bret wrote on Oct 13, 2006 12:41 AM:I believe this is what I call a crunch,or a catch 22. It would seem the fed is raising rates,the banks only think of getting their money faster at a higher rate. While citizens are already working two jobs.I understand that people themselves dig there own financial graves, but is it really necessery to keep people down who are trying really hard to make ends meat? Getting by is getting harder and harder. I should know. I was foolish enough to get a floating rate on a house I bought. This was a bad idea. The floating rate only seemed to keep going up. In two years I was already paying an extra five hundred dollars a month. Why even have the two options if one screws you and the other dosen't? And people wonder why foreclosure is on the rise...

Gary in Murrieta wrote on Oct 13, 2006 1:23 AM:Now when all of these homeowners give up their homes and have to go back to apartments, they will find them full, and much more expensive then they remembered. The cheaper apartments are already full of illegal aliens, so life is going to be tough.

Gary in Murrieta wrote on Oct 13, 2006 1:26 AM:The other option to save your home, is to invite your extended family to live with you, and charge them rent. It works for the illegal aliens. If you do not have an extended family then it is time to take in boarders.

Maryann wrote on Oct 13, 2006 5:53 AM:This is what happens when homes are 6 or 7 times the median income. These people bought into the if I don't buy now I'll be priced out forever mentality. How could our children ever afford a nice place to live the way things were going. It's about time the market comes back to reality.

dick wrote on Oct 13, 2006 6:11 AM:How does our level of foreclosure activity compare with state and national levels? Is it still below the national rate?

not surprised wrote on Oct 13, 2006 6:30 AM:ridiculously high prices, no down payment mortgages, people pressured into buying houses they can't afford. What else did you expect????

Rick wrote on Oct 13, 2006 6:31 AM:I would like to see how many of these forclosures are happening to "undocumented migrant workers". In case you did not know, even if you are undocumented you are able to get a home loan.

Mortgage Dude wrote on Oct 13, 2006 6:38 AM:I significant part of the problem right now in the market place is that there are Mortgage intitutions out there that are more interested in miking money than what is best for the borrower. Over the last 12 to 18 months, there have been a significant number of properties sold using 100% financing as well as option ARM's (negative amortization). This resulted in Mortgage Brokers and some Banks making a lot of money and Mr. and Mrs. Home Buyer left holding the bag, especially in Southwest Riverside County. While the slowdown in housing sales will have an effect on overall market value, the fact that these properties are being forclosed upon will have a much more significant impact on the housing market. How long and how much is any ones gues. I'll check my crystal ball and get back to you.

Ron wrote on Oct 13, 2006 8:03 AM:People in Southern California spend a larger percentage of their monthly income to housing payments. "Creative financing" in home loans is the cause. Years ago, when my wife and I bought our first home, the general rule was no more than 25% of your gross. Over the years, that rule has become a guideline, and the writer is right, more and more monthly income is devoted to just the house payment. Interest only loans were no more than 2% of all home loans 7 years ago, and they are about 60% of all home loans, and they are usually an ARM/variable loan, which I believe is causing this to happen. Pre-qualifying is a joke, it's more about pushing the sale, than underwriters making sure, they have a qualified buyer.

Vista Granny wrote on Oct 13, 2006 8:36 AM:This was to be expected, I guess. Wonder what will happen to all those new homes under construction now? Who will buy them and at what price if they do? This is not the first time in San Diego, though, we'll grow out of it in a few years.

Renter wrote on Oct 13, 2006 9:15 AM:Hopefully all this foreclosure misery results the huge price drop us hold-outs need to be able to afford our own home. I have no sympathy for anyone who bought a home for twice what it was worth, then rolled cars, credit cars and swimming pools into the loans on the false promise that "housing prices always increase". Good luck trying to offload it. See ya at the auction!

Pop! wrote on Oct 13, 2006 9:43 AM:30 to 40% correction within 3 years.

Gee, ya think? wrote on Oct 13, 2006 10:37 AM:I gotta buy that big, expensive house to impress my friends. Oh wait, I need a couple of those brand new, shiny SUVs to go with it! Don't forget, the kids HAVE to go to private school too! So why is it that I don't have any money left?

Just great... wrote on Oct 13, 2006 10:50 AM:You know if a meteor were to smash into the Earth somehow, someway some dolt would find a way to try and blame immigrants for it. So let me get this right. People got into great "No doc high interest adjustable" loans given to them by the many "LOAN OFFICERS" out there (Actually loan brokers) and then blame immigrants for living in the lower cost apts. Now that they have to become apt. dwellers again. This housing cycle has only been going on for the last 40 years it wasn't a surprise to anyone who could read a graph of prospective interest rates in a wartime economy. Well I'll tell you this... this immnigrant ,as most people like call my family, (even though I'm half apache indian of hispanic descent and pretty much truly the only real american typing on these comments right now.) I'm going to buy their homes at deep discount because if there's one thing that is right is the stupidity cycle of life. In ten years their kids will be the one trying to grab it all again and I'll be here to sell them the dream. If they have to live a little lower because they wanted it all too fast so be it.

It was bound to happen wrote on Oct 13, 2006 11:16 AM:I think Gee, ya think? hit the nail on the head. I look around N. County and see all these young families in these outrageously expensive tract homes with a stay-home mom, two kids, a Beemer and an Escalade in the driveway, a gardener, a housekeeper, you name it, and I'm wondering how they swing it at all, much less on one income. Turns out they're not swinging it, after all--the cars are leased, the credit cards are maxed out and the mortgages are interest-only or adjustable with massive balloon payments. No wonder everything is caving in on them.

Dane wrote on Oct 13, 2006 11:22 AM:People have by and large done this to themselves. They always want a bigger more expensive home and are willing to over-extend themselves and take out risky loans in order to achive it. Don't blame the banks, the government, or illegals for this one. No one forced you to buy the 2500 sq ft house versus the 1500 sq ft one or the 4500 sq ft house versus the 3000 sq ft one. No one forced you to try to leverage a couple of rate points in order to purchase an even larger house even though anyone with any sense at all knows that obtaining variable rate loans when interest rates are near an all-time low is the worst time to get them. On top of that people just have to have their expensive new autos/RVs/boats/ATVs and expensive vacations to go along with it. Greed and lack of foresight and planning are the largest factors here.

Jeffrey wrote on Oct 13, 2006 11:55 AM:But DANE, we've only over extended ourselves because we are good soldiers, and we were ordered to. Remember after 9/11, our Commander-in-chief said we should "spend, spend, spend," otherwise the terrorists will have won. Mission accomplished!

Laugh Now wrote on Oct 13, 2006 12:10 PM:I have been in real estate for over 32 yrs and you would think some one would have listned to us old folks. You young ones will now pay hard and long. No bankruptcy to bail you out this time. You will all go back to where us old folks started with nothing. Maybe this time you will listen and god onley knows learn something, maybe something like saving. You all drive around in your big SUV's looking at us older folks like were fools. Try working and saving and putting your kids through school when your 50 and bankrupted. Most will leave your kids nothing but debt. If you whant to know whats going to happen next juct go to your local senior center, and ask. These folks have already been though it. Signed who gets the last laugh the old or young.

Stan wrote on Oct 13, 2006 12:33 PM:I feel sorry for those who need to sell for a job loss, health emergency, or other family financial problems. However, the idiots who bought in the past two years only to "flip this house" for a fast profit are now in big trouble, as some areas in San Diego County have already dropped 10% to 20% since summer 2005. There is no one left interested to buy until prices come down even more. Granite countertops do not matter in a declining market.

Dave wrote on Oct 13, 2006 12:39 PM:I suspect that the CEO's of a lot of the banks are going to bail, taking their huge bonuses with them. Their bonuses are based on the banks' income which is based on the interest on all of these absurd loans. Before the ... hits the fan, these greedy CEO's will head for the hills, the banks will teeter on the verge of collapse, and the government will swoop in and bail out the banks. Since the Federal government is already broke, they will print more money to do it, effectively reducing the value of the dollar (inflation). Read "The Creature from Jekyll Island - A Second Look at the Federal Reserve" to learn that this has all happened before.

Alejandro wrote on Oct 13, 2006 12:42 PM:Es cierto, muchos inmigrantes tratamos de cumplir el sueño americano de tener una casa para nuestros hijos. Pagamos nuestros impuestos, aprendimos inglés, hemos ido a la escuela para incorporarnos a esta sociedad en la que vivimos.Pero al igual que los anglosajones, asiáticos o afroamericanos, caímos en la trampa de comprar casas que ahora no podemos pagar. No hay que olvidar que lo que es desgracia para unos, es oportunidad para otros, es decir, cuandoperdamos nuestras casas, habrá otros que las comprarán a precios reducidos. Son leyes del mercado y no fuimos muy inteligentes. O será que nos engañaron y nos hicieron creer que podíamos aspirar al sueño americano?

To Laugh Now: wrote on Oct 13, 2006 12:42 PM:You know that sounds exactly like how our State government is being run. Borrow, borrow, borrow! Our transportation funds were robbed to pay for social programs. Pension programs are underfunded. Bond measures for everything we really need, like Roads and Hospitals. Sounds kind of scarey.

Pat wrote on Oct 13, 2006 12:50 PM:Let's not all panic or rejoice in others misery. The fact is that RE always appreciates sooner or later and we have had this downturn before in the 90's. I purchased a house in 1974 for $30,000. Today it's worth over $500,000 and this market will not significally effect the majority of its value. For you that don't know, in the 70's you actually had to qualify for a loan, no stated income, 90 percent finacing, arms or interest only loans! Greedy Mortgage brokers and lenders today should be ashamed of themselves. They are causing the problems!

Get educated wrote on Oct 13, 2006 12:54 PM:I find it amusing that "illegal aliens" are the problem to almost all the news on this website.I also find it amusing that people like Gary assume that everyone who "looks hipanic" is an illegal. Get some education Gary, you make yourself out to be an ignorant racist.Obviously 10-30 million people are not going to go anywhere anytime soon. Some of us just wanted to come back home to our original homeland. Maybe you should do the same!! Wow, it feels good to say ignorant things!! I should be like Gary more often!!

Gary in Murrieta wrote on Oct 13, 2006 12:54 PM:By the way the apartments on Antelope and Mapleton rent for $2200 a month. They call them house apartments. My friend who just bought a small Condo on the same block is paying almost 2800 a month for his no down payment mortgage. Yes it is getting tough all over

Gary wrote on Oct 13, 2006 1:02 PM:. We are not blaming the Immigrants. We are blaming the Illegal immigrants. As our population will reach 300 million this week, and it has been growing at a faster rate then any other time in history. In just the last 20 years the United States has received more illegal immigrants, and then all of the immigrants combined for the last two hundred years. More people will always mean higher prices, for both rentals and ownership. I do not expect the price of housing to go down much. Just the fact that it is not going up can be regarded as a slump. It all comes down to supply and demand. Of course our middle class may be getting priced out of the housing market because California is one of the most expensive states to live in.

Bad Banks wrote on Oct 13, 2006 1:30 PM:Banks used to not let a borrower commit financial suicide, because they knew it was bad business. They have recently revised that view for the new century and have allowed borrowers hang themselves as much as they want. This isn't a housing bubble, it is a credit bubble. The credit bubble has popped, rates are higher and lending standards are tightening.

To Laugh Now wrote on Oct 13, 2006 1:56 PM:While your points are probably accurate, why are you laughing about it? Its not very funny. Old or young. Isn't it the old ones who raised the young ones and instilled these values in them? So stop laughing so hard. You raised them.

Financial Expert wrote on Oct 13, 2006 2:24 PM:I'm so glad I did not buy into the overpriced housing ponzi scheme. Instead, I saved my money. With some savings accounts and CD's now paying 6% to 7% apy, I'm pulling in $60,000 per year in interest on just FDIC insured savings, and paying $16,000 per year in rent for a Million $ home. (Well, it was in 2005, now it has fallen to $800,000 and falling fast.) Like the poster "Laugh Now wrote" Listen to the old folks telling you to save. Do not get your advice from salesmen who make a commission off of your purchase. Hopefully many others will now understand that living in bad debt is future financial disaster and bankruptcy. Remember, the rich collect interest, the poor pay interest on liabilites that are losing value. Choose the group you want to be in.

Single Elsinore Resident wrote on Oct 13, 2006 2:35 PM:"Gee, ya thank" and Dane are right on the money. I've been looked down on by folks in Temecula for choosing to live in a fairly mixed, but quiet neighborhood in Lake Elsinore. As of today, the 92530 zip code has 347 properties in some stage of foreclosure; Temecula has 854. What does that tell you? Sure I'd love a new house with a pool and yearly European vacations, but as a single woman with one income, I'm not willing to trade my less than $500 monthly mortgage and end up being house-poor for it. And forget those interest-only *for idiots only* loans! When I need a new roof, I know there's plenty of equity to tap into.

Too Funny wrote on Oct 13, 2006 2:52 PM:Idiots. Greedy fools. No sympathy from me. Impress your friends with your big temporary home then kiss it goodbye! Duh, what did anyone expect? Hey, but keeping up with the "Jones's"...soooooooooooo important in status symbol land. Not.

A from San Diego wrote on Oct 13, 2006 3:09 PM:For those of you who are not from San Diego let me tell you its not always about people over extending themselves. The housing in San Diego is just too expensive. Its not the 3000 sq foot house that costs 500,000 its the 3 bedroom condo. It is hard to find any kind of house that is less then 400,000 and even with two decent incomes, and driving Honda’s that is really hard to swing.

Comfortable in Murrieta wrote on Oct 13, 2006 3:59 PM:I bought my first house in Murrieta 8 years ago for 101 thousand. with 10% down. Five years later we sold it for 260 thousand. My present house in Murrieta cost us 245 thousand, just 3 years ago, and is now appraised at over 500 thousand. On the next corner from us, the identical house has been sold three times since we have been here. The second time it was sold they got 525 thousand. Now it is sitting idle at 499 thousand and it has been for sale for awhile. Not bad for a base price of 245 thousand just 3 years ago. My point is that they went up so fast in value I don't see why they cannot come down just as much. I know a lot of my friends and neighbors are on interest only loans, and I think they sense trouble ahead. By the way my monthly mortgage payment is $1300 a month, for a new 2,700 square foot house, and my military housing allowance more then pays for that.

north county resident wrote on Oct 13, 2006 4:04 PM:I worked for a lender for several years and would review and submit applications for purchase and refi loans. We had what was called a stated income program which the borrower could state the amount of income that would not be verified by the lender. It was amazing to see how many poeple overstated the income in order to even qualify for the loan amount or purchase amount. Most applicants would not be able to qualify for the loan because they simply did not make enough money but the loan was put through....I can recall someone stated being employed as a maid (not self employed) and she stated that she made $10,000 per month I think that is just one of the many reasons why we are seeing so many forclosures today

Paul wrote on Oct 13, 2006 4:42 PM:Also, many folks I know refinanced and took money out of their house, to pay for toys (boats, cars, etc.)

Allah wrote on Oct 13, 2006 4:57 PM:Yes, this is exactly what I expected and it will be getting alot worse. People buying with these stupid idiotic loans.... I can't believe that there are such stupid people in this world. People taking out such huge loans, it is totaly crazy! The foreclosures will increase as more and more ARMs reset. People will hold on to their house until they just can't pay for it anymore. You can collect all the gold you want in the desert, but you won't be able to carry it back to civilization.

Mary wrote on Oct 13, 2006 5:48 PM:o North County Resident - By the way, if the IRS gets wind that people have misstated their income on an application for a Federal Back Mortgage (which most are), they will present a bill to pay back income taxes on the stated income on the application - not their actual income. This is called fraud. But to me it is also fraud to process a loan when you have a good idea that the applicant is misrepresenting their income. This happened to a friend of mine who's husband bought a business and the previous owner represented the business made $10,000 per month. They moved it to a new home that was in a business zone so they could live at their business. They were made to pay taxes on the difference between $10,000 per month and the actual $8,000 per month the business really yielded. And you can not bankrupt your way out of taxes. That is why you should NEVER lie about your income on a credit application.

Brad wrote on Oct 13, 2006 6:57 PM:Yeah, but you live in Murrieta! Ba ha ha ha ha.

Myrrhia wrote on Oct 13, 2006 9:18 PM:This is a message to whoever unethical in this world who was given the privilege to borrow and spend like there is no tomorrow and to whoever even more unethical and indecent who made this privilege possible: This whole nonsense of borrowing beyond one's means should be stopped. Simply put if you owe more than you worth you are poor and no different than any other poor person in this world who does not have a fighting chance. We are the biggest bunch of hypocrites when we believe in democracy and equality yet we hold double standards for everyone else out there. Because for each one of us who has this privilege to borrow, rest assure that there are twenty others in this world who suffer.

Jamal wrote on Oct 13, 2006 10:50 PM:I wonder why "Single Elsinore Resident" compared one zip code in Lake Elsinore with the entire city of Temecula (3 zip codes). Lake Elsinore has 554 foreclosures and 38,000 residents. Temecula has 854 foreclosures and 93,000 residents. That is one foreclosure for every 68 residents in Lake Elsinore and one foreclosure for every 109 residents in Lake Elsinore. Seems like the residents of Lake Elsinore are the ones in over their heads to a much greater degree than those in Temecula.

American Woman wrote on Oct 14, 2006 7:09 AM:I can not believe this. Why do we as Americans feel it necessary to blame the "illegal" immigrants for everything. Even our own stupid failures we want to blame them. Its called the blame game. Someone should write a song about it. If you fail blame it the illegals it will make you feel much better. I am so sick of this I just wish the Federal government would get off their lazy ... and deport these people so you already and next thing you know we will all be going to Mexico to bring them back. ... Make a list of the failures and pin it on the illegals, because that is the American Way.

Victor wrote on Oct 14, 2006 10:28 AM:I'm glad the forclosures are happening. People have been sheltered from financial reality for too long. The idiots who bought at hugely inflated prices have kept me out of the market (I could get such a loan but refuse to pay more than an asset is really worth based on comparable rent). I can't wait until the prices drop 60% and I get to tear the eviction notice off my new McMansion while the sheriff kicks the losers who owned it previously out on the street. I have no sympanthy. Let them live in the Hummer H2 they bought on borrowed time.

Socal Appraiser wrote on Oct 14, 2006 12:26 PM:Remember not to forget all the great real estate agents representing these buyers telling them that it was a good idea to buy even thought the model matches on the same street (comps) were 25 - 50K lower and sold 1 month previous. Lets not forget the appraiser and loan officer who bullshited the report to get it through loan approval. The appraiser who got the job because I refused to hit the number is civially liable. My business is actually looking up as my "expert witness" side of it is busier every month!

Renter wrote on Oct 14, 2006 2:30 PM:A lot of discussion on this story, interesting. I guess all of us living in this region have been affected one way or another by the unsustainable price of housing. I am a native of this area and plan to leave when I finish university in the spring. The cost of housing and declining quality of life being the deciding factors. I hope housing prices implode, making it a reaonably affordable place to live for working people, but I'm not so sure that will happen. WE ARE SCREWING OURSELVES CHASING A LIFESTYLE WE CAN'T AFFORD!

Jerry wrote on Oct 14, 2006 4:09 PM:A message to Gary: You live in Murrietta, so why are you worried about illegals. Quit your complaining and enjoy you illegal alien built home and neighborhood. Fricking hypocrites eveywhere. I know, Iknow "They are criminals and ripping off taxpayers" whatever! I think its funny that Temecula complains more than any other city about illegals. San Diego should annex Temecula.

Jerry wrote on Oct 14, 2006 4:16 PM:I agree with Renter. People buying houses at ridicoulous prices are screwing themselves. We want to live this lifestyle we can't afford. Learn to live and enjoy whithin your means. I know people who make a good living and even they ask how people can afford to buy these homes. I even had Marine Col. tell me that he couldn't aford to live in San Diego. Send a message to the realtors and stop buying.

RAF wrote on Oct 15, 2006 1:24 AM:Enjoyed all the above comments. Now all the greed-motivated 'homeowners' (yeah right... miss a payment & you'll see who owns that home) who bought at the top of the market are claiming VICTIM status "GEE, I didn't know the payments on a variable rate mortage could go up". In fact they knew very well it could, but banked on the belief that CA "house prices always go up at double-digit rates", and wanted on that 'gravy train'. And now they can't understand why that 1500 sq.ft. house on a postage stamp lot maybe isn't 'worth' $500,000. Duh !!!! They are VICTIMS. It was the greedy lenders who did this to them. Right!!!

john wrote on Oct 15, 2006 10:00 AM:Victms? I find it interesting that when people screw themselves by instant gratification,Buying that 400 k condo that they cant afford, they suddenly become victms.Its not about being a victm,its about greed,and stupid trendy mistakes that you pay for the rest of your life. They also call this house poor.

Joe wrote on Oct 15, 2006 1:39 PM:When the NC Times starts printing/posting articles like this you know the SD housing market is in trouble!

think wrote on Oct 15, 2006 4:37 PM:When things are great bring in the flood of immigrants (mid 1970'S and 80's). When things are bad were told that it’s because of them. We are a nation of wealth we can afford as many people that can come. But we tend to blame each other. We are taught to find the scapegoat. For those who seem to keep missing the point it’s the corporations in this country that keep us in check and in turmoil to stay in control. If anyone thinks that it is the fault of a race of people or rich or poor you’re mistaken. It’s all of our faults for giving into the brainwashing of our children and ourselves. How can we point the finger at the corporations that pay our leaders to make the decisions of our welfare when we are so busy pointing the finger at each other. If anyone thinks that this is anti American that is something that is part of the brainwashing also. I love this country and you and all the people in it. For what it’s worth I still vote and hope. I’m happy for the opportunities that we have when we get them. I can go on. But I also will not lie to myself because a government official said that questioning our government is not good. Anyway we could be talking Real Estate, Health care (FDA), Social Security etc…. If it’s not in the interest of big business it will not be of interest to our leaders. Once again I still have hope in our political system and each other. It’s no one race our cultures fault, because fault belongs to all of us. For lack of unity. Our country has the money to support our needs and to fight for us if were being taken advantage of by healthcare, “BANKS” or RE agents. And there is enough jobs for everyone but we decide to vote for individuals that support big business in sending our jobs out of the US. Who fault is that, ours or the immigrants? Rid yourself of hate and start to think.

Roller wrote on Oct 15, 2006 8:56 PM:The bubble burst. Some people still can't believe it. It's really only started. The financial landing will not be soft. Prepare now.

chicken little wrote on Oct 16, 2006 1:40 PM:Sky is falling. It's the attack of alien, the illegal alien. LOL, I am sorry but I don't see any relation in this bubble pop with the illegals. This is a bubble that Bush had to create to carry on his bad decisions after the dot.com pop. Once he is out, and we stop pouring money into iraq, things will go back to normal. Take down those for-sale sign and wait just one year. Buyers will come back. People need house.

Austrian School wrote on Oct 16, 2006 3:15 PM:Who's to blame? Go ahead, blame the Fed. When you lend money at an interest rate below the real inflation rate, you get speculation. The promise of something for nothing is too strong to resist. In the short term it seems great, a boom, but in the long term its bad for the economy. For every credit fueled binge there follows the necessary purge. It displaces other normal economic activities and pushes money to middlemen such as brokers (RE or stock) and agents. We let the market set the prices for most things, why do we let the Fed set the price of money? Its just crazy.

Chicken big wrote on Oct 16, 2006 3:24 PM:This bubble has pulled housing purchases from far into the future. Put another way, most people that had even thought about buying, already did for fear of "buy now or be priced out forever". It'll be back, but in 10 years or so. My advice, sell ASAP, forget the silly perks, the price is all that matters. It will only go down from here. No interest from buyers? Your price is still too high. Think of it like a reverse auction, the market price is going down, you need to catch it before it goes too far.

Vista John wrote on Oct 17, 2006 12:17 PM:Wow think wrote lets all join hands and sing kumbahya! The facts are pretty simple if you have a three bedroom home and attempt to put five families in it, you run out of space to throw another blanket down. Sure America can take in a lot of Immigrants we already have. To say the Illegal Invasion has nothing to do with home prices is crazy. Those 20 million Illegals have to live somewhere. Remember supply and demand? Now I’m not saying the Illegal invasion caused this Housing bubble but they did have an effect on the amount of homes available. The prices of homes in Southern California are hilarious when compared with the income people in Southern California make. The correction will happen somehow either home prices come down or wages go up. I do not every see myself buying a home here; I do not see the value in the $500,000.00 postage stamp home. California is broken!

think wrote on Oct 17, 2006 2:31 PM:Hey Vista John, lets not all join hands and sing kumbahya at least not yet, Actually the price of housing has a direct correlation with interest rates. When interest rates are down it makes it easier for developers to ask for more money. When interest rates are up housing gets cheaper. Its simple economics. Once again we shouldnt think that we can blame a culture or people . This is why most of the U.S. is blind. It�s called shifting focus. And your focus is shifted. Stop beliving what the media wants you to believe. Because most of the people I know that bought these houses are people from this country who need to keep up with an image that was put in their head by guess who? I think people from third world copuntries are a little more humble than we are here in the U.S. BUT, although I'm only trying to put out the argument that we need to see what is really happening in the grand scope of our lives in this country I can also say that your point has much validation (yes I know not that you need validation from me). I guess in percentages "if" immigrants are a piece of this puzzle lets not forget that put in percentages it is a very small percentage. Vista John dont be afraid to add all the other crap that is going on that has put us in this position. California is broken. Because our leaders and corporations dont give a rats ... about us. And we dont need to hold hands. unless you want to. :)

Craumba!! wrote on Oct 17, 2006 3:01 PM:I better get more yard to mow!!! That $850,000 house will send me back to mexico!!

Mama's Family wrote on Oct 22, 2006 9:35 PM:From 2000 or so I've seen the cost of housing go from expensive to "stop the car honey, it's less than a million!". And yet first-time buyers were willing to sacrifice their first-born for the first house. Anyone want to buy a bridge?

jim wrote on Nov 17, 2006 5:04 PM:How old are you 20-30,30-40,40-50. 20-30 , I want it now. 30-40 , I want it bad. 40-50 , I got it, debt out my ears. 50-60 , How can I retire, I owe 20 more years on the house...... My advice,Do try to kept up with the jone's or you will end up with the jones's (on the street homeless).