   Quote   Like   Dislike (3)     Comment 23

This chart also says there were no consumer goods to purchase before the 1960's.

Sears and Roebucks The first Sears catalog was published in 1888. By 1894, the Sears catalog had grown to 322 pages.

Woolworth The first Woolworth store was opened by Frank Winfield Woolworth on February 22, 1878.

The Model T was introduced on October 1, 1908. It had the steering wheel on the left, which every other company soon copied. The entire engine and transmission were enclosed; the four cylinders were cast in a solid block; the suspension used two semi-elliptic springs. The car was very simple to drive, and easy and cheap to repair. It was so cheap at $825 in 1908 ($21,340 today) (the price fell every year) that by the 1920s, a majority of American drivers had learned to drive on the Model T.

Ford created a massive publicity machine in Detroit to ensure every newspaper carried stories and ads about the new product. Ford's network of local dealers made the car ubiquitous in virtually every city in North America.

In 1900, Brazilian priest Roberto Landell de Moura transmitted the human voice by wireless. According the newspaper Jornal do Comercio (June 10, 1900), he conducted his first public experiment on June 3, 1900, in front of journalists and the General Consul of Great Britain, C.P. Lupton, in São Paulo, Brazil, for a distance of approximately 8 km. The points of transmission and reception were Alto de Santana and Paulista Avenue.

One year after that experiment, he received his first patent from the Brazilian government. It was described as "equipment for the purpose of phonetic transmissions through space, land and water elements at a distance with or without the use of wires." Four months later, knowing that his invention had real value, he left Brazil for the United States of America with the intent of patenting the machine at the US Patent Office in Washington, DC.

Having few resources, he had to rely on friends to push his project. In spite of great difficulty, three patents were awarded: "The Wave Transmitter" (October 11, 1904) which is the precursor of today's radio transceiver; "The Wireless Telephone" and the "Wireless Telegraph," both dated November 22, 1904.

In June 1912 after the RMS Titanic disaster, due to increased production Marconi opened the world's first purpose-built radio factory at New Street Works, also in Chelmsford, England.

Televisions Commercially available since the late 1920s, the television set has become commonplace in homes

tatupu70   befriend   ignore   Mon, 3 Dec 2012, 4:33am PST   Share   Quote   Like   Dislike     Comment 24

Call it Crazy says

Newsflash, the election is over... there are no more Troll Dollars for you!!! You'll need to go to a different forum if you want to troll...
Now, back to your tree stump....

Personal insult, check. Ignoring the point of the post, check.

I think, perhaps, you need to look inward to find the troll.

tatupu70   befriend   ignore   Mon, 3 Dec 2012, 4:33am PST   Share   Quote   Like   Dislike     Comment 25

CaptainShuddup says

This chart also says there were no consumer goods to purchase before the 1960's.

The chart says there were no consumer goods to purchase during the war. See the circle?

It was trying to explain the very high savings rate during the war.

Ironman   befriend   ignore   Mon, 3 Dec 2012, 4:37am PST   Share   Quote   Like   Dislike (4)     Comment 26

CaptainShuddup says

This chart also says there were no consumer goods to purchase before the 1960's.

The whole point of the chart I posted is to show, even with two income earners, the amount saved has gone down in the last few decades. Many households have more available money, but they have been spending it just as quick...

They aren't saving for the "rainy day", retirement or apparently, to be able to pay their mortgages when they get older....

Ironman   befriend   ignore   Mon, 3 Dec 2012, 4:39am PST   Share   Quote   Like (1)   Dislike (4)     Comment 27

tatupu70 says

I think, perhaps, you need to look inward to find the troll.

Why don't YOU step up to the plate and post some usefully info instead of trolling threads finding fault with everyone???

Mr Happygoluckofus   befriend   ignore   Mon, 3 Dec 2012, 4:39am PST   Share   Quote   Like   Dislike (3)     Comment 28

Of course there were consumer goods to purchase during the war.
As metal was rationed for the war effort, products went from pressed metal, that you only bought one of in a life time, to plastics and wood that you had to replace every few years.

Manufacturing ultimately benefited by lowing costs, from learning to with out metals and other resources needed for the war.

Ceffer   befriend   ignore   Mon, 3 Dec 2012, 4:49am PST   Share   Quote   Like   Dislike     Comment 29

The "golden age" for workers was post WWII up to about 1975. After that, hit and miss but admittedly a bit better than now. That would only include a few of the baby boomers for part of their career. Actually, WWII veterans who survived had the best opportunities, they really had to try hard to fail.

Young people who are jealous of baby boomers just have their history jumbled up. Most baby boomers have had to work and save with two earner households in less than optimal times.

However, imprudent does not get better with age, so it doesn't mean that wastrel baby boomers won't have consequences.

I am seeing a lot of people in their 60's, even with health problems, saying they will have to work until at least 68 to 72. Reasonable retirement is becoming a luxury for the working, only government workers seem immune.

Ironman   befriend   ignore   Mon, 3 Dec 2012, 4:50am PST   Share   Quote   Like   Dislike (4)     Comment 30

Call it Crazy says

The whole point of the chart I posted is to show, even with two income earners, the amount saved has gone down in the last few decades. Many households have more available money, but they have been spending it just as quick...

Another chart
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tatupu70   befriend   ignore   Mon, 3 Dec 2012, 4:58am PST   Share   Quote   Like   Dislike     Comment 31

Call it Crazy says

Why don't YOU step up to the plate and post some usefully info instead of trolling threads finding fault with everyone???

You usually don't find the info I post to be useful, unfortunately, but I have and will continue to post it.

The savings rate decline is definitely a problem. Although peoples' attitudes definitely are part of the story, I think the wealth disparity is another part. That is the core problem and you can find symptoms of it everywhere you look.

Ironman   befriend   ignore   Mon, 3 Dec 2012, 5:03am PST   Share   Quote   Like   Dislike (4)     Comment 32

tatupu70 says

I think the wealth disparity is another part. That is the core problem and you can find symptoms of it everywhere you look.

You Really have a problem with people who are more successiful then you, don't you.... maybe you should step up, and work harder, then you can join their income ranks.....

...or, work the "system" like they do.... just stop complaining about it if you're not going to change it!!!

Goran_K   befriend   ignore   Mon, 3 Dec 2012, 5:06am PST   Share   Quote   Like   Dislike (2)     Comment 33

Call it Crazy says

Why don't YOU step up to the plate and post some usefully info instead of trolling threads finding fault with everyone???

Just use the ignore function on Tatupu. He's the 9th most ignored member on the site. Once he figures out that he's practically been ignored by everyone on the site, he will stop trolling.

tatupu70   befriend   ignore   Mon, 3 Dec 2012, 5:35am PST   Share   Quote   Like   Dislike     Comment 34

Goran_K says

Call it Crazy says



Why don't YOU step up to the plate and post some usefully info instead of trolling threads finding fault with everyone???


Just use the ignore function on Tatupu. He's the 9th most ignored member on the site. Once he figures out that he's practically been ignored by everyone on the site, he will stop trolling.

Thanks Goran--I'm flattered.

Ironman   befriend   ignore   Mon, 3 Dec 2012, 5:37am PST   Share   Quote   Like (1)   Dislike (5)     Comment 35

tatupu70 says

Just use the ignore function on Tatupu. He's the 9th most ignored member on the site. Once he figures out that he's practically been ignored by everyone on the site, he will stop trolling.

Thanks Goran--I'm flattered.

Too bad he won't see your response, because your IGNORED!!

tatupu70   befriend   ignore   Mon, 3 Dec 2012, 5:38am PST   Share   Quote   Like (2)   Dislike     Comment 36

Call it Crazy says

tatupu70 says



Just use the ignore function on Tatupu. He's the 9th most ignored member on the site. Once he figures out that he's practically been ignored by everyone on the site, he will stop trolling.


Thanks Goran--I'm flattered.


Too bad he won't see your response, because your IGNORED!!

I know--it's kind of crappy to insult someone you have on ignore. But that's typical of Goran.

How did he know how many people have me on ignore, anyway? I can't find that anywhere.

zesta   befriend   ignore   Mon, 3 Dec 2012, 5:45am PST   Share   Quote   Like (2)   Dislike (1)     Comment 37

Goran_K says

I never said that. I said it was a large percentage (I believe I claimed around 30+% based combining my findings from 3 different reports) and it would have an effect on the market. Don't be a realtor liar.

You tried to claim it was 4% of boomers underwater with your "zesta math". I think we both know who was attempting to distort numbers. :

I never said "Boomers paid off their homes 100%" but that didn't stop you from writing that.

You're usually pretty good at trying to back up your wish for lower housing prices with some semblance of an argument. Why would you call me out on a thread I've never posted on, with a statement that's falsely attributed to me? For somebody that likes calling anybody that disagrees with you a troll, you're full of it.

Mark D   befriend   ignore   Mon, 3 Dec 2012, 5:54am PST   Share   Quote   Like (2)   Dislike     Comment 38

tatupu70 says

I know--it's kind of crappy to insult someone you have on ignore. But that's typical of Goran.

Gorak_K is a pussy.

Mr Happygoluckofus   befriend   ignore   Mon, 3 Dec 2012, 5:58am PST   Share   Quote   Like   Dislike (3)     Comment 39

Call it crazy, just buy a damn house already. Your sanity has got to be worth more than the mental anguish you put your self through trying to decipher all of the stupidity that makes the market as mental as it is.

That was the main reason I bought in 2010, and I haven't regretted it yet.
In fact any depreciation here in south Florida anyway, has only seemed to benefit me, as it also lowers my tax and insurance.
And be it real or market manipulation, so far it appears I bought at the bottom. As much as fiscally possible to. Sure RE got cheaper in some sense, and the interest rates even went a full point lower than when I bought. But the zillion of other hidden fees and a barrage of FHA lending fees and out of control MIP since I've bought. It also appears that I caught a brief window when banks were actually approving loans.
So besides the possibility that had I bought a few months later my house for 20 or 30K less. Most likely the banks wouldn't have approved the loan, because I'm not an investor class and it would be against their interests to create a renters society. And in the event I did find a bank willing to loan, even at the lower interest fee, and 20 to 40K less on the purchase price. I would probably be paying few dollars more a month on my total monthly mortgage payment.
The good thing about going forward, everytime they make a new rule and come up with a new fee, I just say... "I'm glad I bought when I did."

Ironman   befriend   ignore   Mon, 3 Dec 2012, 6:03am PST   Share   Quote   Like   Dislike (4)     Comment 40

CaptainShuddup says

Call it crazy, just buy a damn house already.

Hey man, I'm trying to... hell, I signed the contract back in August... unfortunately, there are some useless realtors and attorneys in this deal that don't have the ability to move the ball down the field....

CaptainShuddup says

You're sanity has got to be worth more than the mental anguish you put your self through trying to decipher all of the stupidity that makes the market as mental as it is.

I'm already insane... can't you tell by my avatar :)

Nah, posting here is just a hobby until this deal gets done, then you won't see me.... I'll be busy doing too many of the projects my wife starts.....

Ironman   befriend   ignore   Mon, 3 Dec 2012, 6:11am PST   Share   Quote   Like   Dislike (4)     Comment 41

tatupu70 says

How did he know how many people have me on ignore, anyway? I can't find that anywhere.

Here, look at the last column....
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Mr Happygoluckofus   befriend   ignore   Mon, 3 Dec 2012, 6:15am PST   Share   Quote   Like   Dislike (3)     Comment 42

Call it Crazy says

Hey man, I'm trying to... hell, I signed the contract back in August... unfortunately, there are some useless realtors and attorneys in this deal that don't have the ability to move the ball down the field....

Yeah I had to dig up a retired relic from my Carpet laying days. He was a commercial realtor I did flooring for in the 80's. He said he wasn't even sure if he knew the ropes in residential anymore. But all I needed him for was his funny face and his John Hancock I did all of the leg work. The selling agent kept giving crap about how ineffective Keith was, and how all of the stuff and leg work I was doing was his job. I had to bite my tongue to stop from telling him that he was doing a damn fine job considering I had a signed contract less than a week later after enlisting his help. After three years of being ignored or stirred wrong by hundreds of realtors. It's easy for the selling agent, everyone seeks them out. The buyers agent actually has to get off his ass and find those seller agents.

Especially the buyers agents before I found Keith didn't want to deal with me, because my reality of where the market was headed vs theirs of living in the where it was, was two different realities. I kept telling them I'm looking for a large house with a large lot, for less than $175K no Realtor wanted to hear that shit. It was sacrilege.

Seriously thought try to find someone just willing to do the contract with no other interest in you finding a house. You'll find things start to move then. Realtors today, only get things moving when they think it will benefit THEM.

Mr Happygoluckofus   befriend   ignore   Mon, 3 Dec 2012, 6:20am PST   Share   Quote   Like   Dislike (3)     Comment 43

OH and find a title company that will do all of your legal work as well as the stamp and escrow. That cut out a lot of middle men that would have muddied the waters.

I lucked out the title company guy was also referred to me by Keith, was a friend of his. Even that title guy was giving me crap about doing stuff that was Keith's job. I don't think those well intentioned people in the business knows just how pathetic the Buyers RE portion of the industry really is.
Kieth should win Realtor of the Century as far as I was concerned.

AverageBear   befriend   ignore   Mon, 3 Dec 2012, 6:50am PST   Share   Quote   Like   Dislike     Comment 44

tatupu70 says

Call it Crazy says



Newsflash, the election is over... there are no more Troll Dollars for you!!! You'll need to go to a different forum if you want to troll...
Now, back to your tree stump....


Personal insult, check. Ignoring the point of the post, check.


I think, perhaps, you need to look inward to find the troll.

----------------------------------------
Tatupu, when you say the following, did you not know you would be stirring up the shit-storm w/ one fell swooop of a statement? Sounds like you can dish out the heat, but can't take it. Humor the man, and tell him why you don't agree w/ his facts...

......"I'm not sure you know what a fact is. You have some facts listed there, along with many estimates or outright opinions. Your point would be much better made if you actually stuck to facts..."

Goran_K   befriend   ignore   Mon, 3 Dec 2012, 7:04am PST   Share   Quote   Like   Dislike (2)     Comment 45

zesta says

I never said "Boomers paid off their homes 100%" but that didn't stop you from writing that.

You didn't say that, but you did try to claim that only 4% of boomers were underwater. Something that evidence shows to the contrary.

tatupu70   befriend   ignore   Mon, 3 Dec 2012, 7:08am PST   Share   Quote   Like   Dislike     Comment 46

AverageBear says

Tatupu, when you say the following, did you not know you would be stirring up the shit-storm w/ one fell swooop of a statement? Sounds like you can dish out the heat, but can't take it. Humor the man, and tell him why you don't agree w/ his facts

Fair enough. The true unemployment number is a guess, but I won't really quibble with it.

The ones that I think really aren't facts at all are the true inflation (I'm assuming he means the shadowstats which IMO are very questionable), and the stuff at the end about education, unicorns farting rainbows, and infrastructure. At best they are argumentative and at worst they are exaggerations or fabrications.

Ironman   befriend   ignore   Mon, 3 Dec 2012, 7:25am PST   Share   Quote   Like   Dislike (4)     Comment 47

CaptainShuddup says

Seriously thought try to find someone just willing to do the contract with no other interest in you finding a house. You'll find things start to move then. Realtors today, only get things moving when they think it will benefit THEM.

I found the house but needed a realtor to "present" it to the seller. I didn't need any hand-holding because I've bought and sold a bunch of houses over the years. I thought I'd be a nice guy and give the deal to my brother-in-law's girlfriend, who is a realtor, because her business was slow.... BIG MISTAKE...

Now I know why her business is slow... because she is too!! I also made the second mistake of taking her referral for an attorney because as she said "He's a short sale expert".... MISTAKE #2....

Plus, she has NO balls to push and stir the pot to get answers.... and the attorney is an even worse loser...

So the deal drags along and I can't get any information where it's at.... This is the LAST time I play the "nice" guy....

Ironman &nbs