" Thanks to the Bush Administration,it looks like another score to the Rats !
Sure will be nice to return to Democracy ! Never,in my 67 years,have I seen a president so insensitive to the "voice of the people" !
If it's not a "high crime or midemeanor",what do you call it ?
Try,convict and sentence them,ALL !
Murder,thievery,you name it ! "

" Lets place the blame where it really belongs... The mortgage companies, loan officers, and realtors that pushed people into ARMs that they knew would have no other option but to go into deault if the rates went up...

Plus dont forget the stuidity of people that fell into the trap...

I couldn't answer the phone awhile back with out it being some company that offered a lower payment. But when I insisted on a fixed rate they lost interest in me. Now the Government is asked to bail out the stupid...

Are they offering me any help? I was responsile..... "

" The Bush administration is not to blame for the housing mess. It is the Democrats through and through. They have dumbed down the citizenry. Not to mention forcing banks to loan in areas they deemed to risky so that "minorities" wouldn't be screened out. I have no sympathy for anyone who is getting foreclosed on. Unless it is because of a job loss or illness. "

" No one would listen to me 3 years ago when I kept telling people to sell and rent. Now I am telling you this is just ther beginning of a complete meltdown so fasten your seatbelts folks, the wild ride is only beginning. Home values have another 50% reduction in value coming over the next two to three years which will make this an extremely slow and painful death. The "amero" will emerge to replace the dollar. Mark my words people, these foreclosures are the tip of a humongous iceberg of collapsing debt instruments and the "taxpayers" will get caught holding the bag one more time. We will never learn at this rate but I am out of the system so it does not affect me. I just sit back and chuckle.... "

" No President in the last 50 years, caused more financial ruin the Carter...18% mortgages, 13% inflation and 10% unemployment....if anyone thinks the current situation is as bad as it can get...it can be explained either as a memory problem our partisan blinders.
"

" petebo...what are you willing to wager?



"

" I tell you what, if you can figure out a way that people earning 55k per year can qualify for a loan to purchase a 450k 3/2 home documenting their real income (that means' no more liar-liar loans) then I will believe you. Unless incomes rise, which is hardly plausible in this economy, then housing prices must drop because otherwise there are simply no buyers that can qualify. It's a quantitative analysis of where the average price must settle so if you are a betting man, then you probably understand how to figure the odds and thus know the mathematics behind a wager. Hopefully this makes sense to you and as far as a wager is concerned, I would bet you a million dollars that the dollar is going to fade in to oblivion and be replaced by the amero...but then that million dollars would almost be worthless so forget that. I'll take that fancy Corvette parked in your garage though! lol "

" TOTALLY agree with Napa Local!

As someone who is familiar with small, family owned businesses, Imagine the delight of the business owners if I told them - "ah don't worry about the financial risk, do it anyway, get your profit - the goverment will bail you out!" For them, bad decisions hurt financially, and in turn keeps them from making risky financial decisions. The lending industry needs to feel the financial hurt, and learn from this. Otherwise, whats to prevent them from doing it again in another 20 years?

More importantly, it is not an admiral, nor American mindset, to just take, take, take and give nothing back. And the proudest moments we have in our American history, are the ones that include our sacrifice, responsibility, honesty, compassion, perserverance and hard work. Where are those attributes in the home owners that are abandoing their homes? Abandoning their responsibilities? And abanding their communities!?

There used to be a time when a bank would only consider a home loan at 80%/20% (with your 20% down) WHY? because in the majority of cases the Bank manager lived in the community where the homes were being sold! He had just as much invested in making sure the applicant was qualified to repay the loan - his schools, streets, and home depended on it!

"

" That's a pretty impressive chart.

I remember some dork real estate agent last year saying in the NVR that he doubted that 1 out of 10 would end up actually getting foreclosed on because everybody wanted to live in Napa.

D'oh!

I wish the NVR would do a retrospective to see how smart these brokers look after saying that everybody wanted to move here and that Napa wouldn't suffer much. Sure, it won't be as bad as say Solano County, but it will still be plenty bad.

As petebo says, the probability that a $55K household can afford a $450K mortgage long-term is very low. Just do the math.

Now, it could be that the median household in Napa simply won't be able to afford a house anymore. Their time is done. This has happened in other areas, particularly those in or near areas with high-paying jobs. People making more money permanently crowd out those who don't.

But I don't see that happening in Napa. Skyrocketing inventory and a large drop in unit volume are always signs of an overpriced market with tough times ahead.

So...Supply is going up. More people trying to sell their homes. More foreclosures. Look at the growth curve in this data.

Demand is going down. People have to put up downpayments of 10-20% to get a loan but nobody has that cash (isn't this a sign of affordability in itself?). The people walking away from their homes won't be able to get a decent loan for years so they're out of the buyer's pool. Others are simply scared of catching a falling knife.

Ok class. Supply goes way up. Demand goes way down.

What happens to price? "