Pretty interesting couple of days in the world of real estate.

Huge mortgage companies are falling off the face of the earth; See Home Banc & American Home Mortgage (not to be confused with the local Amerihome Mortgage, which is a model for how mortgage company should be run).

French officials halting trading on American Investment vehicles that contain subprime mortgages and markets all over the world falling. The dow took one on the chin. Whispers are coming out that this mortgage problem may actually see 1% of all US homeowners in foreclosure.

WHAT! 1%?!?!? Wake up!

Flint has areas with 40% foreclosures. Some Grand Blanc neighborhoods are 2-3%.

Buddy has said forever, literally forever and especially since this blog started "we have a huge problem".

We are in the 1st inning of this story. No one has asked were all the money from inflated appraisals and mortgage fraud went. I will give you hint...the creepy cousin of yours that is a Loan Officer probably bought a bunch of useless cheesy stuff with some poor families HOUSE!

Why are values going down, because the absorption rate for foreclosed homes is a lot slower and putting downward pricing pressure on all prices. In Flint I have seen 3 homes on Second Ave. go into forclosure with $90,000 loans on them and they were listed in the MLS for $10,000. Why are we not reading about jail time and restitution?

I am ranting, but I am angry.... and I want to see people step up and stop this crap from harming innocent people. I want the smart people and the others that care make a stand. I want to see families suck it up and pay down their debt. I want people realize they screwed up and work to fix it.

Jeez, I saw a home that sold for $249,000 23 months ago listed for $209,000 pending short sale. The house was worth $270,000 when they bought it and is still even in this market because of its uniqueness worth $249,000 all day long. But the agent listed it with the bank taking the hit! GUESS WHO THE BANK IS FOLKS? YOU! Lazy agent! Irresponsible sellers. Let someone else do it.

Buddy is accountable, Buddy pays his debts, Buddy spends less than he earns....Buddy is sick of lazy, irresponsible people screwing up his favorite town, state & country.

I guarentee someone reads this and calls Buddy a jerk and totally neglects to see the point.

Good people are getting victimized, Kids are going to suffer, and we are only talking about the situation not the problem or the solution. GOSH!

If you know someone with a 89 IQ that is a loan officer, punch them for me. They literally screwed up the American Dream.

Save, Save, Save, Buy a nice house now at a rediculously low price, get a 15 year mortgage and get on the right side of the growing wealth gap in our country.