Let’s see, Chrysler closes (taking with it numerous suppliers), Inbev cuts thousands of jobs, steel industry in the tank, Sara Lee shipping almost 300 jobs overseas (picking on them because it was a recent story, many other Sara Lees in this country) hundreds of carpenters, electricians, welders, plumbers are laid off because no one is building residential or commercial, retail stores are closing faster than you can count them and we wonder why we are in the mess we are in when it comes to foreclosures. No the under lying reason for all of the above is a different story.

Brett Doyle, what’s wrong with you?

This is why I squat in houses instead of buy them. No out of pocket expenses and I live like a king!

The tidal wave of resets hasn’t even begun to hit yet. Subprime was the warm-up. Starting in 2010 and lasting through 2012, all the big ticket Option ARM (adjustable rate mortgages) will be resetting. Many of these free-spending Americans showing off their McMansions while paying “interest only” will see payments double or even triple. Forget about it.

Housing was the biggest bubble creating in American history. Many of these crapola developments didn’t have people living in them, just flipping them. They weren’t communities in the making, but wastelands, tearing up prime agricultural and wild land for the sake of a few land speculators and greedy politicians — who have ruined your communities.

Those carpenters, plumbers, painters, etc. better find other employment. The fantasy is over. McMansions are over. Oh, didn’t even mention what will be happening to commercial real estate as mega-debt deals hit the rollover periods and no bank will refinance these strip mall speculators.

Welcome to the third world people. Long live Bush! Long live Obama!

I would like some information on the First Time Home Buyer Seminar that was posted By Bill Cooper. I want to see if I can get this tax credit. Where and when will this event take place?

Anyone in trouble with their mortgage should check out NACA.com. They are a NON-PROFIT advocacy group with 40 offices throughout the United States and one here locally in St. Louis. This group has contracts with banks and are able to stop foreclosures until they can review your situation and they work with the banks to modify your loan at no cost to you. LET ME REPEAT THAT — NO COST TO YOU!!!!! I know how good they are because I just got my mortgage modified down from a 7.24% adjustable rate mortgage to a 2.25% 30-YEAR FIXED RATE. It cut my payment in half. They are awesome, empathetic, sympathetic and wonderful to work with. Check out NACA.com for more information.

No folks, the reason people are lagging behind on their mortgages is because they bit of WAY more than they could chew….hmmmm, do i buy a 400,000 dollar house on 40 grand a year? Guess I can because the government will give me an ARM. Then, because they have no house payment, they proceed to go out and blow a crapload of money on stuff like flatscreens and new cars every 2 years, oh, but now here comes the “reaper”, or should i say, the interest rate they should have been paying all along. Bottom line folks, not everyone is destined to own a house. I know its the american dream, but not everyone has the determiation and discipline it takes to own a home. What really frost my loins is that I, responsible joe taxpayer, whos been a homeowner for 18 years, gets to “subsidize” these people through government bailouts of fannie mae and freddie mac. Gee, if I went out and blew my paycheck on stupid crap instead of paying my mortgage and living like a peasant (ok, maybe thats an exaggeration), would the government bail me out? HECK NO, Id be out on my derriere in the street so fast it would make my head spin. Thats whats wrong with society these days guys, not obama and not bush. NO ONE is held accountable for their actions anymore. Its a crying shame, but, i feel no pity for a person who thinks they can live in a 5 bedroom 3 bath 500,000 dollar house on 45,000 a year. Doesnt work that way.

Brett,

You are probably anticipating correctly that home prices will be significantly lower next year at this time. But don’t forget that there is also a good chance that interest rates will increase by at least a point or more (hyperinflation here we come). So your total cost of ownership might be the same, and you could gain a year toward equity in the meantime.

Good luck predicting the bottom!

This is CRAZEE talk. The economy was BOOMING under Bush and now it’s BOOMING under Obama.

I totally agree bordercollie. We rented for 12 years. Threw away $75,000 in rent. Thatmoney could have been towards the equity of our home. But at that time we could not afford to replace the hot water heater if is died, or replace the furnace if it died. Or even reseal our driveway. So once my husband worked his way up and went full time at his job, and we were done with paying childcare every week, we could afford a home. HOWEVER -unlike many of these people that cannot afford their house payments, we did not move to The WEST COUNTY SUBURB and “get more for our money”. We staying with in our means and we can afford our house payment. So many took out mortgages that the brokers told them they could afford and did not take a mortgage that they ‘could afford”. It is sad. I feel bad for many that have lost their jobs. But in that case you need to pay the mortgage first, utilities second (no Direct TV no cell phones) and have only the basics. You have to have a place to live. And food to eat. All the other is extras. If you cannot afford the car or truck payment - call the bank and let it go back. Not worth loosing the house instead. Just my opinion. I sure hope the economy picks up. I think we are just getting into the middle of this recession. We have alot more job losses coming and more people relying on public aid and food pantries. So sad but we as americans have allowed all our industry to go over seas. now we have no jobs let in this country. When is everyone going to wake up. SO sad