banks and foreclosures.
 

http://money.cnn.com/2008/05/30/real...ion=2008060217

So banks are crying because of increased foreclosures. How about you suck it up and tell your investors that you have to adjust your rates so people can stay in their homes and pay the bill....


rant over.

How about the fact that a lot of people "are in debt up to the eyes" and its no ones fault but themselves.

And how does the help the current situation? Aside from learning from it.

What I don't understand is, I'm looking for a house on the west side, Brentwood, Westwood, Santa Monica, etc. And the houses there haven't even dropped in value ???!!!???

I am not even going to try to decipher the California real estate market, but here in Atlanta there are areas that have been really affected by foreclosures and some areas that have not really seen much drop in home values. Granted they are not appreciating like they were, But I would assume if you are looking in highly desirable areas where there havn't been too many foreclosures then values are probably fairly stable. Once again, I am no Cali expert.

There is plenty of blame to pass around to the banks and borrowers, but at the end of the day, the banks offered these loans up knowing people had shady credit and/or really coulnd't afford the loan. I guess the banks just never anticipated so many of the loans to go into foreclosure. Now they are getting less for the foreclosed properties than they anticipated due to the sheer number of foreclosures on the market. Supply is up because of it.

Across the country, I don't think the upperend has been affected at all.

Its up to the government to fix the current situation, that could provide a second mortgage at low rate (6% +/-)

The government should also ban teaser rates on consumer loans.

Issue is the same all over California depending on where you live.
Some areas in Norcal have not been affected either. But get out to
the valley and my goodness what a shame. Some folks are
upside down and still have a 4 hour commute.