…

let’s go over anecdotal versus scientific evidence again. You just gave me a story from one city. That is called anecdotal evidence. Again, I didn’t say that renters don’t got the short end from bad landlords. I said it is a distortion to overstate their victimhood.

Putting a story the way you did is exploitative. Renters enjoy plenty of protection, and anyone that takes precautions will be protected. Using a story like the one you did is exploitative.

Many (if not a majority) of the homes here are investment homes too, purchased by San Francisco bay area residents. They did this in great numbers, driving up prices beyond what local residents could afford. Now, because they can’t afford the mortgage payments, huge numbers are in foreclosure, driving local residents’ home prices through the floor (the majority of the houses on the market here now are foreclosures).

This is the fault of the buyers, who sought to jump on the bandwagon of investment home buying. Now, the local economy is suffering for it.

On February 1st, 2008 at 10:47 pm, madchef said:
GLOBAL WARMING
PREDATORY LENDERS
HEALTH CARE CRISIS
ect. ect….

step 1)Create a nonexistent problem.
step 2)Get the MSM to hype it up.
step 3)Tell the people only we can help.
step 4)Throw tax dollars at it.
step 5)Yell “See how great we are.”

LOL, great and accurate synopsis, Madchef. I think the underpants gnomes plan to make profit made more sense than these libtard solutions.

I agree, SO What! I am not saying they( the buyers) should be bailed out, I am just saying “There’s a sucker born every minute”. And HGTV played their role in the “realestate sucker flipping market”.

Some tenants are blindsided by the evictions, unaware the home fell into foreclosure even as they have continued to pay rent to homeowners. Other tenants have failed to pay rent and have already boxed their belongings, waiting for a constable to bang on the front door.

I can’t tell from this article what the ratio is of blindsided renters to derelict renters.

Renters who force their landlords to suffer the *very expensive* process of eviction are more than derelict; they’re mean. Good renters, particularly those who have been treated well, will get out before they let their own credit be ruined by an eviction. If they force an eviction, it’s their own fault they can’t find another place to rent.

This housing market is a fabulous way for renters to become first-time homebuyers, besides! Interest rates are puny, housing prices are way down…it’s a perfect time to enter the real estate market as a buyer.

We really need to be talking about the silver linings more than arguing about who’s responsible for the problem and who should pay to correct it, IMHO.

Read this article in today’s Phoenix newspaper on this subject …

Owner Defaults Renters Evicted

First, most times renters aren’t kicked out because a tenant occupied property is more valuable than an empty one. Foreclosed properties, are more often than not, bought by investors. Investors usually have no reason to kick out a tenant. They buy the property to rent it out.

Second, the process of foreclosure takes months, and then after that months to remove the renter.

Third, renting carries with it risks that buying doesn’t. If you want to avoid those risks, then buy.

The point I was making is that the renter ends up with NO RIGHTS … the owner defaults and the RENTER gets evicted with no warning as to what is going on …

There is no one to give the renter any type of relief at that point in time because the law enforcement officers that show up to execute the eviction notice have no power to do anything except evict the tenant … they do not know that the tenant is not the owner until the tenant being evicted tells them but it is too late …

Think how you would feel if authorities came to your door and were there to evict you from the premises and you were completely blindsided by what was going on …

The RENTER is the one getting screwed over at that point and he has no recourse at that moment to stop any further action against him for the actions of the owner … and if he tries to resist he ends up in jail …

You may be able to sue someone after the fact … but where do you and your family live in the meantime … what do you do with all your belongings … better hope there is no bad weather because everything is coming out of that residence right then and will be stacked in the yard … the locks will be changed right then … you have no access back into the property … the Renter gets no consideration … period …

All you can do is hope you can recoup something from the owner at a later date … but the chances are pretty minimal that is going to happen … what with all the extended legal BS that would get drawn out forever …

After all, what are infomercials for???…HGTV just became one big infomercial for “Flipping”.

And again, JohnnyNJ, I say, “So What?!”

Don’t watch it, don’t buy it, don’t do it, be careful doing it, make sure you can afford it before you do it….the list of admonishments goes on and on.
Home improvement shows, or “infomercials”, as you say, don’t have a responsibility to offer *warnings* to the viewer.
Man up, will ya? Sheesh.

Investment properties have much higher rates because they are a lot likelier to face foreclosure, because borrowers are a lot more likely to stop paying them.

Renters have plenty of rights, and your illustration distorts reality. Most times, the renter isn’t bothered since a tenant occupied property is more valuable than one that is empty.

Here are some statistics on the current foreclosures. The “prime loans” and the “sub-prime” loans default percentages are shown for “non-owner occupied” properties.

Obviously these numbers will vary based on the area of the country, but if these are not owner occupied then they are investor owned.

Renters hit by foreclosure

Percentage of foreclosures, among prime loans, involving homes that are not owner-occupied.

Nevada -32%

Arizona – 26%

Florida- 25%

California – 21%

All other states – 13%

Total U.S. – 16%

Source: Mortgage Bankers Association

Among Arizona prime-loan defaults, 26 percent of the homes were not owner-occupied, according to the Mortgage Bankers Association. Among subprime-loan defaults, 18 percent were not owner-occupied. Arizona is second to Nevada for the rate of rental-home defaults.

The key word here is “RENTAL” … and the losers are the people that were renting because as I mentioned in an earlier post they are paying the owner their rent and the owner is pocketing the money …

Then, suddenly there is a knock on the door and the tenant is being evicted with no warning.

Some of these have become physically violent confrontations … and guess who ends up in jail … the tenant … not the unscrupulous owner …

This part of this problem needs to be addressed …