Atlanta Foreclosure Crisis Upclose

[joejoemorgan]

Hope and change baby

[Sassymarkrep]

I remember when I first looked into relocating to this area from California and the agent was pushing interest only loans. Luckily we had done our homework but he kept pushing it, so we changed agents. A lot of people went with it and now are suffering.

[pikeasaurusrex]

Almost 3 years later the prices have continued to decline and quite frankly you'll still be paying too much. Home prices are nowhere near bottom!

[The7legacy]

There are 10 money rules to live by------- 1-Live within your means. 2-Don't buy stuff you don't need. 3-One credit is all you need. 4-Establish a personal budget. 5-Track your monthly spending 6-It’s Not What You Earn, It’s What You Spend. 7-Does my income more than cover all these expenses? 8-What could I have spent less on? 9-Eat in rather than out 10-Listen to your Conscience.

[nighthawk006phoenix]

@The7legacy: That's good advice!

[Modacolorist]

"When the market turns around" - Wow what an imagination.

[snitchboy12]

and no one goes to jail. Nice

[notorious3483]

see it every day.. i cut all the yards for the banks. it sucks .

[MrBigPoppa43]

HUGE OPPORTUNITY EXISTS CLEANING FORECLOSED HOMES FOR BANKS

hotshorturl(DOT)com/abl24

[castletriglav]

@MrBigPoppa43 Stop spamming asshole.

[689362003]

this is why i will never buy a house! untill i save up enough to pay cash

[evolutionsolutionco]

hey man...I thought I saw the end of the housing depression or at least the bottom. I paid $650,000 cash for a foreclosure home that was selling for over 1,4 million in 2008 and to be honest...I don't know if I could even get what I bought the house for today. I thought I could flip my house in 2 years in order to avoid capital gains taxes but no profits will be seen until all the garbage ie short sales and foreclosures get bought up, torn down, etc..

[pondovillage]

The first part of his video discusses the West End of Atlanta. This was an inner city area of lower income working class residents living in modest priced homes built in the 1920s -1940s that sold for $30k to $50k all through the 1980s and early 90s. Then speculators targeted the area for rehab and flipping using crooked mtg brokers and appraisers and drove the prices up to $350k!! by 2005. The local residents were being bought out by investors while rising property tax forced out others.

[pondovillage]

Now the area is a sea of boarded up homes, many listed by banks for $25k to $40k, less than prices 20 years ago. However, due to the credit crunch and often times the vandalized condition of these properties, the potential homebuyers who would owner occupy these homes cant get financing, so they sell cheap for cash or just sit. The speculators made a killing selling to eachother and milking the banks who are stuck with the mtgs. GA has the highest bank failure rate in the US, this is why!

[mwadevilg]

I like what he said about legitimate buyers. My definition of that is someone who wants a home sweet home to live in and love and grow with their family.Not some house flipping fags and mortgage lenders and real estate brokers that artificially drive up values fot their greed. We have lost our family values a long time ago, why shouldn't we also lose the "home" of those values? Think about it.

[jandean61]

i GOINg to do a video like this for Austin,Texas......oh, wait, Austin,Texas doesn't have rampant foreclosures.......

[shakespir23]

fix your hairline fucker

[tonmagicwon]

LIKE YOUR PERFECT

[AmericanDiaz]

fix your mouth, his hairline is fine but your mouth is full of doo doo, haha.

[hunnypb78]

Strange how he could pay to fix the house and not pay his mortgage.

[November302008]

Just google Fix Housing First. Some really good ideas.

[MondoBeno]

It's terrible when a homeowner loses his/her house. But there's a lesson to be learned here.

Never take out an adjustable loan. And don't buy a house you can't afford to pay for.

A family that can't be happy in a tiny house won't be any happier in a big one.

When Christmas comes around, don't go on a spending binge. Think of others. The $100 you spend on the tree can feed 10 people.

[timecatfatima]

Mondo Beno,

Foreclosure is not about home sizes. Many people live in small homes and have lost their jobs,causing them to foreclose. Others were sold off on Adjustable Rates with the note of you can always refinance later, but the market took a slump. Most of the foreclosures are due to lack of employment.

[AmericanDiaz]

yeah and that $100.00 isnt even 10% of their mortgage payment, get out of fantasy land and stop making apologies for criminal bankers and lenders who got bailed, out do not forget.

[monkeyman1140]

The lesson to be learned here is that the wealthy drink first from the government money trough.

[snitchboy12]

sad.........

[Defender78]

Im sure most of these foreclosed high-end homes once belonged to ppl who tried to live above their means, in too nice of an area, in too exclusive of a location

[monkeyman1140]

No, these people were able to afford their houses, but then some wealthy people on Wall Street sold off the mortgages as if they were stocks, and when they lost their butts in the markets, they jacked up ARMs to pay off their debts due to incompetence.

[sjbst17]

Excellent overview of housing situation across industries and income levels. Touches on mortgage fraud and impact of flipping on the housing bubble. Gives a good idea of investor opportunities and price points in Atlanta.

[gordyt99]

Excellent video, Kyle.

[Anothercoilgun]

Great video. I learned about redlining. Time for me to go research this and add to my rapidly growing knowledge about real estate. Not by desire but by will not to be cheated as I become aware that this industry serves no purpose other than this.

Make sure you do not crash your car. Strange to see only one video. You ought to do more because this is really good. Real estate tutorials on wheels.

[BubbFromGEI]

thanks for posting this video. I'm from Hong Kong and London, England - so it was interesting to hear about redlining.

[glennmg]

Good video with commentary about the Atlanta real estate market.