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ls,
I really don’t know all the details…I posted over in another thread that the one couple was living way beyond their means, spend…spend…spend, so we had the feeling this was the path they were on. They had done what you hear of so often, refied and pulled money out of their home to use cash to fund their lifestyle. This left them upside down on the home.

I believe the other couple had an adjustable rate mortgage as they said their mortgage had skyrocketed. I believe they were in the category of just being naive first time homebuyers who didn’t read the docs they were signing.

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ls,
I really don’t know all the details…I posted over in another thread that the one couple was living way beyond their means, spend…spend…spend, so we had the feeling this was the path they were on. They had done what you hear of so often, refied and pulled money out of their home to use cash to fund their lifestyle. This left them upside down on the home.

I believe the other couple had an adjustable rate mortgage as they said their mortgage had skyrocketed. I believe they were in the category of just being naive first time homebuyers who didn’t read the docs they were signing.

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Thank you TG for so eloquently explaining the pig. side of things.

Having just posted about foreclosure affecting 2 couples we know, I am not one to say I’m cheering on their demise. It is unfortunate, however both couples were living way beyond their means with no sense of financial responsibility, so we knew this was coming for a long time. Even having us to warn them and advise them against their spending/borrowing decisions, they continued living large.

This being said, it’s unfortunate that many people will have to learn the hard way to be responsible in their lives, but I can’t be totally sympathetic and forgiving of them when most were completely irresponsible. Again like TG said, this is at the cost of others. I am a Gen Xer myself and feel blessed that we got into real estate (and got out) when we were very young. However this is not the case for many of our friends. Like TG said, these couples are forgoing starting their families, etc, because they feel they should have a home first. They have been chasing the dream for years by saving, but still were not able to keep up with appreciation. You know how hopeless this can be.

Like others have said, in every correction there are losers, but there are also winners. Once prices come back down from the stratosphere, many first time buyers will be able to finally realize their dreams as well.

I think most that are experiencing a financial mess right now will also eventually be okay, and next time won’t be so irresponsible with their spending.

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Thank you TG for so eloquently explaining the pig. side of things.

Having just posted about foreclosure affecting 2 couples we know, I am not one to say I’m cheering on their demise. It is unfortunate, however both couples were living way beyond their means with no sense of financial responsibility, so we knew this was coming for a long time. Even having us to warn them and advise them against their spending/borrowing decisions, they continued living large.

This being said, it’s unfortunate that many people will have to learn the hard way to be responsible in their lives, but I can’t be totally sympathetic and forgiving of them when most were completely irresponsible. Again like TG said, this is at the cost of others. I am a Gen Xer myself and feel blessed that we got into real estate (and got out) when we were very young. However this is not the case for many of our friends. Like TG said, these couples are forgoing starting their families, etc, because they feel they should have a home first. They have been chasing the dream for years by saving, but still were not able to keep up with appreciation. You know how hopeless this can be.

Like others have said, in every correction there are losers, but there are also winners. Once prices come back down from the stratosphere, many first time buyers will be able to finally realize their dreams as well.

I think most that are experiencing a financial mess right now will also eventually be okay, and next time won’t be so irresponsible with their spending.

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Thanks for all the comments. Thanks HLS I knew you might have some knowledge on this…I think in the longrun you’re right, better to get out of a bad situation and move on.

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Thanks for all the comments. Thanks HLS I knew you might have some knowledge on this…I think in the longrun you’re right, better to get out of a bad situation and move on.

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I have been watching both Riverside and San Diego markets and I have to ditto Tem.Guy’s comments! I am shocked at how sellers are holding out in San Diego, even with days on market going up and up. Some that do decrease the list price do so only by 5-10k increments. What are they thinking?? For a buyer needing to finance a loan the 5-10k decrease doesn’t do much, so this will not get their home sold.

I’m anxious to see Rich’s analysis of the Shiller Price index for Sept/Oct. as I think the credit crunch and after summer sales months will show a sharper decrease in prices even for prime parts of SD.

Temecula/Murr. declines have surprised me a bit on how fast things have gone down there. We were looking at buying in that area and held off, now I’m very glad we did. The values are coming down, and because we really like Temecula, it’s getting tempting again…but I still believe this area will continue to deflate for awhile…too much inventory and more funky loans to reset!

Time will tell for all us bubblesitters!

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Interesting article…those people delinquant on their loans with Litton as the servicer should feel like they just won the lotto…unbelievable that they keep the original rate.

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Where’s stonebridge at? Just curious…

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Isn’t this the same auctionhouse that held the big San Diego and Riverside auctions recently? I’m pretty sure it is, and based on previous posts about those auctions, I would guess they would use the same tactics to get the prices to double from the ‘asking price’…use their own set up bidders in the audience, festive atmosphere, guys in tuxes encouraging high bids….etc.

We’ll see I guess….

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SD realtor,
First, you’re crazy for biking in this heat…sounds like something my hubby would do too!

I’m watching Poway closely and I’m amazed at how sticky the prices have been throughout the summer. Also amazingly it seems to me that the properties over in Green Valley have actually been selling at a quicker rate than other areas. These are homes that are mostly priced 850K to over 1 mil. Can you imagine with the credit crunch how much people would have to have in Cash down on one of these properties to get a reasonable loan…or should I say even to get a loan?

I don’t quite get how these prices aren’t coming down dramatically right now…but am being patient.

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I posed the same question a few days ago…below is the link for some of the responses…hope this helps. I think we like this bank as an option as well. Also looking into HSBC…..

http://piggington.com/anyone_have_experience_using_everbank

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I posed the same question a few days ago…below is the link for some of the responses…hope this helps. I think we like this bank as an option as well. Also looking into HSBC…..

http://piggington.com/anyone_have_experience_using_everbank

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I posed the same question a few days ago…below is the link for some of the responses…hope this helps. I think we like this bank as an option as well. Also looking into HSBC…..

http://piggington.com/anyone_have_experience_using_everbank

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We took time out to go to the last one, what a waste of time…this is just the new marketing technique and properties got bid up to market value or over market…still some of the banks didn’t take the bid…unbelievable. I even noticed that this one has been even more publicized in paper and TV ads. I wouldn’t waste the time again. I think there are still plenty of people out there that think now is a good opportunity to buy and will be there bidding these properties up again…sentiment is changing, but the media and realtor hype on real estate still continues.

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