What was the bomb shell news at Spirit today 7/31?

[NuGuy]

Peak foreclosure market estimated to be Nov-Jan this year, then start to recover.

People have a bad tendency to get to the holidays, realize if they pay their mortgages which are already 90+ days behind, they won't have any money to pay for Christmas presents. They already have no hopes of selling their home when it's priced $10,000 over everyone else's just to cover the loan, so they just say "screw it" and let it go.

You can get them with a short sale right before the foreclosure date directly from the bank or you can wait for the Bank to take the home and pick it up as REO property.

Have been watching some Destin, FL property as well as some rental homes here in my area. Trying to figure out if I can get an umbrella policy big enough to tie in the FL property and not have to buy property insurance specific for a FL beach home - the insurance rates are crazy!

Heyas Lear,

The forclosure rate in FLL is spiralling up, and it's starting to have a feedback effect on the rest of the housing market. It's tough to get your asking price on your house with 3 others in the neighborhood being sold under a foreclosure.

Lot's and lots of affordable, older homes on decent lots (concrete block, but livable) were knocked down to build zero lot line duplexes at 2x - 3x times the price for each unit. As a result of the mess, many, many of these are sitting half finished abandoned to the bank or simply as empty lots.

There's a guy on my street who tried to the the flipping thing. Bought the house at auction sight unseen. The house was a wreck, and not just cosmetically. It really needed to be just knocked down, but he got into the position of having to pump more and more money into it just to get it to code. He MIGHT have been able to break even at the peak of the market, but now he's 100 grand in the equity hole, and on a short term adjustable.

Lot's of amateurs, who really didn't have the captial or cash flow to wait out a bad market, tried to get into the market at the end, and now they are all really screwed. Lots of forced sales, foreclosures and bankrupcies.

The moronic tax and insurance situation isn't helping. Homesteaded taxes are in orbit, and forget owning any rental or 2nd properties. 1/4 acre empty lot taxes are in the $3,500 range. People are being forced out of their homes on insurance and taxes alone.

Ugly...avoid if possible.

Nu

 

[SWA/FO]

The moronic tax and insurance situation isn't helping. Homesteaded taxes are in orbit, and forget owning any rental or 2nd properties. 1/4 acre empty lot taxes are in the $3,500 range. People are being forced out of their homes on insurance and taxes alone.

This is probably everywhere in the country. I live in Michigan and pay 7800 a year in taxes and 900-1000 a year for water.....(and we have it all here) People in LAS probably pay less for water.

 

[PCL_128]

This is probably everywhere in the country. I live in Michigan and pay 7800 a year in taxes

It's not that way everywhere. Michigan is notoriously bad for taxes. In most of the southern states, property taxes are much more reasonable. I pay less than $3,000 a year for a 1700 sq ft house. The same size house that a buddy of mine in Michigan has costs him over double that in taxes.

 

[Lear70]

My property taxes on a 2,100 sq ft house are right at $1,700 a year here in Nashville. If I move one county over (7 miles down the road), they drop to 1,350.

It's all a crock...

 

[StaySeated]

All of the real estate info is fascinating, but what was the reason for the closure of DTW?

Is there going to be a schedule change? How many RON's are there currently in DTW?

The conspiracy theorist in me starts to wonder why another all bus operator closes a base, shortly after our management states that they want to be considered "the leisure, vacation, and ski airline of the US", all while our stock enters the $4 a share range.

How many airbus does Spirit have on order and how many people have they hired in the past 36 months?

 

[Way2Broke]

USAJet will see a few Spirit pilots attempting a return to the DC9.

If they do return to USA Jet I think they will return as FOs and be junior again because USA Jet does not allow leave of absences while working with other air carriers (making them new hires again?). It would look good to return to the DC-9 instead of the DA-20 because USA Jet is advertising for street DC-9 FOs right now. I am sure they would be happy to have them back and the crews would enjoy flying with experienced pilots.

Base closures suck, but it does not matter who you work for they happen everywhere. Seems like a stupid reason to quit a company that you have seniority at to me, especially if you have a commute clause. Now if your junior at the company still that is a whole different ball of wax. But what do I know I only stayed at a holiday in express last night.

How many of the pilots at Spirit at lifers?

 

[Flyer1015]

I second what Lear70 said.

Having lived in Michigan for 4 yrs, I can say that areas towards the Northwest and West of DTW are all excellent.

There are places like Ann Arbor, Canton, Plymouth, Dearborn, Farmington Hills, and West Bloomfield.

I can't wait to go back!

Don't be knockin on DTW!

 

[The Victors]

Ann Arbor Rocks Baby!! BTW, on a side note, I have a townhouse to sell just a short 45 mins. from FLL. I give you good deal! Especially to past usajet guys.

 

[enigma]

All of the real estate info is fascinating, but what was the reason for the closure of DTW?

NK's business plan is obviously based on Caribbean/Latin American expansion. The flying is moving south and so are the crews.

BTW, I commute already, so I have a great deal of empathy to the displaced pilots. Some inovative thinking is in order.