Comments on: Flashback November 2005: NAR States “Foreclosure Risk Minimal” http://www.erica.biz/2008/flashback-november-2005-nar-states-foreclosure-risk-minimal/ Erica Douglass, "temporarily retired" after selling a successful business at age 26, writes thought-provoking blog entries challenging you to change your life and daring you to become more successful. Thu, 28 Aug 2008 10:10:28 +0000 http://wordpress.org/?v=2.5.1 By: ericabiz http://www.erica.biz/2008/flashback-november-2005-nar-states-foreclosure-risk-minimal/#comment-119910 ericabiz Fri, 25 Apr 2008 21:24:40 +0000 http://www.erica.biz/?p=255#comment-119910 @Tyrone: That's pretty sad. They have another name for that... "renting." Definitely not a path toward wealth. Let's hope we can get some education out there to folks like that so this sort of thing won't happen again! -Erica @Tyrone: That’s pretty sad. They have another name for that… “renting.” Definitely not a path toward wealth. Let’s hope we can get some education out there to folks like that so this sort of thing won’t happen again!

-Erica

]]> By: ericabiz http://www.erica.biz/2008/flashback-november-2005-nar-states-foreclosure-risk-minimal/#comment-119909 ericabiz Fri, 25 Apr 2008 21:23:17 +0000 http://www.erica.biz/?p=255#comment-119909 @Ron: No kidding. A couple more years of this "doom and gloom" sentiment and it will be a GREAT time to buy! I look forward to that day. @Matelot: I hope you are well on your way to financial freedom so you can pick up some great real estate and personal property deals at the bottom. :) @Jon: That's true. For our sake as a society let's hope these do not pass as they stand today. @Tom: Thank you for the link! -Erica @Ron: No kidding. A couple more years of this “doom and gloom” sentiment and it will be a GREAT time to buy! I look forward to that day.

@Matelot: I hope you are well on your way to financial freedom so you can pick up some great real estate and personal property deals at the bottom. :)

@Jon: That’s true. For our sake as a society let’s hope these do not pass as they stand today.

@Tom: Thank you for the link!

-Erica

]]> By: Tom http://www.erica.biz/2008/flashback-november-2005-nar-states-foreclosure-risk-minimal/#comment-119872 Tom Thu, 24 Apr 2008 00:31:50 +0000 http://www.erica.biz/?p=255#comment-119872 I enjoy doing research in real estate also. I usually try to find the actual "numbers" to back up my findings. Recently, I found this website with a lot of information about San Jose that I want to share with you and your readers: http://www.city-data.com/city/San-Jose-California.html I enjoy doing research in real estate also. I usually try to find the actual “numbers” to back up my findings. Recently, I found this website with a lot of information about San Jose that I want to share with you and your readers:
http://www.city-data.com/city/San-Jose-California.html

]]> By: Jon@capitalistmaven.com http://www.erica.biz/2008/flashback-november-2005-nar-states-foreclosure-risk-minimal/#comment-119785 Jon@capitalistmaven.com Mon, 21 Apr 2008 19:11:33 +0000 http://www.erica.biz/?p=255#comment-119785 "but banks won’t refinance loans that are “underwater”" I wouldn't be too quick to jump to this conclusion. Most of the politicians on the bailout bandwagon plan to propose just that: banks take the loss and refinance the underwater mortgages. Borrowers would be let off the hook for free (without even paying taxes on the gift from the bank). It makes your blood boil. Google Barney Frank Bailout for more info... “but banks won’t refinance loans that are “underwater”” I wouldn’t be too quick to jump to this conclusion. Most of the politicians on the bailout bandwagon plan to propose just that: banks take the loss and refinance the underwater mortgages. Borrowers would be let off the hook for free (without even paying taxes on the gift from the bank). It makes your blood boil. Google Barney Frank Bailout for more info…

]]> By: Tyrone http://www.erica.biz/2008/flashback-november-2005-nar-states-foreclosure-risk-minimal/#comment-119774 Tyrone Mon, 21 Apr 2008 05:21:05 +0000 http://www.erica.biz/?p=255#comment-119774 A co-worker told me about of neighbor of his in San Jose. He said this married couple with 2 kids intentionally purchased an interest-only loan with no intent on staying once the payments go up, and they need to start paying principle. They admitted this to him, saying the area was just too expensive, and this was the only way they could get a house for their kids. Both work, and he said they are stretched to the max, noticeibly struggling to get by. A co-worker told me about of neighbor of his in San Jose. He said this married couple with 2 kids intentionally purchased an interest-only loan with no intent on staying once the payments go up, and they need to start paying principle. They admitted this to him, saying the area was just too expensive, and this was the only way they could get a house for their kids. Both work, and he said they are stretched to the max, noticeibly struggling to get by.

]]> By: Matelot http://www.erica.biz/2008/flashback-november-2005-nar-states-foreclosure-risk-minimal/#comment-119682 Matelot Fri, 18 Apr 2008 00:38:25 +0000 http://www.erica.biz/?p=255#comment-119682 I pray to God every day that housing prices will crash to the deep end of the poopoo hole ....yeah that won't be "pretty" but I don't care I pray to God every day that housing prices will crash to the deep end of the poopoo hole ….yeah that won’t be “pretty” but I don’t care

]]> By: Ron@TheWisdomJournal http://www.erica.biz/2008/flashback-november-2005-nar-states-foreclosure-risk-minimal/#comment-119601 Ron@TheWisdomJournal Wed, 16 Apr 2008 01:44:42 +0000 http://www.erica.biz/?p=255#comment-119601 Hi Erica, I just had to laugh as I read this article. It reminded me of Freakonomics! People ignore things that don't fit into their preconceived viewpoints. Your conclusion is spot on. People tend to think in a linear fashion and nothing ever happens that way. Right now all I hear is that everything is going down, down, down, and there is no hope. That's linear thinking in the other direction. : shaking head : Hi Erica,

I just had to laugh as I read this article. It reminded me of Freakonomics! People ignore things that don’t fit into their preconceived viewpoints.

Your conclusion is spot on.

People tend to think in a linear fashion and nothing ever happens that way. Right now all I hear is that everything is going down, down, down, and there is no hope. That’s linear thinking in the other direction. : shaking head :

]]> By: ericabiz http://www.erica.biz/2008/flashback-november-2005-nar-states-foreclosure-risk-minimal/#comment-119468 ericabiz Mon, 14 Apr 2008 22:15:45 +0000 http://www.erica.biz/?p=255#comment-119468 Hi Dan, Agreed...it's all too easy to get caught up in the optimism of these booms and assume that everything will keep on increasing every year. The NAR and most real estate agents egged everyone right on because it meant more money for them. Now even those who didn't participate will take the hit as well. It's sad. The best thing we can do is help with education so that people will not be so likely to get burned next time. -Erica Hi Dan,

Agreed…it’s all too easy to get caught up in the optimism of these booms and assume that everything will keep on increasing every year. The NAR and most real estate agents egged everyone right on because it meant more money for them.

Now even those who didn’t participate will take the hit as well. It’s sad. The best thing we can do is help with education so that people will not be so likely to get burned next time.

-Erica

]]> By: Dan Krohn http://www.erica.biz/2008/flashback-november-2005-nar-states-foreclosure-risk-minimal/#comment-119448 Dan Krohn Mon, 14 Apr 2008 14:24:03 +0000 http://www.erica.biz/?p=255#comment-119448 Erica,your observations are right on. Amazing how we humans find ourselves in a trend and assume that it will never stop. Some of this nonsense is undoubtedly a result of our exceedingly short term outlook as to profits and economic matters. And this brings back many unpleasant memories. I was in Houston in the 1980's when the oil boom triggered by the Arab embargo turned to bust. And in a very similar situation, it turned out that most of the real bust occurred in real estate - which boomed alongside oil. My legal career was changed (by my employer) to litigation. At one point my largest client was FDIC - trying to collect on sour commercial loans inherited from busted banks. This economy we find ourselves in is likely to prove worse than that bust. It will be more widespread and less regional. A slew of economic factors, such as globalization, will make it more difficult to handle. Though I hope our pessimism proves false, I would not bet on it. Erica,your observations are right on. Amazing how we humans find ourselves in a trend and assume that it will never stop. Some of this nonsense is undoubtedly a result of our exceedingly short term outlook as to profits and economic matters.

And this brings back many unpleasant memories. I was in Houston in the 1980’s when the oil boom triggered by the Arab embargo turned to bust. And in a very similar situation, it turned out that most of the real bust occurred in real estate - which boomed alongside oil.

My legal career was changed (by my employer) to litigation. At one point my largest client was FDIC - trying to collect on sour commercial loans inherited from busted banks.

This economy we find ourselves in is likely to prove worse than that bust. It will be more widespread and less regional. A slew of economic factors, such as globalization, will make it more difficult to handle.

Though I hope our pessimism proves false, I would not bet on it.

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