A Chilly Welcome
- 16.09.2008
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From Debbie:
OK, so I wasn’t expecting a lot of praise with my first post here on Blown Mortgage and I’m fine with that.
Several, if not all, of the comments were far from welcoming. One essentially said that I had no clue about what I was writing, and yet another that I do not understand the complexity of the mortgage problem. I have to disagree as I’ve been writing about real estate issues for some time now. While I’m not a numbers person, I, like most Americans, have some idea as to what’s been happening in the housing industry.
In addition, I was once involved with someone who was in the mortgage business. I ate, slept and lived it daily; as he went from job to job working and cashing in when said mortgage companies were making millions during their heyday.
I never claimed to be a mortgage expert nor will I ever apologize for not being an expert.
However, I do know many close friends and acquaintances who have indeed lost their homes because of the fall out. I hear on a day-to-day basis about others who are going to lose their homes or are afraid they are going to lose their homes. True, some of these folks did get in way over their head, and maybe they even deserve to lose their homes.
According to a press release at DQ News: “Lenders started foreclosure proceedings on a record number of California homeowners last quarter, the result of declining home values and the rampant spoilage of a batch of especially risky home loans made in late 2005 and 2006, a real estate information service reported. Mortgage servicers recorded 121,341 “notices of default” during the April-through-June period. That was up 6.6 percent from a revised 113,809 for this year’s first quarter, and up 124.9 percent from 53,943 in second-quarter 2007, according to DataQuick Information Systems. Last quarter’s number of defaults was the highest in DataQuick’s statistics, which go back to 1992.”
The numbers don’t lie my friends.
Oh, and by the way, to the one reader who bet that I found a better home and for less rent, I can only wish. I did indeed find a great place and a place that I wanted to move into many years ago, but in no way is it cheaper.
I also noticed that my former Landlord’s McMansion and the home that I had to leave are both up for sale. I laughed because even if he gets what he’s asking, he will still be taking a hit. Both homes have already been reduced twice in a matter of a few weeks of being listed.
He paid well over $1 million for his own home but now that same home is listed for under $800,000. Oh, and the home that I personally had to high tail it out of? The same one he bought for less than half a million in 2005? I just looked at the MLS and it, too, has been reduced yet again since he first listed it in August.
So, as we move ahead and I TRY to make sense of this mortgage mess, I have little doubt that you will keep me in check. Don’t be afraid to criticize what I write (as if you would hold back), give me input (it is always welcome) or challenge me (I’ve always loved a good challenge). Hey, I’ll even take a blog topic suggestion from you if it’s a good one.
I learned a long time ago, when I started as a journalist in the late 1980s, that even if you get hate mail, it means they’re still reading.
The writer, Debbie L. Sklar is a 20+year journalism veteran residing in Southern California, where she is a writer, columnist and editor for many local, regional and national publications. She will be a regular contributor to Blown Mortgage and may be reached via e-mail at DebbieSklar@cox.net.
