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View Full Version : Question about the Crecent City


85Sooner
3/28/2006, 11:53 AM
Now that it has been over 6 months since hurricane Kat. Alot of the properties havn't been touched. I would assume that the folks who owned those properties had mortgages on them.Assuming that probably alot of those owners are now not making payments, how long will it be before the banks forclose on all these properties and put them on the bidding block giving some folks great opportunities?
mdklatt
3/28/2006, 11:55 AM
Where's the repos?


That commercial made me want to punch somebody in the face. :mad:
Frozen Sooner
3/28/2006, 11:57 AM
Hopefully those people all had flood insurance which paid off their mortgages.
mdklatt
3/28/2006, 11:59 AM
Hopefully those people all had flood insurance


Ha! Good one.
Harry Beanbag
3/28/2006, 12:01 PM
I'm sure you can get some good deals on cars...
slickdawg
3/28/2006, 12:07 PM
A significant portion of the areas flooded in New Orleans East were
run by slumlords, so its thier loss.

Areas like Lakeview, where home ownerships rates were high, I've not heard
of hig foreclosure rates. The banks are encouraging rebuilding are
are showing a lot of patience. I don't think they want to foreclose
a property that is still vulnerable to hurricanes that they can not resell,
and take massive losses. The Lakeview homes are pricey - 500K and more.
TUSooner
3/28/2006, 12:40 PM
A significant portion of the areas flooded in New Orleans East were
run by slumlords, so its thier loss.

Areas like Lakeview, where home ownerships rates were high, I've not heard
of hig foreclosure rates. The banks are encouraging rebuilding are
are showing a lot of patience. I don't think they want to foreclose
a property that is still vulnerable to hurricanes that they can not resell,
and take massive losses. The Lakeview homes are pricey - 500K and more.
I spend (spent :( ) a fair amount of time in Lakeview, and I believe most homes are much less than the $500K range. But the point is good anyway, banks are being patient. And there WAS a lot more insurance than you might think, so many empty homes are now paid off - wrecked, but paid off. But vultures / entrepreneurs take heart, bargains are available with or without foreclosures. If I had money, I'd buy some Lakeview properties because the flooding there was pretty fluky. No wait ! If I had money I'd buy property in Oklahoma. :rolleyes: (Sheesh, what was I thinking ?!?!)