[Navydoc]

As someone who hs personnally recovered from a foreclosure back in 1994, I think I have something to contribute. The foreclosure stayed on my credit history for 7 years, but I was able to begin rebuilding my credit after about 3. At first I was the equivalent of a junk bond, then by 4 years I was about a B. Granted, I probably wouldn’t have been able to get a mortgage until after the 7 years, but I was able to get a used car loan in 1997.

Couple of comments about the situation: bear in mind that the clock doesn’t start ticking until after the judgement has been filed. I made my last mortgage payment in April 1993 after a DISASTEROUS year renting the place out; my judgement wasn’t final until Sept 1994. The other point I have to make is you CAN recover from this. I was an undergrad while I was trying to keep the home above water, foreclosure occered in my senior year, and I reconstructed during medical school. Now my credit rating last time I checked was 809, well into AAA category. I used to think the home purchase/foreclosure was the worst thing that ever happened to me, but now I look at it as a situation where I was saved from making a purchase now which could have been an order of magnitude worse.

I believe the correction must come, and while it will be painful, the majority of people will recover from it, and hopefully be the wiser as a result. My only question is what kind of condition the financial community will be in as a result. I have a feeling it’s going to look quite a bit different than it does today.

[Navydoc]

I don’t think the stagnation you describe can exist for one reason: the outstading debt on all those properties, whether being maintained by owner, builder or lender, must continue to be serviced. At some point somebody has to decide they can’t continue to hemorrhage cash and take the loss. Whoever the bagholder is will go under. I do not think bank failures are out of the question at all, and HAVE already occurred.

It has happened before, why do we think it can never happen again?

[Navydoc]

I don’t think the stagnation you describe can exist for one reason: the outstading debt on all those properties, whether being maintained by owner, builder or lender, must continue to be serviced. At some point somebody has to decide they can’t continue to hemorrhage cash and take the loss. Whoever the bagholder is will go under. I do not think bank failures are out of the question at all, and HAVE already occurred.

It has happened before, why do we think it can never happen again?

[Navydoc]

“If we could trust parents to do everything we wouldn’t even need a juvenile penal system”

I can’t believe you wrote that. Are you saying you want the government to raise our children? I trust them far less than I trust the nation’s parents. Sorry to say, but I believe parents should be responsible for the raising of their children. I am enough of a realist to know that perfection in a free society is not possible. Taking away my rights and privileges to punish those that can’t meet their parental responsibilities isn’t fair, and sure feels like communism.

And by the way, Pennsylvania has maintained the largest whitetail deer herd in the nation per square mile through well-managed conservation and controlled hunting. And yes, I grew up quite poor, and the months of venison that we enjoyed after a successful deer season meant we could heat our home in the winters. The winters there were sure a lot colder than the ones in San Diego.

[Navydoc]

“If we could trust parents to do everything we wouldn’t even need a juvenile penal system”

I can’t believe you wrote that. Are you saying you want the government to raise our children? I trust them far less than I trust the nation’s parents. Sorry to say, but I believe parents should be responsible for the raising of their children. I am enough of a realist to know that perfection in a free society is not possible. Taking away my rights and privileges to punish those that can’t meet their parental responsibilities isn’t fair, and sure feels like communism.

And by the way, Pennsylvania has maintained the largest whitetail deer herd in the nation per square mile through well-managed conservation and controlled hunting. And yes, I grew up quite poor, and the months of venison that we enjoyed after a successful deer season meant we could heat our home in the winters. The winters there were sure a lot colder than the ones in San Diego.

[Navydoc]

For some reason my reply was cut short, so I’ll continue it here:

…mandated restriction to less than 100 HP? The same logic can be applied to handguns and assault rifles. I can tell you the most fun I’ve had with my clothes on is while firing a full-auto machine gun at a target range. I’m not dissing you for your preferences, but don’t diss me for mine.

This is really a crazy topic for a housing blog, but I felt I had to respond as this topic always gets my blood pressure up a little bit. Guns are part of our culture. that is not going to change anytime soon. If you try to outlaw guns you will make me a criminal.

[Navydoc]

For some reason my reply was cut short, so I’ll continue it here:

…mandated restriction to less than 100 HP? The same logic can be applied to handguns and assault rifles. I can tell you the most fun I’ve had with my clothes on is while firing a full-auto machine gun at a target range. I’m not dissing you for your preferences, but don’t diss me for mine.

This is really a crazy topic for a housing blog, but I felt I had to respond as this topic always gets my blood pressure up a little bit. Guns are part of our culture. that is not going to change anytime soon. If you try to outlaw guns you will make me a criminal.

[Navydoc]

I’m going to echo some posters on this thread and report that I grew up in rural Pennsylvania where we got the first couple of days of deer season off from school, since there would have been no boys in attendance anyway. My father taught me to shoot when I was 9, got my first shotgun and deer rifle when I was 12 and old enough to hunt (still own both), and gun culture was simply a part of life. My father had a revolver in his nightstand, and all 5 of us kids knew where it was and to respect what a potentially deadly instrument it was. (I still have that gun too, a very valuable Ruger .22). My point is, I grew up understanding about guns, and they held no mystery for me or my 4 siblings, and I was no more likely to play with the guns inappropriately than I was to steal the keys to the car and take it for a littel spin. (Activity equally as deadly as playing with a gun)

The Problem is not the guns it’s PARENTING. My parents did a good job raising us. Many parents do not. I can tell you from experience working in a child psychiatry ward, without ecxeption EVERY inpatient on that ward came from a screwed up family situation. I would estimate that >50% of all kids on ritalin come from a disordered family. Trust me, if these kids want to hurt themselves or someone else they will find a way to do it whether guns are available or not.

Oh, and poorgradstudent, handguns can be used for so much more than protection/killing people. This is simply you applying your value system to something in which you have no interest. I like to use an analogy of differnt types of automobile. A KIA Rio will perform the identical transportation function as a Porsche 911. You may choose to drive one or the other for your own reasons, but if you choose the Porsche, how do you feel about the KIA driver asking for government mandated restriction to <100 HP? There is no difference when applied to handguns or assualt rifles. I can tell you, the most fun I've had with my clothes on has been while firing a full-auto machine gun at a target range. I'm not dissing you for your personal choice, but don't diss me for mine.

This is really a crazy topic for a housing blog, but I had to respond as this topic always gets my blood pressure up a little bit. Guns are part of our culture. That is not going to change any time soon. If you try to outlaw guns you will make me a criminal.

[Navydoc]

I’m going to echo some posters on this thread and report that I grew up in rural Pennsylvania where we got the first couple of days of deer season off from school, since there would have been no boys in attendance anyway. My father taught me to shoot when I was 9, got my first shotgun and deer rifle when I was 12 and old enough to hunt (still own both), and gun culture was simply a part of life. My father had a revolver in his nightstand, and all 5 of us kids knew where it was and to respect what a potentially deadly instrument it was. (I still have that gun too, a very valuable Ruger .22). My point is, I grew up understanding about guns, and they held no mystery for me or my 4 siblings, and I was no more likely to play with the guns inappropriately than I was to steal the keys to the car and take it for a littel spin. (Activity equally as deadly as playing with a gun)

The Problem is not the guns it’s PARENTING. My parents did a good job raising us. Many parents do not. I can tell you from experience working in a child psychiatry ward, without ecxeption EVERY inpatient on that ward came from a screwed up family situation. I would estimate that >50% of all kids on ritalin come from a disordered family. Trust me, if these kids want to hurt themselves or someone else they will find a way to do it whether guns are available or not.

Oh, and poorgradstudent, handguns can be used for so much more than protection/killing people. This is simply you applying your value system to something in which you have no interest. I like to use an analogy of differnt types of automobile. A KIA Rio will perform the identical transportation function as a Porsche 911. You may choose to drive one or the other for your own reasons, but if you choose the Porsche, how do you feel about the KIA driver asking for government mandated restriction to <100 HP? There is no difference when applied to handguns or assualt rifles. I can tell you, the most fun I've had with my clothes on has been while firing a full-auto machine gun at a target range. I'm not dissing you for your personal choice, but don't diss me for mine.

This is really a crazy topic for a housing blog, but I had to respond as this topic always gets my blood pressure up a little bit. Guns are part of our culture. That is not going to change any time soon. If you try to outlaw guns you will make me a criminal.

[Navydoc]

Is it my imagination, or does this place look like a double-wide? Maybe we’ll see it parked on the 101 with graffiti on it in a few days.

I can’t believe someone out there thinks this place is worth 649K.

[Navydoc]

Do people still really fall for this shit?

Never forget the expression there’s no such thing as a free lunch. Forgetting that little peice of wisdom has been what got the country into this mess.

[Navydoc]

I must whole-heartedly agree with temeculaguy on this one. For those of you too young to remember the Carter administration, let me tell you, it did NOT feel good to be an American. Runaway inflation, job losses, the Iran hostage crisis, etc. Our national pride at an all-time low. Along came Reagan and everything changed overnight it seemed. You can say what you wish about the excesses of the eighties, and how many of the practices that got us into our current mess may have their origins in that decade, but Reagan was just what we needed at the time.

I heard a comment a few years ago that his face should be added to Mount Rushmore. While some may think this excessive, I think history is going to remember Reagan in a VERY favorable light. He certainly deserves it.

[Navydoc]

Is this guy really in this much denial, or is he simply trying to blow smoke up our asses? I’m glad he reads the “correction” ending in approx 12 months. And why not, the NAR and other economists read it the same way, and they’ve been so right on with their predictions up until now.

What an idiot.

[Navydoc]

I think it’s happening a lot more quickly than I expected. The disappearance of creative financing overnight was something I didn’t quite foresee. I was worried that we wouldn’t be anywhere near the bottom in summer 2009 when I’ll be looking to buy, but now I’m not so sure.

It has been a very interesting summer. Can’t wait to see what happens next.

[Navydoc]

Don’t knock the usefulness of them running into JWM, it could lead to a major life adjustment. It’s reminds me of how I got out of the RE game myself.

Back in 1990 I was an agent for Century 21 in Allentown PA. I was working a Saturday morning (August 2nd to be exact). I was cold-calling people in a neighborhood I knew pretty well. The homeowner answered the phone, I gave my best friendly greeting, then had to pull the phone away from my ear to blunt the resultant tirade that I had to endure for calling this guy on a Saturday morning. I hung up the phone and thought: gee, there’s got to be more to life than this. Maybe I should go to college.

Someone like JWM put me on the path to become a physician, so go ahead JWM, let ’em have it!

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