Real Estate Foreclosures in a Nutshell
A snap shot into the Real Estate Crisis: Lehigh Acres
Below is an interesting documentary called Dreams for Sale: Lehigh Acres and the Florida foreclosure crisis.
However, one part of this documentary that I didn’t feel they spent enough time on – was the fact that many customers were lured in with sub-prime and aggressive adjustable-rate mortgages, no money down offers and more. Quite simply – folks that shouldn’t have been purchasing homes were all “jumping on the bandwagon” without know what the potential future of this bubble – and our economy as a whole was. It also didn’t depict the greed many of these new “start-up” Real Estate offices that would allow practically anyone to buy – just to make a buck. Still, it’s an excellent look into how bad it is out there.
Another thing that deserves mention nowadays is – that a select few people, groups and companies have made tons of money – even in the down-economy. Whether it’s those “in the know” (i.e., insiders), or lucky recipients of bailout money (i.e., insiders), or those that essentially caused this whole economic crash (i.e., insiders). I find it funny now that the prices have come slamming down – that foreclosed properties are being bought out by investment groups – to make money once again. How did a select group of people get such deep pockets? Just smart investing?
Anyway – the NYC tri-state area, while suffering much less than cities like Lehigh Acres still suffered nonetheless. In my opinion, one thing that has prevented this “gold coast” area from falling completely during this market correction is – that you’ve always needed to be wealthier than the rest of the country to live comfortably out here. In other words, the customers are of a higher caliber. However, I still think that doesn’t mean we’re one big economic crisis from having similar issues. At that point – I’d suspect much more foreign money will start infiltrating.
Related: Bloomberg reported yesterday that foreclosures are expected to jump 20% more in 2011. Doom?
Below is Part 1 of the documentary.
Dreams for Sale Part 1:
See Part 2 and Part 3 after the jump!
Dreams for Sale Part 2:
Dreams for Sale Part 3:
Do you think Hoboken will hold on? If so, why? For how long? If not, why? When will it collapse?