Minnesota's foreclosure wave moves upscale

  • Article by: SUZANNE ZIEGLER , Star Tribune
  • Updated: April 28, 2009 - 10:34 PM
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notmetooApr. 28, 09 9:40 PM

That doesn't make a whole lot of sense. Like there is a crop of people who are used to this??

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jdcollins82Apr. 28, 0911:15 PM

...these "upscale" folks have been hit hard from day one too, just in fewer numbers than we're seeing now.

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dinodinoApr. 29, 09 7:48 AM

Glas to see that we are seeing that the foreclosures are related to job loss. This has been my concern. Obama doesn't seem to realize that with no job, you have no income. Until we can get folks back into the workplace their will be more and more of this. I am concerned about my situation as well. Would love to stay in my house, but with no job it is be difficult. What do we do? Don't have the time or money to go back to school, kinda causes more debt. Something has got to happen quickly. Maybe he should call for a freeze on foreclosures if someone is unemeployed and has no income.

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abbynormalApr. 29, 09 7:58 AM

and the credit cards absorbed it every year. Then refinance absorbed the credit card debt and the cycle began again. Wages did not keep up with government spending. Even the frugal got duped. Now what? Welfare lifestyle is looking better every day. Free everything. Pick your middle class house, full health insurance with no deductible, food, car, car insurance, free smokes and drinks. After all those years of being overworked and underpaid, we deserve a break, too. Where do I sigh up?

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bus411Apr. 29, 09 9:23 AM

One of the realtors running the real estate information radio show did an analysis of "bargain" homes that had dropped /or/sold for more than $1 million less than since first listed. He had a substantial list all over the cities, mostly big foreclosures. Many of which dropped or sold for more than 50% less than when they first listed it. It is interesting because people in the multi-million dollar range never used to BUY with mortgages but rather when they did get a mortgage, it was either later to leverage their house for cash needs or was encumbered as part of their general portfolio financing package. And the reason why big homes drop so much? Because usually people able to afford multimillion dollar homes prefer - and can afford - to have it built "their way" rather than buy someone else's idea of a home. Hence many teardowns of even expensive homes just to get the location. To sell the big homes they have to virtually dump them sometimes. Very interesting. None of these are sub-prime defaulters either - and most are either themselves or have shrewd financial advisers. Yet they are in trouble too.

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