Comments on: Housing Industry Continues To Sour

Home Builders' Confidence Hits New Low; SoCal Home Prices Drop Almost 30% In June

[newtagagain]

This crash in SoCal will make the late eighties seem like a boondoggle. Prices were ridiculous when I left LA in 2001 and they had doubled again by 2006. I''d say the bottom''s still another 20 - 30% away.

[jmiv53]

Every time a home hits foreclosure, it costs the US gov''t 300k. Why don''t the banks work with their clients and continue to accept payments on the front end of those balloon contracts? The bank still sees cash flow, the client gets to keep their home. If I were in this situation, I would sign a loan amendment that allowed the banking institution to tack on additional fees on the back end or extend my payment terms another 10 years. Nobody wins in a foreclosure situation. In a nutshell, if I was a bank I would take the long term approach and lose a little on the front end. Cash flow is king!!!

[sistatee-2009]

Now we have people who CAN pay their mortgage, but WON''T because they think their house will never be worth what they owe on it, and don''t want to take the hit.

[forthepeopl1]

THATS RIGHT IT IS TIME FOR A CHANGE IN GUARDS THAT SAID EVERY PERSON UP FOR RE-ELECTION IN THE HOUSE AND SENATE, NO MATTER WHO IT IS NEEDS TO BE CHANGE WITH REAL AMERICANS THAT WANT TO HELP ONLY AMERICA AND ALL AMERICANS..

BUT ALL AMERICANS WILL NEED TO DO IT/VOTE IT AND GET IT DONE..IF NOT STOP WHINEING AND COMPLAINING..VOTE TO CHANGE IT OR SHUT THE F-UP, YOU ONLY HAVE YOUR-SELVE TO BLAME

[beehive21-2009]

Stocks went up today,check out Riv,Ford,GM, JCPenny,Thor,UBS,some good buys.

[stevex47]

"You just solved all of our country''''s problems by blaming the republicans."

Not sure lib, but I think he just called us "Whiners". Typical nutjob answer. Divert blame for their wide stanced incompetence.

Sorry nutjob, what''s happened to this country is criminal, and all blame is truely, squarely placed on YOU.

[ontheleft]

I just moved to Western Massacusetts where house prices almost doubled from 2000 to 2007. That kind of increase is ludicrous based on local income levels and lack of decent jobs in the area.

This was a bubble fueled by the greed of lenders and lack of government oversight. Once again, the taxpayers will be left holding the bag.

Prices here have come down only 7% from their peak so far. They have a LONG ways to go before I''d buy a house here.

[kennedy7955]

An $8000 tax credit for first time home buyers? What will that do for the industry? First time home buyers are among the riskiest buyers and many of these buyers got 100% financing over the last few years and can''t afford a mortgage at any rate. The politicians don''t know what they are doing.

[mcv57]

Uncle Ben, quit lying to the public. This economic turmoil has Mae & Mac on government welfare only because White House and Friends are neck high in this grap. Be true to yourself; not for the Bushwacker. Remember, your character will be judged once you place your on the coffin pillow. Don''t sell your soul cheap.

[irliberal]

Thanks republicans! In addition to endless war, you''ve also destroyed our economy. Congratulations!

Oh, and for those of you that say that "hey democrats controlled congress for the last two years!" ... well, lets look at those numbers shall we?

Senate:
49 republicans
49 democratics
2 independents
tiebreaking vote: republican vice president.

House:
200 Republicans
235 Democratics
288 amount of votes needed for republican presidential veto override.

So, quite literally, anything the democrats get passed through congress is vetoed by president bush. Bush and the republicans can''t stand to see someone else succeed where they failed. If they can''t win, nobody will. It''s called a scorched earth policy.

No, the war, the collapse the American economy, the prevalance of ignorance and ambivalence about climate change, all of this blame lands squarely in the lap of the party that has near total domination for eight years - the republicans. You really screwed up big time guys. You''ve got to go.

[ozarkbard]

Easy explanation:

The same home that costed $40,000 20 years ago now goes for about $120,000.. even after replacing legal US citizen workers with illegal immigrants.

All these home building companies saw their profit margins doubled, even tripled.

HOUSING IS TOO EXPENSIVE IN THE US!!!!!!!!

[shanev137]

This really needed to happen to the housing industry.

[Gary Kempf]

Home Builders'' Confidence Hits New Low; SoCal Home Prices Drop Almost 30% In June

Well, maybe reality will catch on in california....