Providence Foreclosures

Discussion in 'The Loafing Shed' started by AmyB, Oct 13, 2008.

  1. AmyB

    AmyB New Member

    Holy crap. I just heard that the providence subdivision (on the far west side of Elgin) had over 100 house foreclosures in the past month. I am guessing the builder must have had one particular lender and they put people into these houses beyond their means. Aside from that, the taxes alone make it hard for people to afford them, well over 8 grand a year.

    I was told that they are packaging the foreclosures, 10 homes for a million. That's actually dirt cheap if you happen to be loaded. Bad thing aside from the obvious that this market is gonna take a long time to fix is that the foreclosures put everyone in an upside down situation and scarier yet is they'll never recoup because it will turn into a rental area from hell and I foresee alot of section 8 so you know the subdivision will just go to hell.

    I wish they'd just put a complete freeze on allowing any new building for a while around here (or anywhere) just so things can start to balance someday soon.
  2. poodlelover

    poodlelover Moderator

    I was just thinking the other day that I've only seen one house going up in the past several months and it's out of town on private land - not a subdivision thing at all.

    I would guess you're probably right about the one lender being used by the builder. What a nightmare!!

    When I bought my house they told me I could afford waaaay more than I was willing to spend. I said no freakin' way. I bought a house for the same money I sold the old one for. Anybody with half a brain knows what they can afford and what they cannot - even those who don't own horses.