Cohousing-L Mailing List: Re: Lot development walkability [was: Getting started ...

[R Philip Dowds (rpdowds]

Nationally, 2.0% of dwelling units are in foreclosure, and another 5.0% are in 
serious, pre-foreclosure delinquency.  Florida, however, gets the prize:  A 
whopping 6.4% of the Florida housing stock is in foreclosure.  So if I were 
trying to make a profit in Florida by loaning money to homebuyers, I’d be 
pretty conservative too.

Even so, as a shrewd competitor in the financial services market, I might take 
an interest in what percentage of cohousing units are in foreclosure.  Home 
purchase loans, after all, are about knowing your customer as well as your 
community.

RPD

> On Jan 17, 2015, at 6:26 PM, Sharon Villines <sharon [at] sharonvillines.com> 
> wrote:
> 
> Not necessarily. Banks don't loan money to projects they believe cannot be 
> resold. The early groups had to self-develop and may have done so with rogue 
> investors but banks are pretty conservative about what they will loan money 
> for.
> 
> For example, at orientations and open houses for a group in Florida the 
> biggest demand was for one bedroom apartments. The bank wouldn't finance one 
> bedrooms. They considered them unsaleable in the first place and unresalable 
> (to coin a word) in the second.