California foreclosure "surge": Up 327% from '07 levels

[robinsre]

Nevada's having the same issue. What they fail to mention is that what's going on is that the price of homes is returning to a semi-normal rate after the foreclosures.

They also fail to mention that upwards of 70% of the people who are losing these homes are not single families living within the dwellings. They are folks who have bought these pieces of real estate as investment properties, and because of the tough economic situation cannot resell them.

To those folks I say....tough ****. If I put $100,000 on a hand of blackjack in Vegas and lose it I can't go crying to the gubbermint to reimburse me.

Those that are losing their residences are often not losing them due to a lost job either (as someone else noted) as the unemployment rate has not climbed anywhere near the foreclosure rate, they're losing them because they made poor borrowing choices and chose to accept "balloon" style mortgage payments, or variable rate mortgages they could not afford.

Banks are lending irresponsibly and losing their money.
People are borrowing irresponsibly and losing their homes.

If we'd stop expecting the government to fix it, maybe both sides would learn to be a little more careful and live within their means.

[xds&chevys]

+1

[Brickboy240]

Just another shining example of why one should learn to live below one's means. Unfortunately, most people live right at or slightly over what their paycheck brings home. The slightest uptick in expenses (mortage increases or gas price rise) and they're in deep doo doo. Who could enjoy living like that? It would give me stomach ulcers!

Its hard to explain to people that want fancy cars, big houses and every electronic gadget they can put on their credit cards, how it is to their advantage to NOT spend every friggin' dime they make and maybe live below their means an save for unexpeceted expenses.

Maybe this and the gas price surge will finally drive this home?

...one can hope.

- Brickboy240

[AZXD]

Originally Posted by Brickboy240

Just another shining example of why one should learn to live below one's means. Unfortunately, most people live right at or slightly over what their paycheck brings home. The slightest uptick in expenses (mortage increases or gas price rise) and they're in deep doo doo. Who could enjoy living like that? It would give me stomach ulcers!

Its hard to explain to people that want fancy cars, big houses and every electronic gadget they can put on their credit cards, how it is to their advantage to NOT spend every friggin' dime they make and maybe live below their means an save for unexpeceted expenses.

Maybe this and the gas price surge will finally drive this home?

...one can hope.

- Brickboy240

Money?... But I still have checks

[eric_t12]

Originally Posted by robinsre

If we'd stop expecting the government to fix it, maybe both sides would learn to be a little more careful and live within their means.

no, don't say that!

lalallalalalalalaalalalalallaaa its all terrorist and anti-american speak lalalalalalalalalaalaaaallaaa

[cucamelsmd15]

Some folks around here will point out those people "owned" their homes. Doesnt look like they own a whole lot of anything.

[Son of Norway]

A collapsing economy (lost jobs) and foolish spending (cashing out equity) has led to this. There are seven empty houses in my neighborhood right now, and property "values" (what the market will bear, not real value) have fallen dramatically.

I know many who were just too tempted by the skyrocketing housing market of three years ago and cashed out their equity for vacations, toys, new cars, boats, etc.

Now they owe $450,000 on a $200,000 house. Add to that a lost job and POOF! you're moving to Arkansas with your tail between your legs looking for cheap living and a menial job.

[one-eyed-fatman]

I got to Houston in the early 80's. A couple years later I got into locksmithing. The oil business bust was on. I was rekeying locks in neighborhoods where everyone had moved out. Yes, entire neighborhoods empty. That was spooky. The saying was "last one to leave Houston turn out the lights". That's what happens when the big smart guys lose control of their businesses. Back then it didn't go against your credit if you walked away from your house. Now it burns your ass for at least 10 years.

[bountyhunter]

Originally Posted by Brickboy240

Its hard to explain to people that want fancy cars, big houses and every electronic gadget they can put on their credit cards
- Brickboy240

You know what's hard to explain Brickboy?

How it is people who don't know any more about california housing than an artichoke knows about brain surgery can delight in making such callous and ignorant generalizations.

People out here want what anybody wants: to own a house their family can live in. It jusy so happens that it takes two working parents to do that and if anything goes wrong on the job scene they can rapidly lose their homes.

I'll have to quit subscribing to this thread because all the compassion flowing from the "compassionate conservatives" is making my heart get too warm...

karma gets around, hope you never need any help in your life. If you do, don't bother asking a conservative... you'll just get a lecture on living within your means.

[Frenchy]

Originally Posted by bountyhunter

You know what's hard to explain Brickboy?

How it is people who don't know any more about california housing than an artichoke knows about brain surgery can delight in making such callous and ignorant generalizations.

I think he was making a generalization...Not Cali specific.