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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: John Vosilla who wrote (79578)	6/15/2007 12:00:21 PM
From: Broken_Clock	Read Replies (1) \| Respond to of 306849

Consumers have leveraged up in this RE boom. It is different this time. You saw the post about sacremento? 20% of homes now negative equity? When those homes hit the auction block then what? Is Sac a precursor for other areas? I just lost a listing to a desperate over leveraged Calif investor who decided to rent it out instead while attempts a last ditch refi. She will get $1,600/mo. for a small oceanfront home(<800'). Taxes and insurance are more than that. She also has a 500k mortgage she is trying to refi but one of her Calif homes is in foreclosure so her credit is shot. Predatory lenders are circling her smelling blood. "I can get you a 1 year pay option ARM staring at 7% IO. Only 3 pts.!"