Foreclosure Map

[musicman]

foreclosure map looks like downtown, montrose and the washington areas are some of the hardest hit within the inner loop. 10 out of 62 of the franklin lofts are in foreclosure. 39 of 69 of the kirby lofts are in foreclosure. Edited March 8, 2008 by musicman

[Trae]

Not surprised at the North Katy/Morton Ranch area.

[KatieDidIt]

Not surprised at the North Katy/Morton Ranch area.

Wow, N. Katy is getting slammed. Is this the same area that got hit in the 80's as well? That blob seems to cover some parts of Cypress as well.

I'm really not too surprised by all the lofts. I think they built too many too fast. I do think eventually they will fill up when the traffic becomes too unbareable, but most buyers are still thinking house with a yard.

[ricco67]

From what I know, I'm not too surprised at the 'burbs. With people pushing the limits with their mortgages, it was the cost of living increases (particularly fuel) made it rather difficult for people to maintain a lifestyle. I think the ones that have moved in close to be near their jobs might fare better in the long run because they won't have to devote so much of their budget on fuel.

on an anecdotal note, fewer SUVs and more scooters and smaller cars are being spotted in montrose and midtown.

I wonder what the stats for auto repo's are like?

[bachanon]

i seem to remember discussions on this board two years ago about a pending crisis due to almost fraudulent lending practices by builders "helping" people qualify who shouldn't have in the first place.

the overbuilding occurred because people who shouldn't have qualified for loans did. building only occurs because money is being handed over. the builders wouldn't have been able to build so much had they not had loose lending practices in place.

would be nice for some of the former homeowners to come forward and say that the builder helped them qualify by lying. but, i don't see that happening.

good point ricco. i wonder if cars are being repo-ed more too? that could certainly water down my loose-lending practices hypothesis by builders.

[KatieDidIt]

From what I know, I'm not too surprised at the 'burbs. With people pushing the limits with their mortgages, it was the cost of living increases (particularly fuel) made it rather difficult for people to maintain a lifestyle. I think the ones that have moved in close to be near their jobs might fare better in the long run because they won't have to devote so much of their budget on fuel.

on an anecdotal note, fewer SUVs and more scooters and smaller cars are being spotted in montrose and midtown.

I wonder what the stats for auto repo's are like?

I know its made a difference to us in our moving back in. Hubby went from 20,000 miles a year and filling his tank every 3 days to 10,000 a year and filling his tank every two weeks.

I've gone from 14,000 a year back down to 7,000. I think I fill up every three weeks or so.

Not to mention we don't pay toll fees anymore.

I do wonder why the car repo scandal hasn't hit the news. You know its got to be out there.

[ricco67]

I know its made a difference to us in our moving back in. Hubby went from 20,000 miles a year and filling his tank every 3 days to 10,000 a year and filling his tank every two weeks.

I've gone from 14,000 a year back down to 7,000. I think I fill up every three weeks or so.

Not to mention we don't pay toll fees anymore.

I do wonder why the car repo scandal hasn't hit the news. You know its got to be out there.

Well, for one thing, it isn't as sexy as home repo's.

You can tell ME about fuel costs, on some of my busier weeks, I've refilled my tank every day. Fortunately for me, I only refill every other day, but as you can imagine, it cuts into my bottom line. My clients as of late hasn't been so lucky. I've had a few (former) clients get their cars repo'ed or "downgraded" shortly after they had to let me go. The signs are all there when someone is getting financially unattainable ground. It's usually their pride that gets them into trouble when it comes to keeping up appearances. Even I had to cut back. I have only given away 4 designer purses to friends in the past year.

[TheNiche]

Wow, N. Katy is getting slammed. Is this the same area that got hit in the 80's as well? That blob seems to cover some parts of Cypress as well.

Bear in mind that the bubble map is broken out by zip codes, and that zip codes are neither of uniform size or uniform population. When zip codes get redrawn, the idea is that they be only so large as to not exceed certain upper and lower population thresholds, but that hasn't been done in a long time, and the upper limits to which the suburban zip codes were designed have been surpassed long ago.

The bottom line is that bubbles may reflect where homes have been built more accurately than they reflect the percentage of all homes that are in foreclosure.

[TAK]

From what I know, I'm not too surprised at the 'burbs. With people pushing the limits with their mortgages, it was the cost of living increases (particularly fuel) made it rather difficult for people to maintain a lifestyle. I think the ones that have moved in close to be near their jobs might fare better in the long run because they won't have to devote so much of their budget on fuel.

on an anecdotal note, fewer SUVs and more scooters and smaller cars are being spotted in montrose and midtown.

I wonder what the stats for auto repo's are like?

My father works for a tracing / locating service. Auto repos in Harris County are sky high. People stop paying car notes before house notes.

[pineda]

Looking at zip code 77356, I was kinda surprised to find:

April Sound had 19 homes, Bentwater had 27, Grand Harbour had 19 and Walden on Lake Conroe had 26 foreclosed homes.

Anybody looking to pick up some lakefront property, cheap? Good time to be looking at Lake Conroe.

[KatieDidIt]

Looking at zip code 77356, I was kinda surprised to find:

April Sound had 19 homes, Bentwater had 27, Grand Harbour had 19 and Walden on Lake Conroe had 26 foreclosed homes.

Anybody looking to pick up some lakefront property, cheap? Good time to be looking at Lake Conroe.

We're waiting for people to start dumping the ranch properties. Tons are coming on the market, but not reduced to "feeling the heat" prices yet. Give it a year and land might become reasonable again.

[TheNiche]

We're waiting for people to start dumping the ranch properties. Tons are coming on the market, but not reduced to "feeling the heat" prices yet. Give it a year and land might become reasonable again.

Possibly somewhat, but rural land prices have really been driven sky-high as a result of 1031 Exchange buyers, frequently Californians.

[BryanS]

Possibly somewhat, but rural land prices have really been driven sky-high as a result of 1031 Exchange buyers, frequently Californians.

That's interesting. All that fictitious CA land value, swapped out against other like properties, around the nation. That's going to have to get unwound too.

Back on topic... Looking at what happened in the northern part of Katy - there's your subprime example. When you zoom in to other parts of the city, it doesn't look that bad...