San Diego Housing Bubble News and Analysis

Ironic and sad all at once:

'Despite his 30 years in the real estate business, Pierce says he misjudged the market, getting in over his head with financing much like thousands of other San Diegans. He can't refinance his loan because his home is now worth far less than he paid for it.

Pierce, who has Parkinson's disease, lives with two adult children, who had been helping him with his $6,000 monthly mortgage payments. He is seeking permission from his lender to do a short sale, selling the home for $790,000 and repaying less than the full amount of his loan.

“I know about a dozen people who are losing their houses,” Pierce said. “All are in real estate. This business is really hurting.” '

Frankly, this article doesn't come as much of a
surprise--realtors who made bad business decisions--what a shocker!!

Would really be interesting to know what total percentage of foreclosures can be attributed to those in the real estate profession--sales people, lenders, etc.

flyer, I find it ironic and quite shocking because of how long he's been in the industry. I don't believe all realtors are inept. The one who've been churned out in the past few years doing nothing while the insanity sold homes for them, yes I agree. I believe we have at least two intelligent resident realtors on this site.

Just like there's a lot of hotshot college kids turned financial advisor right out of school making crackpot trades and transactions. It doesn't mean there's not a lot of really good advisors out there who understand the business.

This guy's been through several recessions and bubbles and should have known better. Can't help but feel bad for the old guy though.

Can't help but feel bad for the old guy though.

greed tend to cloud our judgement. apparently in this case it overshadowed 30 years of experience. greed also do not discriminate, it affects us all. unfortunately it also affects old guys and victims of Parkinson's.