“It’s very expensive to live in Orange County, and you pay a lot for your home and you can’t get what it’s worth now.”

.. NO, you paid a lot more for your home than it’s worth… it’s just now starting to get closer to what it should be.

“We’re still both in shock that it could go from something so good to so bad so quick,” said Kent, 59. “New Century in 60 days went from top of the heap to out of business.”

.. it’s funny how many “educated and trained” people in the business, on wall street, and in the media couldn’t see this coming. You never hear a responsible person quoted in the media, like a piggie… saying that prices are insane, and loaning money to people with bad credit, no savings, no documentation makes no sense and is HIGHLY risky and could most likely end badly. To say this (housing crash/subprime defaults) was a “shock” has to be the most over-used line of BS this decade.