#1 Even the people orginating the loans have “drunk the kool-aid”. The mother of one of our daughter’s friends is a Loan Officer. She just split w/ her husband who is a Mortgage Broker. They’d had an ooo-la-la house in Poway bought in ’03 w/ an IO loan. Re-fi’ed over and over until she said it was just costing them too much money to do that so they sold the place and broke even. Now she’s waiting on the divorce to finalize and going to buy a new place ! WTF? This is a woman IN THE BUSINESS…and she’s going to buy a place? Maybe she’s getting a HUGE settlement from the husband, I don’t know, I just thought, of all people, she’d wait at least a year to make sure she had a job still and that all the foreclosure business had really had time to hit the market and cause adjustments. But nope, she’s buying come June ! Good news for us I guess…she’ll vacate one more rental for us to choose from.
#2 George Chamberlain scares me ! Had never listened to his show before, but caught some of it on Sunday in the car. The part we heard was a woman calling in who owns a condo/townhome and wondered whether to sell it, rent a larger home and invest sale money or just stay put as they could afford their currently place just wanted more space. By the end of the conversation George was telling her to go shopping for a NEW HOME…don’t rent, buy he told her! He said something to the effect…”prices are going to go up, you may as well get in now if you can afford to do it”. Poor woman calls with one question, and gets off the phone with visions of sugar plum home shopping in her mind. I have read posts here before re: George but had never had a first hand experience..if it wasn’t so scary it might be funny.
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