Utah Mormons living within their means? - cougarguard.com — unofficial BYU Cougars / LDS sports, football, basketball forum and message board

MikeWaters · 10-06-2008, 03:44 PM

Quote:

According to RealtyTrac, Utah ranks 10th in the nation for foreclosure filings -- and that number is rising fast. In June, foreclosures in the Provo-Orem area jumped 810 percent from a year prior. That qualified it for No. 37 among major metro areas nationally. During the same month, Utah's rate of new foreclosures year-over-year outpaced the national average three times over.

http://www.heraldextra.com/content/view/282278/17/

I would say the answer is "no". Looks like a full-fledged crisis is coming, if not already arrived.

I knew things were screwed up when my brother's crappy house in SLC next to a halfway house, doubled in value a year after he bought it.

Indy Coug · 10-06-2008, 04:26 PM

Non-Utah Mormons aren't living within their means either. I have plenty of experience seeing this in Indiana, Colorado and Pennsylvania.

Granted, the type of not being able to live within your means in Pennsylvania is people buying big screen TVs when they are on welfare, so that's a slightly different animal.

ute4ever · 10-06-2008, 04:30 PM

The problem isn't with mortgages; the problem is so many people trying to earn income from MLM's during an economic crisis.

bigpiney · 10-06-2008, 04:36 PM

Quote:

Originally Posted by ute4ever

The problem isn't with mortgages; the problem is so many people trying to earn income from MLM's during an economic crisis.

You say this like there is something wrong with it.

I have a great business opportunity for you...

RC Vikings · 10-06-2008, 04:39 PM

Part of the problem is trying to make a quick buck. I've told the story of some people up here in Rexburg that got tied in with a business in SLC that bought houses for them and then received some the equity. These homes went from 1/2 million clear up to 2 million and these people didn't have anywhere close to that kind of money. Three or four of the local seminary teachers were involved. Their were many people tied up in this little game. These homes have either gone through foreclosure or a short sale or are about to.

MikeWaters · 10-06-2008, 04:41 PM

what? a seminary teacher can't afford a measly 500k home?

jay santos · 10-06-2008, 05:27 PM

Quote:

Originally Posted by MikeWaters

http://www.heraldextra.com/content/view/282278/17/

I would say the answer is "no". Looks like a full-fledged crisis is coming, if not already arrived.

I knew things were screwed up when my brother's crappy house in SLC next to a halfway house, doubled in value a year after he bought it.

Utah ranking 10th in foreclosures isn't noteworthy. It could be a timing issue. I think they're about a year behind the rest of the nation on this latest real estate cycle.

Also foreclosures don't seem to be a good measure of whether a group of people is living within their means.

That said, I look at my upper middle class neighborhood in Utah County and I often wonder if many are living beyond their means.

exUte · 10-06-2008, 06:31 PM

Quote:

Originally Posted by jay santos

Utah ranking 10th in foreclosures isn't noteworthy. It could be a timing issue. I think they're about a year behind the rest of the nation on this latest real estate cycle.

Also foreclosures don't seem to be a good measure of whether a group of people is living within their means.

That said, I look at my upper middle class neighborhood in Utah County and I often wonder if many are living beyond their means.

who brokered some of these deals. how did he expect them to make their payments?

TripletDaddy · 10-06-2008, 06:40 PM

Quote:

Originally Posted by exUte

who brokered some of these deals. how did he expect them to make their payments?

Thank you for bringing this to light.

cougjunkie needs to answer to the group. He definitely played a part in all of this.

MikeWaters · 10-06-2008, 06:42 PM

Quote:

Originally Posted by TripletDaddy

Thank you for bringing this to light.

cougjunkie needs to answer to the group. He definitely played a part in all of this.

Yeah, he enriched himself, unfortunately squandering it all on MMA PPV.

10-06-2008, 04:39 PM	#5
RC Vikings Senior Member Join Date: Apr 2006 Location: Rexburg, Idaho Posts: 2,236	Part of the problem is trying to make a quick buck. I've told the story of some people up here in Rexburg that got tied in with a business in SLC that bought houses for them and then received some the equity. These homes went from 1/2 million clear up to 2 million and these people didn't have anywhere close to that kind of money. Three or four of the local seminary teachers were involved. Their were many people tied up in this little game. These homes have either gone through foreclosure or a short sale or are about to. __________________ "I always rode to my limit. If I won by three minutes, that's because I couldn't make four." Eddy Merckx

10-06-2008, 04:26 PM	#2
Indy Coug Senior Member Join Date: Jan 2006 Location: Between Iraq and a hard place Posts: 7,569	Non-Utah Mormons aren't living within their means either. I have plenty of experience seeing this in Indiana, Colorado and Pennsylvania. Granted, the type of not being able to live within your means in Pennsylvania is people buying big screen TVs when they are on welfare, so that's a slightly different animal.

10-06-2008, 04:30 PM	#3
ute4ever I must not tell lies Join Date: Aug 2005 Posts: 5,103	The problem isn't with mortgages; the problem is so many people trying to earn income from MLM's during an economic crisis.

10-06-2008, 04:41 PM	#6
MikeWaters Demiurge Join Date: Aug 2005 Posts: 36,365	what? a seminary teacher can't afford a measly 500k home?