Speaking of buyers "who were either not qualified, not judicious, or just plain caught up in the speculative frenzy" (see post below) here is a foreclosure I have never seen before - one with two balloons! The property was purchased for $205,000 by Nubia in March 2006. She never owned a home before and her paycheck was being garnished by Asset Acceptance when she got 100% financing. She got two mortgages in spite of the Judgment. Both Mortgages have balloon riders on them! The first mortgage was for $164,000 with an adjustable rate which could go up to 15.440% The second mortgage was for $41,000 and had a balloon with a separate loan number. Foreclosure amount was $178,475.71. The second $41,000 mortgage was not included in the foreclosure. The foreclosure amount is due by February 6, 2008. I have a feeling this will not get paid by Nubia who put nothing down. And, the purchase prices seems over-priced for the neighborhood. Note the chart at left. The foreclosures in 2007 total 23,543 (sans December) which is almost 3 times the foreclosures that occurred in 2005.
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