Sharks are circling the waters

[Anonymous]

Wow, that’s a comment, PD, ‘You’re so lucky to be a renter.’

I haven’t heard that yet, but keep my comments to myself, given that many folks that I work with bought homes over the last two years, have borrowed against homes purchased long ago, etc.

Aw, Perry, kids and company aren’t bad; you’d get used to it.

[bob007]

the main problem in CA is prop 13. It keeps property taxes artifically low for long time property owners.

[bob007]

the main problem in CA is prop 13. It keeps property taxes artifically low for long time property owners.

[poorgradstudent]

“The watercooler talk has started and it won’t be long before everybody knows somebody in trouble.”

I agree totally. The last time I got my hair cut, which was in November, the woman who cuts my hair, who is bright, personable, but not especially formally educated seemed to agree with me that housing prices are going down. She had a friend who bought a condo she couldn’t really afford with an exotic loan and tried to convince my stylist to do the same, who luckily for her ultimately decided not to. I think her reasons were more based on not wanting to change neighborhoods and liking her current situation/roommates/neighbors, but since she’s from SD originally she’s seen the ridiculous run-up in prices.

Her friend who bought in is in definite trouble. It really put me in a position of mixed emotions, because so often individuals experience personal pain in order for a system to correct itself.

[Anonymous]

I am starting to hear the bearish water cooler talk, too. Many homeowners already realize they are in for a RE market downturn, albeit most of them think the drop will not be substantial (less than 15%) or prolonged (a couple of years).

More and more often I hear self-soothing mantras like “I don’t care how much my (newly bought) house is going to depreciate. I live where I love”. This approach has some merit for their mental health, if true and if they really can afford the payments. It does sound a little suspicious when comes from a serial flipper though…

[PerryChase]

Jeffrey Berns does option ARM lawsuits. I heard his ad on radio while driving and promptly noted the phone number.

Tell the people you know who have those loans to contact him. They may have have a cause of action.

Tel: 866-959-4LAW(4529). Option #2. I called that number and for some reason it takes about a minute of silence before the call goes through.

Perhaps Kelly Bennett of VOSD could interview him and give us the scoop on the lawsuits.

———-
From the website:
http://www.jeffberns.com/

Jeffrey Berns has been a licensed practicing attorney since 1987. We have helped thousands of individuals who needed our assistance to protect their rights.

Our investigators are focusing their attention on the banking industry and the loans they were providing to members of the public. We are investigating loans that allow for a minimum payment to be made that does not cover the full cost of the loan. These loans allow for low payments to be made but keep increasing the amount you owe the bank. When that amount hits a certain point you no longer have the ability of making the lower payment. We have some clients who have seen their payments triple.

We work on a contingency fee, which means we only get paid for our services if we are successful in getting you a recovery.

[Author]

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