Foreclosures Fall Due to New Laws

ckoffend | Feb 14, 2013 11:08 AM ET If I ran a bank that wrote mortgages in California, I would require 40% cash down payments as my standard. I`d accept as little as 20% cash down, but treat those loans as sub-prime loans and charge a higher rate. With laws like this, a home buyer pretty pretty much get a 3% down mortgage (as it exists right now) and knows that can serve as 5 years worth of rent - never making a mortgage payment in that time. What a joke of a State. Of course in the end, the Cali. banks will make mortgages much more expensive and once again, the responsible, financially intelligent people will pay for the problems caused by the stupid peopler with no financial intelligence.

ragnar_d | Feb 14, 2013 11:25 AM ET Diana, come visit coastal Orange County, CA. Houses here are selling like hotcakes. Even ones above 2M (starter home in the OC...). Especially checkout south OC coastal. And no, I don`t have a house for sale :-)

LoganMohtashami | Feb 14, 2013 11:48 AM ET Orange County is a Ghost Town in Inventory ... Inventory back to 2005 levels and demand is 1/3 rd the amount back then. Perfect Example of the problem in Housing, Orange County CA Logan Mohtashami

handballforlife | Feb 14, 2013 12:07 PM ET Lloyd I want to personally thank you for making it possible to own my home outright.........those corrupt banks that opened up down here in sunny Florida must have shredded my note after they sold it a few times over and now they don`t have the paper work anymore and either down the corrupt title company that was working hand in hand with them Thanks again Lloyd for being the crook we all know you are

Outside_Observer | Feb 14, 2013 12:15 PM ET I am a liberal, but when it comes to foreclosures, I have zero tolerance. People who bought houses they could not afford and knew they could not afford, need to move out. Time to step up and take personal responsibility! These loans should not be modified, they should be foreclosed. End of story. *-*-*-*-*-*-*

SoCalRefugee | Feb 14, 2013 12:18 PM ET Why would ANY homeowner in Cal make a mortgage payment?

SDedalus | Feb 14, 2013 12:26 PM ET Logan, Good point. The low-inventory / low-demand situation is the same in Phoenix. What got us, the nation, into this real-estate quagmire is the "one-size-fits-all" model employed by the international banking community. Previously, we had the wisdom that "all real-estate is local." Super-sized banks cannot solve the problems nor can super-sized bureaucracies like the one that has come to define our schools. It is a sad irony to see these government bureaucrats try to find a "solution" to our "failing schools" when in their overconfident idiocy all they are trying to impose is another example of their "one-size-fits-all" model which allows them to concentrate wealth and power until the top-heavy social system fails. What we now have in America is a plutocracy, rule by money, and the big-busines

ragnar_d | Feb 14, 2013 12:32 PM ET Socalrefugee, They would because prop values are skyrocketing. We bought a shortsale 18 months ago for 1.4M and the house next door just sold in a regular sale for 2M (same size, view, etc.). And other houses in the tract that had been for sale for months or years have suddenly sold for asking price or higher. These are not investor buyers. And folks are dumping hundreds of $K into pools and landscaping. Recession, what recession? Just reporting what I am seeing in south OC. Ragnar

areyoukidding541 | Feb 14, 2013 12:33 PM ET Big banks have been letting people stay in their homes for 2 years without making a mortgagae payment. They want too keep this BAD DEBT off the books to make the books look better then they are. It`s all a shell game. If the banks ever went after everyone who is now 3 months behind, the numbers would be shocking. Then the stock price falls. Once again, it`s all a shell game with the banks.

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Foreclosures Fall Due to New Laws

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