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San Diego Real Estate … The Coming Next Wave of Foreclosures
eve88
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7-24-2008 9:05 PM
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tags:
san diego california real estate
,
san diego california real estate bust
eve88
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*To view the full post, please visit:
http://www.brokerforyou.com/brokerforyou
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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/492bedde-2ea9-4289-ba4c-a599644bbb44/79C99AE9-0BDA-4069-8A5A-D2DF1802481C/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.brokerforyou.com/brokerforyou/?p=413" href="http://www.brokerforyou.com/brokerforyou/?p=413" style="font-size: 11px;">www.brokerforyou.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.brokerforyou.com/brokerforyou/?p=413">The first wave of foreclosures occurred due to the re-setting of some "sub-prime" loans. These loans were predominantly the 80/20 loans that were used to assist buyers to obtain property with no down payment. Later in the cycle of the origination of these loans, the documentation requirements were lessened considerably, so that by 2005, buyers were able to obtain 80/20 loans to purchase property with little- to no-income documentation. Buyers speculated on properties increasing in value and had little regard for the payments. As the loans re-set (usually 2-3 years later), the buyers found themselves unable to make the payments or unable to refinance, and the properties ended up in foreclosure.</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;"> </td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/79C99AE9-0BDA-4069-8A5A-D2DF1802481C/blog/" title="blog or email this clip"><img src="http://content9.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>
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