Calif. To Be Hit Hard Among Nation's 1 Million Foreclosures

A forecast released Friday has predicted that 1 million homes will be in foreclosure nationwide by the end of the year.

[John]

It's the same story, over and over. What were these people thinking when they bought their overpriced homes? And even though prices have fallen a bit, it doesn't take a rocket scientist to see that homes are still very much overpriced in much of California.

When home prices drop to a point where the average person can buy the average house, then the market will pick up. Until then, people are deluding themselves if they think they'll find a sucker. Some will be lucky, but most won't.

[Overseas]

It seems that there are stories every month about some people in trouble, followed by a quote from some expert noticing that the market has bottomed out. Nice thing about experts is that there are so many: you'll always find someone who says what you want.

The bloggers who have been proven right all the time (whether they have expert status or not) are not calling the bottom yet so I guess prices will drop further.

[Anonymous]

John wrote:

It's the same story, over and over. What were these people thinking when they bought their overpriced homes? And even though prices have fallen a bit, it doesn't take a rocket scientist to see that homes are still very much overpriced in much of California.
When home prices drop to a point where the average person can buy the average house, then the market will pick up. Until then, people are deluding themselves if they think they'll find a sucker. Some will be lucky, but most won't.

The problem with the housing prices in California is because there were people who were using get rich fast schemes to drive the prices of homes up so they could get rich. Real Estate agents were buying the best homes up and holding onto them, creating a housing shortage and driving prices up before they sold the house at an insane profit. If these selfish jerks had not done this, I could have been living in a home instead of renting an apartment. I am glad the housing market is tanking and these jerks are losing money instead of getting rich off of an artificially inflated housing market. I hope these get rich quick people lose everything because they are stuck making payments on several houses they are not even living in. Serves them right. The banks like Countrywide and Indymac were in on it too. We could not get a loan from Countrywide because they claimed we could not make $1400 payments on a "premanufactured home." Now we are stuck having to rent a $1700 a month apartment because Countrywide could not make a profit off of us. I am not surprised that these corrupt banks are going belly up and that these get rich quick schemers are going bankrupt and having the repo man take all their preciouos belongings.

Unfortunately the average person has to suffer from this tragedy because they needed a home and were forced to have to buy a house they could not afford because of these artificially inflated prices.

My wife and I are closely watching the housing market now in hopes the market will drop within affordable prices once again, but are losing hope now with the soaring price of gasoline which is being artifically inflated by new "get richer even quicker" schemers of the oil futures market and the greedy bastards of OPEC.

[Michael Jones]

John wrote:

It's the same story, over and over. What were these people thinking when they bought their overpriced homes? And even though prices have fallen a bit, it doesn't take a rocket scientist to see that homes are still very much overpriced in much of California.
When home prices drop to a point where the average person can buy the average house, then the market will pick up. Until then, people are deluding themselves if they think they'll find a sucker. Some will be lucky, but most won't.

When I was buying my home, my first underwriter tried to get me to commit to a deal that would have swallowed up HALF my monthly take home pay. THAT is a recipe for disaster.

One should NEVER have to commit more than 1/4 or 1/3 of one's take home pay, at the most, for housing.

And also...I know several people who took out large sums of money while their houses were over valued and now are damn sorry they did. That trip to Hawaii might have been nice, but man was it expensive in the long run. When these folks go to sell their homes, the equity won't be there for them.

[Have_A_Heart]

Michael Jones wrote:

<quoted text>
That trip to Hawaii might have been nice, but man was it expensive in the long run.

Or, paying your child's College tuition.

[have_a_shart]

or paying for your medical pot

[bob]

Gambling in California has always been legal, in the real estate market. We don't bail out the gamblers in Vegas, so why bail out these stupid people!

[John]

Housing has been nothing but gambling for the sheeple of realtors, brokers, and now foreclosure experts for the better part of 7 years. Now we get them calling serial bottoms with the latest be based on another fine gambling institution, the stock market.

Wake up people, financial experts(stock analyst) told you to buy dot coms. financial experts(realtard, brokers) told you to buy houses because they only go up.

When are you going to do your own research and relize the so called experts are only intersted in selling you something so they can take their cut.

[laptopDiva]

If you have to ask how much, can I really afford it or as some do say to yourself will worry about it later, then STOP and don't buy whatever it is because you can't afford it. I would rather spend less and live "small", much happier.

[Its Me]

It is criminal how these banks-so forth made the sub-prime loans to people without verifying their ability to repay then selling the loan to some other investor. I hope they clean house on every one of these companies who ruined our housing market. AND the govt. kept their eyes closed to it till crisis hit. What a hard lesson. I say-if people knew they couldn't afford the payments they shouldn't be bailed out. We are not a socialistic country.

[LDO]

The Foreclosure Rescue Plan really irks me. Why should we bail out folks who probably got a zero down, or an interest only mortgage, or an adjustable rate mortgage just to keep up with the Smiths? Didn't they ask their lending institution questions and read the real estate contract before signing?? GUESS NOT.$300 billion divided by 400,000. I guess you have to be a millionaire and have a million dollar house to qualify, or somewhere around a $700,000 mortgage. Guess the foreclosure resuce plan covers most all the homes in distress in California, thanks to Senator Pelosi. And we the taxpayers are footing the bill. I would suggest a bill be passed which would take unscrupulous mortgage lenders to the big House, freeze all their assets (money, Hummers, and vacation homes), then sell the assets off to cover the resuce plan cost. A similiar issue happended to me when Kentucky Central Life Insurance company went under in the 90's. I lost thousands of dollars on my life insurance policy because of the company's "irrational" property acquistions. I was not bailed out by our specical interest group government representatives then.

[laptopDiva]

What good will it do to "bail" people out of their self inflicted mess. The lenders were predatory, a lot of the home buyers were dishonest with themselves and the lender, I for one am tired of paying more taxes for the stupidness of others.

[Voice of Sanity]

"These guys have put money down and they've lost all their savings for a down payment to get into a dream home and now their dream home is gone," she said...

...because she sold them a house THEY COULDN'T AFFORD! DUH!

[Sheesh]

diduKnow wrote:

diduKnow California is the number one most greedy state and one going broke fast. Hell with all the indian gaming revenue they recieve you would think they had the extra dollars to boost state,but nooooooooooooooooooooooooooooo oooooo
those greedy people gave themslves rasies, rasied the gas higher then all the other states, when the national average is 4.09 .
LASTWORDS: hey folks vote another foregionor job to run this state.

What indian gaming revenue? The indians don't pay any state taxes! They contribute to the politicians campaigns so they have political clout and pocket millions from their monopoly on gaming.

[Sheesh]

diduKnow wrote:

<quoted text>
You are not very smart at all are you. You don't know about ndn gamiong you should just be quite. They pay dollars and don't get write offs like americans business owners do. for one.
they don't get write offs to protect thier bussiness like ameircan folks.
monopoly.
see here
the americans killed natives for this land, made slavery, make poor, middle class folks pay taxes and the rich don't. period!
yet this country is so broke.
you what know about ndn gaming go talk with your attorney genera; national ndn gaming, your governemnt
lastwords: don't get into a conversation you don't know crap about. see ndn tribes are aloud to give money to politicians no brains.

The issue of whether or not California Indians are subject to the full array of taxes that non-Indians pay has led to misunderstanding and confusion for both Indians and non-Indians.

All residents of the United States, including Indians, must pay federal income tax.

However, whether or not Indians are subject to California state income tax is more complicated. California Indians do NOT pay state income tax if they are an "eligible" Indian, live on a reservation or Indian trust allotment, and work on the reservation or trust allotment. If they live or work off the reservation or trust allotment Indians must pay state income tax.

Indians pay real property tax on property owned off a reservation or trust allotment, but do not pay property tax on land or buildings built on reservation or trust allotment land. However, if the land is owned by a tribe or individual Indian "in fee" the property is subject to taxation.

Indians are not subject to fees and licenses that apply to buildings or activities that occur on reservations or trust allotments.

Indians are exempt from paying vehicle license fees by legislation signed by Governor Gray Davis in 1999 if vehicles are used primarily on reservation land

Indians pay sales tax on sales off reservation and trust allotment land, but are exempt from paying sales tax on most sales on reservations.

[Sheesh]

diduKnow wrote:

<quoted text>
oh yah no brains ask your governor aboput the 9 million dollar deal from ndn gaming to help this brokeass state the golden state.
lastwords: the golden broke state. just like the rest of the states.

Here! Put THIS in your peace-pipe and smoke it!

In 2001, California Common Cause released the report,“Stacking the Deck,” on the growth of the gaming industry as a political powerhouse.

The report detailed millions of dollars in contributions, and uncovered over $1.5 million in unreported campaign donations by the Morongo Band of Mission Indians and the Agua Caliente Band of Cahuilla Indians, which led to a protracted legal battle, culminating in the California Supreme Court ruling, in Fair Political Practices Commission v. Agua Caliente Band of Cahuilla Indians.

The Court determined that Indian tribes must comply with state political disclosure laws. After fives years of legal wrangling, the case—brought on by the original Common Cause findings—was settled in July 2007, with Agua Caliente paying the FPPC a settlement of $200,000.

Our new research, done through the California Secretary of State’s website, indicates that Native American tribal governments in California spent over $12.7 million between the start of 2006 to the July 2007 in political expenditures, mostly in the form of campaign contributions. Another part was payments for independent expenditures—mailings, phone calls, hotel rooms,
and the like. This money went to an assortment of state assembly, state senate, and statewide candidates and incumbents, down to positions such as mayor, county supervisor, and sheriff.

As well, a large amount of donations were made to ballot propositions. This money came in large part from tribes with successful casinos—in this case, those who wished to expand their enterprises by amending their compacts—as well as two statewide tribal umbrella organizations, the California Tribal Business Association and the
California Nations Indian Gaming Association.

Governor Arnold Schwarzenegger, who, by the procedures laid out in the California Constitution, is charged with the negotiation of the details of the tribal compacts, refused to take campaign contributions from gaming tribes
and in fact returned several sizable contributions from those connected with the development of tribal casinos.

The governor stated in his 2003 recall election campaign against then-Governor Gray Davis that he would not accept campaign contributions from groups that his office would negotiate directly with, such as the tribes and labor unions.

Gray Davis, and Gov. Schwarzenegger’s 2006 gubernatorial opponent, Democrat Phil Angelides, both accepted sizable contributions from gaming tribes.

In addition to the sizable campaign contributions, the tribes spent a large amount on lobbying. In the same period, from January 2006 to the present, the tribes spent together $2,016,566.82 in payments for lobbying activity,
including money spent on activities—meals, golf outings, receptions, and even pop concerts for state legislators and legislatives aides.

While the money spent on lobbying fluctuated between tribes—with the Agua Caliente tribe spending over $400,000 on the high end and the Paskenta tribe spending only $22,222.20—all of the tribes seeking ratification of their amended compacts in 2007 spent several hundred thousand dollars, on average $335,526.28.
Just what influence - if any - these very large contributions had on the eventual passage of the compacts will be for policymakers and scholars to
determine.

[Sheesh]

diduKnow wrote:

<quoted text>
by the way in my book, and it'sa very large book, the indians should not ever pay any taxes for having our ancestors die to protect land that was given to them by the creator. Remember those illigels came over on a boat first.
LASTWORDS: THE INDIANS SHOULD HAVE FORECLOSED ON THEM A LONGTIME AGO.

Hard to argue with the facts, huh!

You think I didn't know you were one of the rich, lazy indians, who take, take, take and want more?
Too bad Custer was such an incompetent or he could have kept going until your ancestors were dog meat!

[Sheesh]

And while we're on the sudject:

Can someone PLEASE tell me why we supply power to the so-called 'sovereign nation indian casinos' when a Flex Alert is called and Californians are requested to cut power during peak periods??
If we are close to the limit of our power grid (and there were brown-outs in northern California a couple of years ago), why supply power to outsiders?
We don't ship power to Mexico or Canada (other sovereign nations) so why do the indian casinos (who pay NO state taxes) get away with this?
Either they should get their own power plants or adnit they are just a part of the state and pay their fair share of state taxes and allow the state to eliminate the monopoly they have on Las Vegas style gaming and open up the whole state to competition.
Enough of this favorable treatment for the indians, who have more money than they can spend in twenty lifetimes!

[Sheesh]

Please keep posting, as your posts make you look greedy and stupid.

People will read these someday, start thinking about what the indians are doing to our state, and maybe the next time a proposition comes up, will vote AGAINST it and start taxing your income, allow competiton, and reduce your clout with the politicians.

Please go on rambling like a lunatic!

[Its Me]

Didyouknow-I agree. I am a republican, but disagree on sending 12 million illegals back causing a humanitarian crisis in leaving children here who were born here. Send the 2 million law-breaking illegals back. We Native Americans didn't get to weigh in on the illegals who came over here and did genocide and land stealing. And the treaties made are not adjusted for cost of health care, etc. In Alaska our Native corporation has been waiting 35 + years for the final allotment of land granted (which was ours in the 1st place). The list goes on. All you Native haters, you will just keep on hating, but I understand. Hate eats you up and distorts your mind. Those who don't hate, just be fair.