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["Lynda" <lurine AT softcom.net>]

Another problem is the folks who got in over their heads, oh say, 4 years 
ago.  There was just one whining because they have a $300,000 mortgage. 
They want $600,000 for the place because that's what its value was before 
the balloon came crashing to the ground.  The is NOT what they paid for it 
or anywhere near what they have invested in it but they are crying because 
they can't get the inflated value of it.  Instead, they'll sit there and 
loose the thing in foreclosure.

HELLO!  Sell the blooming thing for what it is worth NOW!  Houses in their 
neighborhood were selling for between $350,000 and $400,000.  But, nooooo, 
they crying because of all the money they will loose.  WHAT MONEY?

I'm tellin' ya.  People are stupid!

Lynda
----- Original Message ----- 
From: "Wendy" <crazygardens AT verizon.net>


> You got it, Bob.  This is the kind of thing that the subprime mortgage 
> mess
> is made of.  Over priced homes built by greedy developers.  Greedy loan
> companies enticing underqualified and uninformed buyers into a market they
> cannot afford, encouraged by the promise of investment dividends and tax
> breaks.
>
> Wendy
>
>
>
> > video clip
> >
> > http://kcet.org/socal/2008/09/foreclosure-alley.html
> >
> >
> > For the past few years, the Inland Empire in Riverside County has been 
> > one
> > of the fastest growing counties in the state - home to a major housing
> > boom.  But now the Inland Empire is pretty much the poster child for the
> > foreclosure crisis.  In the newer developments, house after house sits
> > vacant - either up for auction, for sale by a bank or going for what’s
> > called a “short sale” which is when the owner owes more than the house is
> > worth.
> >
> > SoCal Connected tracked down some surreal sights associated with the
> > crisis - a company that specializes in removing whatever people leave
> > behind in their foreclosed homes.  The process is called a “trashout” - a
> > term the company came up with because it perfectly describes what 
> > happens.
> > Everything that’s left is dumped in a trailer and taken to the landfill.
> > Then there’s the guy who started a business to spray-paint dead lawns.
> > That’s right.  He paints brown lawns green.  We also tag along with a
> > couple of code enforcement officers who are spending more and more of
> > their time having to drain slimy, abandoned pools.
> >
> > Finally, we meet a typical couple who bought their first home, thinking 
> > it
> > was a great investment and tax write-off.  Now the place is worth only
> > half of what they paid for it and their neighborhood has almost as many
> > vacant homes as occupied ones.
> >
> > One of the code enforcement guys sums up the problem in a single
> > sentence - “You know you’re in trouble when the lawns are brown and the
> > pools are green!”
> >
> >
> >
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>
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