Orange County (Southern California) Foreclosure Update

[KhmerD0g]

i live in orange county.

[shaider77]

A novel solution would be to entice would be immigrants to the US with instant green cards for them and their families if they buy a foreclosed property a little above market rate. It might arrest the market's decline momentum and even cause it to rebound. There are enough people in the emerging markets of Brazil, Russia, India and China who might find it a good deal.

[findstatej]

There is already a law for this and it is minimun one million dollar investment in housing or other sector of economy. But this does not work out because so many other reason.

[shaider77]

You're probably talking about the EB5 Investor Visa which requires the investor to employ 10 people on top of the half-million to a million out of pocket in order to qualify but which is not necessary under the solution that I had in mind. AFAIK, that program also has a numerical cap which doesn't help either and also serves as a deterrent on top of the bureacratic red tape inherent in big brother.

[henrycyan]

1. Inflation has caused huge increases in the cost of food, energy and gas while incomes remained stagnant. Thus, less money is available for mortgages compared to the pre-bubble era.

2. For every borrower, there is a lender. Foreigners are no longer lending money to Americans and most citizens not saving. Banks simply do not have the money to lend.

3. Consumer culture has not changed, most people are behind in credit card debt, let alone save up for a 20% downpayment.

-60% from peak

[FromCanadaEh]

How's that Bush economy going?

[sashiadortman]

I worry about our economy being sucked down the toilet with theirs because of our attached at the hip trade policies regarding the US.