Jim TV Pot of Gold?

if there isn't a pot of gold at the end of this rainbow, then the homeowners of San Elijo Hills should start thinking of other ways to solve their foreclosure crisis - or not. We have seen that being over-encumbered has been causing even those with excellent credit to give up, and default on their mortgage. If something isn't done in these tracts built at the market's peak, there will be many more defaulting now that they are underwater by six figures.

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People & Blogs

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• jim
• klinge
• realty
• Jim
• TV
• reo
• foreclosure

[nanerbeet]

Jim, I lost my job in Oct 08, unemployed 6 months and racked up about $30K in credit card debt. Moved halfway across the country for a new job and kept the house. I'm renting it out at a slight loss but at least rent covers 100% interest and some of the taxes. I'm doing the right thing, can't say the same for the rest of these dicks who leave in the middle of the night. Still have perfect credit but can't qualify for a mortgage in my new state. WTF the USA is so boned. Where is MY bailout?

[SeattleBeaver]

Interesting video and thank you. $573/mo. for association fees says a lot right there. That was a house payment not so long ago.

[kingbiscuit28]

The housing market will stop plummeting when people bring loans back to a reasonable 2-3 times their annual income. The longer people wait to default on their loans the longer it will just delay the inevitable. I don't blame people even if they can afford it for walking away from a severly underwater loan.

The banks created this situation where people could get house loans 4-6 times what they make annually because CEOs wanted quick profit. The banks can deal with the repercussions

[sellingon]

I feel bad for the people who made DUMB DUMB decisions.  but holding these people up isnt right or fair to those that were smart enough to wait. when you only make 50K a year how did you expect to live in a house that cost 500k 1 million?? people need to learn the hard lessons in life. sad but true

[mja2035]

Sing it Jim! No, really it's so sad what's happening to people getting hurt trying to do the right thing and just being happy in there lives. It's so scary out there these days. If you don't need to buy a house, it probably would be safe to rent for now. Sad, but great video, luv your commentary. Mike and Liz

[cougartroll]

Excellent video, excellent commentary Jim.

The U.S. has entered the deflation spiral and housing is the anchor that is sinking towards the bottom. It's going to take creative ideas to slow it down but I don't think it's going to be stopped. Buying 5 years for people thinking about strategic walk away is a good idea. How the heck does that house sell without hitting the MLS? Must be an inside flipper.

[largo2001]

Jim are you warming up to the "Barbaric Relic"?

[akabillyba]

Personal responsibility from the president to congress, all the way down or up depending on how you look at it, to the average mortgage holder. Personal responsibility would go a long way to clean up some of this mess. Great video, as always