What do you think of a market that doubles in many areas and then gives 10–20 percent back? To some it is the coming Armegeddon to others it is a normal market. That is the lesson at an Atlanta real estate symposium held this weekend.

And when you think that credit has not really tightened as opposed to returning to it’s historic norms. We are just coming out of a period of reckless lending and the market is doing just what it is supposed to be doing.

Banks should not be rewarded for making bad loans just as homeowners should not be bailed out of them. Likewise, too much intervention by the government will raise the cost too high for good loans to be made. Again, markets may not be kind and benevolent, but they are effective

The reason that the market is hitting many people so hard, and particularly here in Sacramento, is because while the "gravy train" was in town, many thought they would make a killing and bought, and bought, and lenders gave loans far more without considering the applicat's need to meet obligations.  Investors thought they would retire early fat and rich.  They planned to pick the right time to sell and go buy an island.  Well, for a lot, they waited too late, thinking the train would stay a little longer, thus they make more money.  After all, real estate is considered a "cash cow."  So here we are now.  Sure the market is only adjusting back to what it should be.  unfortunately many are paying the price as well. 

 To think that banks get bailed out for exteding bad loans to people who would normally not get a long for that amount, because the banks were just as greedy as the brokers.  Well, now it is nightmare on Elm Street. 

Unfortunately many people are losing their homes, the decent credit rating they had, and back where they started. 

in my opinion, those lenders who were so liberal to give loans to someone like the family who's total annual household income was $55,000, giving them a loan for a $600K home, should be forced to freeze interest rates and roll back to the fixed rate.  Even, tacking on the back payment to the end of the loan and adjusting the monthly payment.  They should pay for stupidity not be rewarded for it.  At least the families could keep their home and the market would not be taking such a drastic hit with home values falling below average because of short sales or sellers cutting the price just to get out of the loan.   It will get worse before it gets better.  Working in the industry onthe lease option side, we see many homeowners letting their homes go and those tenants placed in properties are forced to more before the end of their contract.  They have been working on being in a better position to get a better interest rate at the end of the lease option term, but that has been cut short.  They are now back where they started.

That's just my opinion.

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