Sad wrote on Apr 22, 2008 12:17 PM:The world is in a sad place.

No_Bottom_In_Site wrote on Apr 22, 2008 3:20 PM:It's only as sad as you make it. People should not have gotten used to debt financed spending. "Oh, I'll just refinance my house and take equity out to buy that car and that boat over there. I'll be fine. Home prices will continue to sky rocket and I'll just sell to pay everyhing off and still put money in my pocket." C'mon people. Get real!

Ed wrote on Apr 22, 2008 3:48 PM:Sad is all the people who got into bidding wars a couple of years ago for houses that were obviously not worth what they were paying. Sadder is the ammount of people who entered into risky loans to finance their toys, bimmers and hummers.

so excited wrote on Apr 22, 2008 4:17 PM:i know things are bad.. i am broken then i have EVER been! and i know i shouldnt be happy about foreclosures.. but i do hope the housing prices drop more so i can someday own a home and have a yard!

Karl wrote on Apr 22, 2008 4:34 PM:Ed, what is a bimmer?

Hey what about us wrote on Apr 22, 2008 4:48 PM:with apartments behind rent, aren't we to get bailed out also?

Floyd wrote on Apr 22, 2008 5:24 PM:I wonder if my local Realtor(R) is ready to admit the housing bubble might burst.

Danny wrote on Apr 22, 2008 5:25 PM:Here comes inflation. Watch your savings evaporate. Time to put my money in Euros and other countries with more acceptable currancy policies. Bush and the Feds have betrayed the American Public.

Wondering wrote on Apr 22, 2008 8:25 PM:What about the common man in a good prime mortgage that loses his job due to the housing crisis through no fault of his own. Shouldn't there be help for him/her instead of all the risky investors in subprime mortgages?

Vista Resident wrote on Apr 22, 2008 9:05 PM:There may be a way out for owners who are in trouble but are not yet in foreclosure. Put up signs that you have a rent-to-own. Renters are willing to pay more for rent-to-own properties than for regular properties. You might even charge a high move-in fee if it's a rent-to-own. That's quick cash to help you cover your mortgage and move back home with your folks for awhile.

Rent-to-own properties are useful to people that don't have much credit - for whatever reason -- but are currently doing well. Maybe somebody lost their job and wrecked their credit -- but now they are fully employed. If they default later, you get your property back. But, in a few years, with inflation the way it is, it seems likely that all solid assets like homes will have appreciated substantially. So, if they default, you would be glad to get your house back. Just a thought...

m wrote on Apr 22, 2008 10:43 PM:a bimmer i am assumming is BMW or beemer

Liar Loans wrote on Apr 22, 2008 11:11 PM:Many loans given at the market peak were to people who lied about their income. These dishonest people were the first to quit paying their mortgages when the market softened. Prices have dropped nearly 50% from the peak. It will be a miracle if these liars do not force a horrible economic condition on America.

JSten wrote on Apr 22, 2008 11:27 PM:
Embrace the horror!

We all saw it coming.

JSten wrote on Apr 22, 2008 11:29 PM:Hey Vista Resident-

Good Idea!

Peter wrote on Apr 23, 2008 9:01 AM:We need a bailout from China to clean this mess up. Any other solutions?

Peter wrote on Apr 23, 2008 9:13 AM:Three properties in my neighborhood have recently sold for 125K less than what I paid two years ago (375K to 250K). I guess I should seriously consider leaving and if possible buy one of these bank owned homes. I will never be able to refinance, so I am just delaying the inevitable.

Bill wrote on Apr 23, 2008 11:28 AM:“Mark Goldman, a real estate lecturer at San Diego State University, said the numbers indicate that banks are going to seize more properties this year than they will be able to sell. That addition to the overall housing inventory will depress prices for another year, possibly two, he said.”

More foreclosures than sales, and that’s with lenders unloading foreclosed properties. How anemic are the remaining sales?

“‘You have all the lack of lending programs, plus the reduction in [house] values, plus people making less money, plus four dollars a gallon for gas,’ he said. ‘What is occurring in our economy that is going to turn this around? Not anything that I’m aware of.’”

Obviously not drinking the kool-aid. Quite the sobering, accurate assessment.

Re to Karl wrote on Apr 23, 2008 12:49 PM:Karl everyone Knows a Beemer is a BMW motorcycle & a Bimmer is a BMW auto duhhh. Kind of sad to think your house`s value is near your 1990`s purchase price. We`ve offered almost 300,000 off what an Escondido house sold for at the peak in 05 & they are seriously considering our offer & no its not in the gang area