Comments on: Defaulters Galore http://www.bubbleinfo.com/2009/11/09/defaulters-galore/ An insider's guide to North San Diego County Real Estate Wed, 17 Mar 2010 06:45:36 +0000 hourly 1 By: chris g http://www.bubbleinfo.com/2009/11/09/defaulters-galore/comment-page-1/#comment-24968 chris g Fri, 13 Nov 2009 17:07:22 +0000 http://www.bubbleinfo.com/?p=5041#comment-24968 Us victims can only write our congressmen, vote, etc. That's all one can do. I agree that feeling victimized for doing the right things in life is doubly painful. Moving on. Us victims can only write our congressmen, vote, etc. That’s all one can do. I agree that feeling victimized for doing the right things in life is doubly painful. Moving on.

]]> By: CA renter http://www.bubbleinfo.com/2009/11/09/defaulters-galore/comment-page-1/#comment-24829 CA renter Thu, 12 Nov 2009 02:08:27 +0000 http://www.bubbleinfo.com/?p=5041#comment-24829 Very true, Hibryd. The responsible people who tried to live within their means and didn't take on debt they couldn't pay back are the only victims in this whole quagmire. Very true, Hibryd.

The responsible people who tried to live within their means and didn’t take on debt they couldn’t pay back are the only victims in this whole quagmire.

]]> By: Hibryd http://www.bubbleinfo.com/2009/11/09/defaulters-galore/comment-page-1/#comment-24810 Hibryd Wed, 11 Nov 2009 20:03:06 +0000 http://www.bubbleinfo.com/?p=5041#comment-24810 Local Boy - I have been victimized. If they were actually foreclosing on all the deadbeats in my area who haven't paid a dime in 6 months, home prices would be $100,000 lower. The banks' policies of modifications and debt forgiveness mean that I will be paying more for a home than I should. I've already spent the last decade working extra jobs, paying off all my debts, living cheap in a crappy apartment while accumulating a down payment. Now I will have to pay a much higher price specifically because of banks coddling irresponsible people. If someone was directly costing you such a huge amount of money, you wouldn't want to "get over it" either. Local Boy – I have been victimized. If they were actually foreclosing on all the deadbeats in my area who haven’t paid a dime in 6 months, home prices would be $100,000 lower.

The banks’ policies of modifications and debt forgiveness mean that I will be paying more for a home than I should. I’ve already spent the last decade working extra jobs, paying off all my debts, living cheap in a crappy apartment while accumulating a down payment. Now I will have to pay a much higher price specifically because of banks coddling irresponsible people. If someone was directly costing you such a huge amount of money, you wouldn’t want to “get over it” either.

]]> By: Woodrow http://www.bubbleinfo.com/2009/11/09/defaulters-galore/comment-page-1/#comment-24805 Woodrow Wed, 11 Nov 2009 19:04:31 +0000 http://www.bubbleinfo.com/?p=5041#comment-24805 Housing prices always have been and always will be set at the margins. The small percentages of homes that sell every year create the market value for all similar homes in an area regardless of whether those homes are on the market, so dismissing this distress data b/c it's only 3.6% of the number of homes in the zip code is a mistake, IMO. Distressed properties as a percentage of recent sales or homes on the market is a much better indicator. Housing prices always have been and always will be set at the margins. The small percentages of homes that sell every year create the market value for all similar homes in an area regardless of whether those homes are on the market, so dismissing this distress data b/c it’s only 3.6% of the number of homes in the zip code is a mistake, IMO.

Distressed properties as a percentage of recent sales or homes on the market is a much better indicator.

]]> By: Local Boy http://www.bubbleinfo.com/2009/11/09/defaulters-galore/comment-page-1/#comment-24793 Local Boy Wed, 11 Nov 2009 15:17:27 +0000 http://www.bubbleinfo.com/?p=5041#comment-24793 I am sure I can find a way to be a victim too--but I don't, I choose just to move forward with the information that I have today, not dwelling on the past. The problem is this- victimization leads to unhappiness and anger which in-turn leads to violence--Too many vicitms today--people should get over it and move-on. I am sure I can find a way to be a victim too–but I don’t, I choose just to move forward with the information that I have today, not dwelling on the past. The problem is this- victimization leads to unhappiness and anger which in-turn leads to violence–Too many vicitms today–people should get over it and move-on.

]]> By: chris g http://www.bubbleinfo.com/2009/11/09/defaulters-galore/comment-page-1/#comment-24785 chris g Wed, 11 Nov 2009 07:12:25 +0000 http://www.bubbleinfo.com/?p=5041#comment-24785 LocalBoy, They may feel victimized because they are going to be the ones who share the taxes in the end. Or maybe they feel regret for not leveraging up and buying a McMansion like everyone else. Or maybe they are motivated by a perverse sense of justice and are offended that it's not being carried out. Do I, myself, feel victimized? I'm numb. LocalBoy,

They may feel victimized because they are going to be the ones who share the taxes in the end. Or maybe they feel regret for not leveraging up and buying a McMansion like everyone else. Or maybe they are motivated by a perverse sense of justice and are offended that it’s not being carried out.

Do I, myself, feel victimized? I’m numb.

]]> By: NKC http://www.bubbleinfo.com/2009/11/09/defaulters-galore/comment-page-1/#comment-24776 NKC Wed, 11 Nov 2009 04:06:26 +0000 http://www.bubbleinfo.com/?p=5041#comment-24776 Funny most of them are still unaffordable. I randomly picked a few and looked at est values at the foreclosure tab. Some are running as high as 290/sqft!!! It's even higher than retail. Jim what do u think? Funny most of them are still unaffordable. I randomly picked a few and looked at est values at the foreclosure tab. Some are running as high as 290/sqft!!! It’s even higher than retail.

Jim what do u think?

]]> By: Local Boy http://www.bubbleinfo.com/2009/11/09/defaulters-galore/comment-page-1/#comment-24766 Local Boy Tue, 10 Nov 2009 23:50:28 +0000 http://www.bubbleinfo.com/?p=5041#comment-24766 Chris G--Well put I can understand your feelings. What I can't understand is that some who feel the same was as you think that they have somehow been vicitimzed. Chris G–Well put I can understand your feelings. What I can’t understand is that some who feel the same was as you think that they have somehow been vicitimzed.

]]> By: CA renter http://www.bubbleinfo.com/2009/11/09/defaulters-galore/comment-page-1/#comment-24760 CA renter Tue, 10 Nov 2009 22:03:26 +0000 http://www.bubbleinfo.com/?p=5041#comment-24760 <i>It’s criminal that this is socially acceptable. garbler | November 10th, 2009 at 12:07 pm</i> ----------------- Not any more, apparently. The government is **encouraging** the deadbeats to do this! Those who tried to do the right thing are the suckers now. :( -------------- BTW, I'm not condoning theft, and think everyone who destroys forclosed/foreclosing houses should be punished. But again, moral hazard... If the govt isn't prosecuting the scum who are taking their pergraniteel kitchens, then Suzy Brown would naturally feel entitled to take the very rare artifacts she used in building the house. It's entirely possible she actually bought these things with her own money, as opposed to the deadbeats who got 100% loans and HELOC'ed the rest for their kitchens. Again, not condoning it, but with what the govt is doing, where does one draw the line between right and wrong? That is the problem that will haunt us for many years to come, IMHO. It’s criminal that this is socially acceptable.

garbler | November 10th, 2009 at 12:07 pm
—————–

Not any more, apparently. The government is **encouraging** the deadbeats to do this!

Those who tried to do the right thing are the suckers now. :(
————–

BTW, I’m not condoning theft, and think everyone who destroys forclosed/foreclosing houses should be punished. But again, moral hazard… If the govt isn’t prosecuting the scum who are taking their pergraniteel kitchens, then Suzy Brown would naturally feel entitled to take the very rare artifacts she used in building the house. It’s entirely possible she actually bought these things with her own money, as opposed to the deadbeats who got 100% loans and HELOC’ed the rest for their kitchens.

Again, not condoning it, but with what the govt is doing, where does one draw the line between right and wrong? That is the problem that will haunt us for many years to come, IMHO.

]]> By: garbler http://www.bubbleinfo.com/2009/11/09/defaulters-galore/comment-page-1/#comment-24755 garbler Tue, 10 Nov 2009 20:07:00 +0000 http://www.bubbleinfo.com/?p=5041#comment-24755 Question? Do some people purposely go into default in order to qualify for the loan modification? I have a coworker who makes >$100k and did just that. He stopped making payments in January. He can easily afford his mortgage and has had no adverse change to his income since he bought in 2004. He doesn't intend on making any payments until they lower the principle and interest rate... It's criminal that this is socially acceptable. Question? Do some people purposely go into default in order to qualify for the loan modification?

I have a coworker who makes >$100k and did just that. He stopped making payments in January. He can easily afford his mortgage and has had no adverse change to his income since he bought in 2004. He doesn’t intend on making any payments until they lower the principle and interest rate…

It’s criminal that this is socially acceptable.

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