Did y'all watch the news 10 about Foreclosures last night? I tend to cringe when I see or hear reports on the market from people who don't understand or don't get all the facts straight!
The news was confused about Pre-Foreclosures and actual Foreclosures. Pre-foreclosures really just means the homeowner is late by 2-3 months on their mortgage. Foreclosure means the back has taken that home back!
yes, foreclosure are up, No foreclosures are not on the rise because people were given bad loans, time and time again people even these A borrowers who leveraged their home to the max everytime they had the chance or their equity grew!
It's the consumer who would do anything to get into anykind of Loan to buy that $500-$600k home instead of the $300-$400k that they could afford...consumers only wanted to hear that "Hey, you've been pre-qual'd for a $500k home!" When you actually tell them "y'know, you only work at Safeway in the warehouse making $15.00 an hour and your price range in $200-$250k" No one wanted to hear that! Someone would rather be lied to instead of getting the right facts, or ok, bought my house for $320 and now it's worth $420, so let me take some money out, and buy a new car, boat, go on a vacation, and the next yr wow, my house has gone up to $550k, ok, let me take some more money out of my house, buy some nice toys, cars, etc...but hello, You still make the same amount of money 2yrs ago and now instead of owing $320k you now owe $550k and making $15 hr at Safeway!
This market has only to be blamed for greediness! It's unfortunate, because in the last 4 yrs more people were gaining homeownership that wouldn't be able to get it. I have always believed...If it sounds to good to be true..It is!
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