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most of these people are still stretching to buy a house.
Should read the latest news today in your local paper. Someone is going to pay for this and it may well be you and me.
Bankrupt Bay Area homeowners shed second mortgages
http://www.mercurynews.com/real-estate-news/ci_18011666
Stung by the crash of the housing market, some struggling homeowners are using a little known but increasingly popular provision of the bankruptcy code to eliminate second mortgages and avoid foreclosure.
Statistics are hard to come by, but bankruptcy lawyers say the provision has been used effectively on hundreds, if not thousands, of cases in the Bay Area during the past two years.
"It's a big thing in our valley," said James "Ike" Shulman, a San Jose bankruptcy lawyer. "But it's not widely known."
Shulman, co-founder of the National Association of Consumer Bankruptcy Attorneys, said he has helped a number of clients who have filed for personal bankruptcy use the law to hold on to their houses -- including three last week.
Cathy Moran, a Mountain View bankruptcy lawyer, said one of her clients had a $132,000 second mortgage voided by the court.
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with all the idiots out there buying homes. This post is completely useless but I just needed to vent. After all I've realized that all the logic, all the numbers, and all the news/reality can't change the one obvious fact....that in the bay area, there are too many stupid people with way too much stupid money.
I've been following the market quite closely, I've even started working with a realtor, and then I get my dose of reality this morning. 1231 court alameda, ca. Sold for above asking, sold for more than 2008, and sold for even more than what it sold for in September of 2006!! Wow!!!
Not know what else to say, but good luck to the rest of you, I'm officially done trying to make sense of this insanity.
#housing