A few years back, I was sitting in Callahan’s with some co-workers talking about housing. I was the only bear in the bunch. At that time I said that the one thing that would make me feel stupid for not jumping on the bandwagon and buying some POS that I knew I couldn’t afford… is a government bailout.
However, I think PadreBrian might be seeing this the right way. From the sounds of it, in this plan the only folks who will be able to hang on to their homes for another couple of years are in other parts of the country, not the SoCal area. San Diegan’s will be in the other category of being able to make a short sale without a tax penalty. And even then, the bank has to agree to the short sale.