Foreclosures take toll on better neig...

Foreclosures take toll on better neighborhoods

There are 13 comments on the LA Daily News story from Feb 15, 2009, titled Foreclosures take toll on better neighborhoods. In it, LA Daily News reports that:

It turns out F. Scott Fitzgerald was wrong when he famously wrote about the rich being different from you and me.

Join the discussion below, or Read more at LA Daily News.

“America & LEGAL Americans 1st”

Since: Aug 08

Chatsworth

#1 Feb 15, 2009
Greggie, Greggie, Greggie... I kept telling you in 2002, 3 and 4 that this was going to happen and it was going to be ugly. And you didn't believe me.

We've hit a lull in the foreclosure market with some lenders holding off on foreclosure proceedings but that's going to end soon and the carnage will then continue.

The fact that higher end homes are being foreclosed just goes to prove that having money does not automatically mean you make smart decisions.
anon

Los Angeles, CA

#2 Feb 15, 2009
There was a moratorium on foreclosures from Dec. to Jan.! This is why there was a lull in foreclosures! The new 'stimulus' also provides for a moratorium until March 6th. Big deal!

Also, the lenders are holding thousands of 'shadow foreclosesures' that have not hit the MLS yet!

The crux of the crisis is joblessness! There are NO more jobs! Period!
Tell It Like It Is

Burbank, CA

#3 Feb 15, 2009
anon wrote:
There was a moratorium on foreclosures from Dec. to Jan.! This is why there was a lull in foreclosures! The new 'stimulus' also provides for a moratorium until March 6th. Big deal!
Also, the lenders are holding thousands of 'shadow foreclosesures' that have not hit the MLS yet!
The crux of the crisis is joblessness! There are NO more jobs! Period!
Agreed, only it is not just joblessness, it is having a job that pays enough to cover the mortgage payment, property taxes, insurance, maintenance, and oh, yeah, if you do have a job, well, petty little things like car payments, car insurance, maybe some food.
I do not understand why the Daily News writers don't ask the tough questions from these real estate people?

“America & LEGAL Americans 1st”

Since: Aug 08

Chatsworth

#4 Feb 15, 2009
Tell It Like It Is wrote:
<quoted text>
Agreed, only it is not just joblessness, it is having a job that pays enough to cover the mortgage payment, property taxes, insurance, maintenance, and oh, yeah, if you do have a job, well, petty little things like car payments, car insurance, maybe some food.
I do not understand why the Daily News writers don't ask the tough questions from these real estate people?
When I worked in the real estate advertising department at the Daily News I asked the same thing. I guess its just easier to pick up the phone and talk to the industry mouthpieces.

They should be out there talking to the individual real estate brokers and agents (both seasoned and newer) to learn how the real marketplace is doing.

I can tell you from dealing with them personally myself they would give you much different answers than usually come out in the paper and on this website.

Anyone can go to an industry website and regurgitate monthly statistics or re-print an AP story.
Henry adams

Los Angeles, CA

#5 Feb 15, 2009
why would anybody trust waht you real estate crooks
have to say
Westsider

Los Angeles, CA

#6 Feb 15, 2009
The Westside is dropping like a shoe...down 20% and counting. The Chinese are now taking RE tours to CA...looking to get a bargain, Yuck! The US is for sale...cheap!

“America & LEGAL Americans 1st”

Since: Aug 08

Chatsworth

#7 Feb 15, 2009
Westsider wrote:
The Westside is dropping like a shoe...down 20% and counting. The Chinese are now taking RE tours to CA...looking to get a bargain, Yuck! The US is for sale...cheap!
One thing though. Real estate is something they can't take home with them.
orbit

Redmond, WA

#8 Apr 23, 2009
Greedy bank,lenders and foolish homebuyers are to blame for the housing implosion but now it's the greedy banks and lenders once again holding us back from coming out of this as fast as we can. Back in the early 90's housing market crash if a bank was offering a foreclosure they were willing to pay all closing cost,assist with rehabbing if necessary and usually accepted the first reasonable offer...not true anymore, banks are playing us all for the fool, they have taken bailout money with which they were supposed to ease credit and provide programs for buyers in an effort to get rid of the glut of foreclosures on the market...they are however not doing that, they are keeping hold of these properties allowing dozens of offers to sit for weeks and even moths at a time...while they take their own sweet time deciding who may get the property and in addition because of the federal credit for first time buyers banks are now requiring the buyers to pay all closing costs and fees with the buyers new found credit, this goes against the very foundation of what is intended, not only are banks taking handouts from the feds they extracting as much of that fed credit money as they can squeeze out of the buyer. I know from personal experience as my son and his wife are trying to buy a foreclosed property, they have to date submitted 15 offers on 12 diferent homes and the bank in most cases has even responded.
Voted NO on Y and Z

United States

#9 Apr 23, 2009
anon wrote:
There was a moratorium on foreclosures from Dec. to Jan.! This is why there was a lull in foreclosures! The new 'stimulus' also provides for a moratorium until March 6th. Big deal!
Also, the lenders are holding thousands of 'shadow foreclosesures' that have not hit the MLS yet!
The crux of the crisis is joblessness! There are NO more jobs! Period!
They're moving to other states ????
Daniel

Los Angeles, CA

#10 Apr 23, 2009
This report also should have mentioned Ted Lieu (D) South Bay sponsored legislation putting a moratorium on NOD, which delayed the foreclosure process. Kind of like kicking the can down the road.
Joe

Norwalk, CA

#11 Jul 23, 2009
The end of the year will see an increase. It comes in waves, it is not linear. Various programs and rules tend to put temporary halts on the process, but do not eliminate the problem. As long as people lose jobs or become under employed there will continue to be foreclosures. Until they realize that "skin in the game" only causes more people to make back deals and other illegal acts, and that selling to those with verified solid income does not require a down payment, it won't be fixed. Market rate fixed mortgages to first time buyers of primary residences with subsidies for a few years to get effective rate to about 4% gradually increasing to about 5 1/2 to 6% will fix this pretty quick.
wheres bob b

Tallahassee, FL

#12 Jul 26, 2009
homes in foreclosure in stonetree in novato and at least two in short sale
Phil

San Diego, CA

#13 Aug 17, 2009
Westsider wrote:
The Westside is dropping like a shoe...down 20% and counting. The Chinese are now taking RE tours to CA...looking to get a bargain, Yuck! The US is for sale...cheap!
It sounds backward, but what you are seeing is a vote of confidence in our eventual renewal. Those same potential investors could get a better land deal in just about any third world rat hole, but instead they will invest here knowing that things will eventually improve, and that the US offers a lot more growth potential than other, less costly, and less developed nations. They are not buying property in anticipation it will sit unoccupied, they expect tennants and income. I would be far more concerned if nobody came here looking for bargains.

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