That is crazy isn’t it. We need to educate everyone on purchasing a home. Whether they can afford it and what kind of loan to use.

Now is a good time to buy but maybe hold off for a bit to get a better deal.

Very sad to see this! But, many San Diego buyers in 2005 thought the real estate boom would never end.

I follow a local San Diego real estate broker’s blog http://www.brokerforyou.com/brokerforyou
that has predicted this back in 2005.

Jim

With the house market being in a slump and this trickeling down to the auto industry well, I recently had the following happen to me. Not sure if anyone cares but here you go:
I had taken out a line of credit for $90,000 wiht WAMU and just out of nowhere WAMU decided to lower my credit limit without notifying me, I only found out when I tried to use my credit card & it was declined. I called the customer service & spoke to three diffrent people who told me three diffrent reasons, but to make a story short they ended up closing my line of credit (credit card) & then transfered me to the lost & stolen credit card department so that they could issue me a new card. The lady kept asking me if I lost it, I said no, WAMU told me that they accidentaly closed it. I still have my credit card & it doesn’t expire until 5/08.So she took some info & said they would send me a new one.
I have never been late on a payment, I have good, if not excellent credit score, and my credit report does not have anything negative, I have not made a majoy purchase, WAMU did not want to fax me anything in writing as I requested, they have not send me anything via mail to inform me of the reason they reduced my credit limit and then closed my line of credit. I think they are covering there behinds because of the poeple that have had to foreclose on their homes. I don’t blame them but its a sad way how they are being sneeky and not in good faith. I’m sure I am not the first & I probobly won’t be the last. One of the WAMU reps I spoke to said that their was a glitch in the system & that it affected several accounts & that I was one of them, then the second guy told me that it was based on my credit score which I had another person at WAMU fax me the copy that shows my credit score is great. So I
know they are lying. All I got from WAMU was the run around, rudness, hang-ups, placed on hold for a long time, and not a straight forward answer.
I want people to be aware of this. WAMU is being very sneeky & if you know if this is illegal or if there is somewhere I can file a formal complaint please let me know. I wouldn’t want WAMU to report false or inaccurate information to the Credit Reporting Agencies, for example: that I requested the account to be closed when it is not tru. Well I plan to open a bank account with a new bank and go from there until I am no longer with WAMU. I was a loyal customer until now. Thanks for listening.

This is sad, however we do need to keep moving on to recover. We can’t just sit around talking about the crisis. Right now consumer confidence is low. We need to get some more transactions going to push past this.

Economic Update - March 31, 2008 - Last Week in the News

Sales of existing homes unexpectedly rose 2.9% in February, the first increase in seven months, the National Association of REALTORS® said March 24. “The improvement is another sign that the market is stabilizing,” said NAR chief economist Lawrence Yun. The median existing-home sales price in February was $195,900, down 8.2% from a year earlier.
February sales of new single-family homes fell 1.8% to a 13-year low, the Commerce Department said March 26. The decline was slightly worse than expected. The median new-home sales price in February was $244,100, down 2.7% from the level of a year ago.
Orders for durable goods — items expected to last three or more years — fell 1.7% in February, worse than the 1% increase economists had predicted, the Commerce Department reported March 26. Demand for manufacturing equipment plunged 13.3%, the largest amount on record.
On March 27, the Commerce Department confirmed data showing that the nation’s gross domestic product (GDP), which measures the value of all goods and services produced in the United States, crawled home at a 0.6% annual rate for the 2007 October-to-December quarter. In the prior quarter, GDP sizzled at 4.9%.
Consumer spending, which accounts for two-thirds of the U.S. economy, edged up just 0.1% in February, the weakest spending performance in 17 months, the Commerce Department said March 28. The modest gain was in line with forecasts.
For the week ending March 27, interest rates on 30-year fixed-rate mortgages nudged downward, according to Freddie Mac’s Primary Mortgage Market Survey®.
For the week ending March 21, mortgage applications shot up 48.1%, the Mortgage Bankers Association said. Refinances surged 82.2% while purchase business improved 10.6%.
Economic news due out this week includes the highly anticipated unemployment report on April 4.
Economic data compiled from government reports and news services Bloomberg.com, msnbc.com, cnbc.com, cnn.money.com and Yahoo Economic Calendar.
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I think this problem will continue to grow. We’re seeing a surge in property management services based on the situation in the housing market. Folks aren’t able to sell their homes so they are forced to rent their properties out. The good news is that the rental market is still quite strong. At Advent Property Management we’re seeing a consistent 1-2% vacancy rate which means that even if you are facing foreclosure you still have a strong option to rent your property and avoid a serious ding on your credit.