Patientlywaiting I think that delaying the inevitable is exactly what is going to happen.

“If people can’t afford a house, giving them forbearance is not going to help. It just delays in inevitable.”

Yes exactly. This is exactly what will happen and the key word is delay.

“The government will not write-off principal without homeowners giving up present or future equity. You’d have to be an idiot to agree. Better to walk away and be done with it.”

Now with respect to this statement you do have a point. The only weakness in the statement is the part about you would have to be an idiot to agree…. I don’t see any shortage of idiots in this country.

“If the gov’t interferes and it becomes common knowledge that some homeowners are getting breaks, then everyone will demand a share of the pie. People will stop making mortgage payments to qualify for bailout and that will cause things to get even worse.”

I guess I wholeheartedly disagree with this statement because it is already happening isn’t it? I mean homeowners are already getting breaks. Loans are already getting worked out. Our own government is working on a bailout that very clearly is opposed by pretty much a larger majority of the populace then who opposed the amnesty bill which fell apart because of popular dissent. So I don’t buy into the argument in the least of a mortgage “strike” that you are alluding to.

Again, I am not saying that housing will not go down because it will. However I just am backing off calling for a bottom because I believe we will see a socialized lending industry and housing market. I hope I am wrong.

The last offer I made was the home I was in escrow in back in July. Right now the inventory is more then poor with respect to what I am looking for. I do have my eye on a home that is currently in default and will be approaching the homeowner in a few weeks.