I try not to put out negative stuff, but I tell ya, it is starting to get to me.  I generally don't even read the papers because of the negative news. Unfortunatly, I did read the papers this am and came across these disturbing articles.

Foreclosure Backlog in the O.C. Grows:

Loan Servicers Prefer Big Losses rather then forgiveness

Now I understand the banks are in this business to make money and these articles may not surprise you, but something is morally wrong here.  Maybe I live in fantasy world where I hope the organizations that I go into business with i.e. a purchase contract are true partners. But where is the partnership in this mess?  Of course the rules apply but when there is clear disregard for the consumer after they sold a bad product at the wrong time they need to be held accountable.

If you received your Orange County Property Value notice this week then you understand the hit the consumer is taking.  What hit is the lender taking in this mess? There is no principle reduction, fee's waived, interest reduction to truly help the consumer, they are all added back in, increasing the value of your property which 1 in 5 are already underwater.

Look at what is happening in the commercial sector, landlords are providing rent concessions as they understand empty shops bring in no dollars.   Why do the banks not get it!!!!!!!!   Manufacturer's and retailers get it.  If a manufacturer sold a bad product, what do think the retailer expects that manufacturer to do, they expect them to help with the loss i.e. markdown dollars. Again, Why do the banks not get it!

Well I guess they are getting it as they are writing off the loss, recieving bailout money and not helping their partners.  Why because the partner is not the consumer it is the investor.  Wouldn't it be wonderful if you could write of the loss as well vs. having your home taken away, your credit ruined and having to start over with no bailout to support your new life. 

Ok, I got that out of my system.  I will focus on the good, there is opportunity in this market for buyers and probably a lot more opportunity to come.  There is also a great opportunity for equity sellers if they are realistic about pricing. 

For the sellers in distressed situations who truly want to save their home and are responsible and understand they are part of this partnership, all I can say is hang in there. Continue to bang the drum try to have patients for your OWN SANITY and focus on the positives of getting to the other side of this.