Who is getting the real crap end of this housing market? (Monterey: loans, foreclosures)

[ROLLNGEE]

TELL ME ALL WHAT YOU THINK. ALL OF AMERICA IS FEELING SORRY FOR THOSE WHO ISSUED BAD LOANS AND THOSE WHO TOOK THEM. IN THE END IT IS THE STABLE HOME OWNER WHO BOUGHT THE AMERICAN DREAM OF OWNING A HOME AND HELP BUILD A COMMUNITY WHO IS THE REAL VICTUM. I AM ONE OF THOSE STABLE HOMEOWNERS WHO NOW HAS TO LIVE IN A NIEGHBORHOOD OF DEAD LAWNS, FORECLOSURES, SHADY RENTALS AND THE ONGOING DECLINE IN PROPERTY VALUE. AMERICA IS FAST TURNING INTO A THIRD WORLD COUNTRY; WHO IS WILLING TO AGREE WITH THIS????????????????



ROLLNGEE

[rkb0305]

I would agree with you to a point. We too have only had 30 year fixed loans on our 3 homes in 10 years. However, I do feel a little sorry for people who just want their piece of the American Dream, but find it hard to afford. I don't feel sorry for the banks, though.

[PecanPie]

I feel sorry for those who over-extended because it was the only way they could afford a home at all, and were taken in by the banks willing to "help" them get a home they couldn't afford.

I do not feel sorry for anyone who bought MORE HOME than they could afford just because they wanted a bigger, nicer, more well-located home. Those are the people who in my opinion caused these problems, along with the banks who sang them the happy song and sold them the no-interest, 100% loans. Oh same with the people who took the equity out of their homes to buy cars, take vacations, get cosmetic surgery, etc etc. No sorries for them, either.

I do agree, it is the stable 20%-down, 30-year-loan, pay all my bills and only buy what I can afford homeowner who is getting screwed in all this. Which, is always the case. It always seems it just does not pay in the end to be prudent.

[sheri257]

I'm actually enjoying this crash ... I guess because I'm both a seller and a buyer.

I bought my desert home for cheap with a 30 year fixed, never borrowed on it, sold for cheap (but still at a profit) so I could move to the Central Coast where I'm now watching prices fall daily ...

I'm just waiting for the best deal. The more foreclosures the better as far as I'm concerned. It's the only thing that has and is going to correct these outrageous prices.

I want to lock in a really good deal on a house that I can live and retire in for the next 20-30 years so ... all of this market chaos is fine by me.

[MtnSurfer]

I agree with Sheri,

I am selling in CO which is slightly down and looking to buy eventually along the N. Cal. coast near Monterey. So while I might loose a little on our sale, Buying in a down CA market will more than make up for it.

It is really one of the best times to buy in CA and may even get better over the next year! Some smart investors and buyers will be able to get in near the bottom of the CA market. This cycle only happens about every ten years. If those waiting on the fence to buy don't catch the downturn this cycle it might be necessary to wait for the next one unless you want to buy at higher prices during a 'Good Market.' So it is not all doom and gloom right now. However foreclosures do effect neighborhood appeal and the values therein. I agree with that.

But seriously it is CA and it won't last forever. This is just the typical RE pendulum swing. Remember not too very long ago when it seemed like the highs would never stop. And what were people complaining about then? Unless of course you sold at or near the peak and made out like a bandit which some of my firends and family did.

Derek

[Lovehound]

I can't in good faith answer any op written in all capitals!!!

Actually I made my reply in all capitals and CD prevents me from doing that, lower cases it. How did he do that?

I'm classifying this thread as a troll.

[MtnSurfer]

It was his first post and quite a rant at that. Maybe he is unaware of forum edicate. If so all caps means you are 'Shouting' at everyone!!! That is not normally accepted.

But either way I think the people getting the shortest end of the stick are those who believed the ol' RE mantra - 'Its always a good to get into the RE market.' Yeah sure. And they bought at the top of the bubble with interest only loans. I believe more in taking responsibility for one's actions/decsions rather than the banks being the bad guys in this case.

[sonarrat]

Originally Posted by MtnSurfer

But either way I think the people getting the shortest end of the stick are those who believed the ol' RE mantra - 'Its always a good to get into the RE market.' Yeah sure. And they bought at the top of the bubble with interest only loans. I believe more taking resposibility for one's actions/decsions rather than the banks being the bad guys in this case.

It's strange the way people behave when they see dollar signs. If you buy a new car off the lot, you can't sell it for 10% more a year later. Instead they depreciate by about 10-20%, and it doesn't seem to stop a lot of people from buying a new one every few years and just taking the hit because that's how cars are. Now people who bought houses in certain markets from 2002-06 are seeing the same thing happen to their property, and the reaction is scathing fury. It's curious.

[EscapeCalifornia]

Originally Posted by sonarrat

It's strange the way people behave when they see dollar signs. If you buy a new car off the lot, you can't sell it for 10% more a year later. Instead they depreciate by about 10-20%, and it doesn't seem to stop a lot of people from buying a new one every few years and just taking the hit because that's how cars are. Now people who bought houses in certain markets from 2002-06 are seeing the same thing happen to their property, and the reaction is scathing fury. It's curious.

The difference is that losing 20% on a $25,000 purchase is not pleasant, but its something most people can live with. Losing 20% on an $800,000 purchase a financial nuclear bomb.

[sonarrat]

Originally Posted by EscapeCalifornia

The difference is that losing 20% on a $25,000 purchase is not pleasant, but its something most people can live with. Losing 20% on an $800,000 purchase a financial nuclear bomb.

That's what has always happened to anyone who buys a brand-new house or condo at retail, even when the market was healthy. Show me anyone who has ever turned a profit on a turnkey property from a builder within 5 years. Short sales have always been rare, but it's not because there weren't folks upside down.