I am not surprised at all with this news....lenders are making it easy for people to obtained mortgage loan by offering them so call teaser loans.  These loans are coming due and the real estate market is going down hill, this formula will create disaster for borrowers.  I for sure am glad I didn't get into the frenzy when the real estate market was booming.  My two properties I acquired 12 & 9 years ago are still on its original loan.  I have never taken a refi, HEL, or 2nd mortgage against it.  I still pay about 7% rate on my original mortgage, but who cares.  I get to write it off comes tax time so it all equal out.  I am going to wait until next year or so for the market to go further down and I will acquire another rental property.  People will always try anything to make a quick gain, but it will come back to haunt them down the road.  Just remember, buy low and sell high.  These people thought differently, buy high and sell higher.

Every major and minor newspaper in this country has run this story except this one. Why?

 Instead we run that story about the bust being over. I have two comments on that story:

(1)That story was put out by the same administration that said "Mission Accomplished". So when they think something is over (ie the bubble) then they have know no idea what they are talking about.

(2)This adminsitration never acklowdeded the the existance of the bubble, how can they now call it over? How can you call a Bottom when you never called a Top? This is also the same administration that claimed "We are winning the war" and now they claim "We are losing".

Please stop acting as the mouth piece for Sean Hannity and all other right wing nut jobs out there. By the way - I am a Republican and not proud of it.

BB, I'm sure you already know this, and maybe you've already tried it, but the best avenue for addressing specific questions and criticism about TBC news coverage and editorial decision-making is to write to the Sound Off column, at soundoff@bakersfield.com.  Blogs are great for getting your opinion out there to your peers, but if you make sure that the decision-makers actually see and pay attention to your question and criticism, and hopefully answer it, that's what I'd suggest.  (But keep on blogging!)

Thanks, Jason. I needed to get that off my chest. LOL.

I think the news world in transitioning from newspaper providing the news to the everyday man/woman providing the news. Even this newspaper constantly advertises to drive traffic to this website. Their circulation is down and will continue to go down. Media is changing and those that embrace change, as this paper is doing, will survive and thrive. I wish them the best.

As far as their content - that is another issue. Unless they can slam Ed Jagels or a bunch of gays; then they don't want to step on anyones toes. I would guess that 50% of their ad dollars are real estate related. They don't want to kill the goose that layed the golden egg.

 

My only question is How could these people have NOT known what was happening?  Geeze Louise, they heard, saw and believed what they wanted.  Now that the bottom is beginning to slip, they're looking for someone to blame.  I, like tomz, chose not to touch the equity in my home.  I could have had all the lovely things I'd like in my house, but I'd rather have a roof over my head.  And I'm in a much better position than some of those who bought new homes or cashed in on the equity in their homes for improvements. 

I remember when we bought this house 23 years ago.  My husband was telling an older friend all the things he wanted to do to the back yard.  That included a swimming pool.  His friend told him "That's what's wrong with you kids today.  You don't want to wait for anything.  You want it all now".   It took 14 years to finally have the back yard we wanted.  We were willing to wait until we could afford it.