Judy Graff's sublime-to-the-ridiculous (well, mostly ridiculous) take on real estate for east San Fernando Valley and North Los Angeles communities. This includes Hollywood Hills, Burbank, Studio City and Toluca Lake real estate and homes for sale, and also covers Valley Village, North Hollywood, Glendale, Atwater, Highland Park, Silverlake, Sherman Oaks and other L.A. areas too. General news and musings as well.
Wednesday, January 23, 2008
Foreclosures
Today's L.A. Times has a great article plus charts on the latest area foreclosure stats. Personally, I'm really tired of all those free market posters out there in the blogosphere that are cheering this development. Yes, some folks scammed a mortgage. But the majority of people being foreclosed are individuals and families that wanted to put down roots in a community, wanted a better living situation, wished to get their kids in betters schools, etc., and just believed the pie-in-the-sky stuff the lending and real estate industries were handing out. Okay, enough rant. I will have a new page on my website shortly that will describe options for those that can't make their mortgages.
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Oh Puh-leez! You are in fantasy land lady. I have visited probably 100 homes in foreclosure and the vast majority of them had great wheels in the driveway. I'm talking BMWs, Benzs, Hummers, and Escalades. I drive a 3 year old Ford and knew I couldn't buy a home in the over-heated market. People are greedy!
ReplyDeleteputting down roots doesn't mean you have to buy a house or a condo. If one cannot afford it in the first place, then one shouldn't buy a place. If one has to rely on someone else to tell them if they can afford the mortgage or not, then most likely this person isn't smart enough to own a house (there are so many websites out there that will do the automatic calculation for you for free). Owning a place is a privilege not a right. If someone is dumb enough to let realtors/ banks etc trick them into owning a home, then they are not smart enough to own one in the first place.
ReplyDeleteSorry to disappoint you, but SFV is right. I'm a Realtor, too, and I'm the one working with these folks, not you. Here's a theoretical question for you: what's the difference between a $3300/month mortgage payment and a $2000/month rent payment? Answer: after taxes, nothing.
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