It’s almost sounding like it will be un-American to go through foreclosure. Yet, people are just doing what’s in the contract. If they can’t (don’t) pay, the bank takes the house back.

It really is quite a quagmire. I just had such ill feelings during the bubble, trying to figure out how everyone was going to pay for all the houses people were buying and some that bought more than one. Most people were gambling, others were scared if they didn’t buy, they’d never be able to and others who just had no idea what they were doing.

What other choices do people have now? So many people are not paying. They’re not saving the money, but spending and helping the economy (indirectly). For those that can continue paying, they’re upside-down. If I were in their situation, I probably would have serious reservations about paying.

The government has done so much to prop up this market. It’s hard to imagine at this point that they would let prices drop like a rock. The only thing they can do is hope for gradual declines over years to come.

It’s almost sounding like it will be un-American to go through foreclosure. Yet, people are just doing what’s in the contract. If they can’t (don’t) pay, the bank takes the house back.

It really is quite a quagmire. I just had such ill feelings during the bubble, trying to figure out how everyone was going to pay for all the houses people were buying and some that bought more than one. Most people were gambling, others were scared if they didn’t buy, they’d never be able to and others who just had no idea what they were doing.

What other choices do people have now? So many people are not paying. They’re not saving the money, but spending and helping the economy (indirectly). For those that can continue paying, they’re upside-down. If I were in their situation, I probably would have serious reservations about paying.

The government has done so much to prop up this market. It’s hard to imagine at this point that they would let prices drop like a rock. The only thing they can do is hope for gradual declines over years to come.

It’s almost sounding like it will be un-American to go through foreclosure. Yet, people are just doing what’s in the contract. If they can’t (don’t) pay, the bank takes the house back.

It really is quite a quagmire. I just had such ill feelings during the bubble, trying to figure out how everyone was going to pay for all the houses people were buying and some that bought more than one. Most people were gambling, others were scared if they didn’t buy, they’d never be able to and others who just had no idea what they were doing.

What other choices do people have now? So many people are not paying. They’re not saving the money, but spending and helping the economy (indirectly). For those that can continue paying, they’re upside-down. If I were in their situation, I probably would have serious reservations about paying.

The government has done so much to prop up this market. It’s hard to imagine at this point that they would let prices drop like a rock. The only thing they can do is hope for gradual declines over years to come.

As a potential buyer in this insane market, the question I’m interested in is whether or not prices are going down more. Right now they appear to be going up. Certainly listing prices are going up and I see properties that seem overpriced (at least to me) going pending. OTOH, I don’t see a lot of sales closing. I hear about increased activities in real estate offices, but I also hear about realtors trimming support staff because the sales aren’t happening and money’s not coming in.

If the banks are going to start putting the hammer down, then it’d be great if they started doing it (again from my point of view).

As a potential buyer in this insane market, the question I’m interested in is whether or not prices are going down more. Right now they appear to be going up. Certainly listing prices are going up and I see properties that seem overpriced (at least to me) going pending. OTOH, I don’t see a lot of sales closing. I hear about increased activities in real estate offices, but I also hear about realtors trimming support staff because the sales aren’t happening and money’s not coming in.

If the banks are going to start putting the hammer down, then it’d be great if they started doing it (again from my point of view).

I’m not sure it’s really just about whether prices have more room to fall, or not. It’s also about whether you want a part of it. This credit crisis has become pretty politicized and I hear a lot of potential buyers who don’t seem to care whether we’ve hit bottom or not. What they care about is how things have been managed. Where you once had the savvy buyer, you’ve now got the principled buyer.

I’m not sure it’s really just about whether prices have more room to fall, or not. It’s also about whether you want a part of it. This credit crisis has become pretty politicized and I hear a lot of potential buyers who don’t seem to care whether we’ve hit bottom or not. What they care about is how things have been managed. Where you once had the savvy buyer, you’ve now got the principled buyer.