california unmber one market for Repo

[Jnazareno]

You guy's still think i was joking. Today for example. patterson ca. one out of four homes is going foreclosure. We havent seen the worst yet. Put the math togther--- You bought house in calif. for 500k and your okay with payment and have good job, your next door house just went foreclosure and bank sold it for 250k , Question is here are you realy gone keep your house , which your house is worth now 250k and you owe more then what is worth. I would say No. And please dont ever think market is going to recover and you break even. Not for next 10 years. So please do the math now.

Nothing really in Patteson, No Jobs, Just Farm Lands .Most people commute to Pleasanton or worse to San Francisco which is like a 2 hour commute one way. So I would say those type of communities are more affected by the recent state of economics.

and yes if i was living in Patterson and my neighboors went into foreclosures and found out my home is worth less than half of what i paid for, I would probably stop paying for that mortgage..Yes it would devestate my credit, but really i don't need credit to buy a home..cash is king!

[Portland Real Estate Guy]

Thats crazy. I'm actually kind of happy about our market here. After reading this.