Red-State Real Estate Blues: 7000 Homes Auctioned Tuesday in Fulton County, Georgia

[El Pinko]

http://www.11alive.com/news/article_news.aspx?storyid=110853

Auctions On The Courthouse Steps

Jaye Watson reports
Reported by: Jaye Watson
Web Editor: Michael King

The foreclosure tallies keep reaching all-time highs -- new numbers out show there were 2 million foreclosures last year. In Georgia, it's a bad situation, with one of the highest foreclosure rates in the nation.

On Tuesday alone, 7,000 homes were auctioned off on the steps of the Fulton County Courthouse.

....

In a mere four hours, 2,000 homes will be auctioned off on the steps. Several auctions happen simultaneously, with buyers working in teams, scurrying from auction to auction, listening for that right address.

....

"My husband and I went through job transitions, we separated and I was laid off," she said.

....

"I just want to ask them to work with me to buy me some time," she said. "Even if I can get 10 days."

[ananda]

1. People with narrowminded biases, hates, and phobias..

.. are so easy to manipulate.

They all voted against their own best interests
and against the interests of the country.. now
they have to pay the price. That really sucks,
for everyone.. because the downturn affects us
all.

[indepat]

3. They truly have voted for the government they are getting

[RubyDuby in GA]

5. Fulton County (Atlanta) is the bluest area in the state of Georgia

It is a heavily Democratic area and these people don't vote against their own best interest - they just get outnumbered by the morans in the rest of the state.

[El Pinko]

9. Thanks for filling in that info.

NT

[conscious evolution]

12. A lot of houses being foreclosed on

are ones that speculators bought with the idea of flipping.Unfortunately they drove up prices so high on older homes that no one can afford them anymore.Combine that with the aggressive subprime swindles being perpretrated by the banking industry along with the glut of new condos and lofts it is no wonder that the foreclosure rates are skyrocketing.

[RubyDuby in GA]

13. That is it in a nutshell!

Atlanta has gone through a period of rampant over development and is now paying the price for it.

[fasttense]

2. A post awhile back said about 405,000 households were

foreclosed on in 2007. That's over 7,788 households a week. I wonder were all the people went?

[El Pinko]

4. Most experts are predicting 1 million foreclosures for 2008.

I wonder, too.

[htuttle]

6. Wonder if I can buy a few with NO MONEY DOWN...

...so that I can WORK FROM HOME and finally LIVE THE LIFESTYLE OF MY DREAMS!!

And if you believed all that crap, I have a case of Enzyte to sell you...

[TheCowsCameHome]

7. And the fools on the right wing thing it's a great economy

Sick.

[donsu]

8. SEVEN THOUSAND HOUSES! who bought them?

and for what purpose? that's a lot of property.

[yardwork]

10. In Fulton County, probably working class or middle class families

struggling to live from paycheck to paycheck, unable to find better jobs because they have to keep their health insurance, who faced layoffs, medical bills, divorce, or other struggles that pushed them into cash flow problems.

Too many people in this country struggle and struggle and get no help. Meanwhile, the rich at the top laugh and laugh and send our troops to die.

[donsu]

11. no, I meant, who bought them at the auction

who had the money to buy them at auction

[yardwork]

14. Oh! Banks and investment firms, probably.

They'll flip them when the market goes up a little and make a profit. Profit in - by giving people loans they can't repay. Profit out - by taking the houses after collecting some of the outrageous interest and reselling them later.

For the corporations, it's all good.

[SparkyMac]

15. Speculators

They buy cheap and hope to flip and sell before the first payment is due. Actually they are the ones who caused this mess. Along with the bankers.