Foreclosure Round Two. Have we learned nothing from the past debacle?

To answer your headline. No, we have not learned from the past. Humans do not learn from the past as is evidenced throughout history

Richard, I just noticed one house that went full circle like that as well; not sure how it happens these days, but considering how quickly lives can change could be part of it. We as a nation don't have the recommended amount of savings to maintain.

Richard ... we are seeing this too.  I know f one house that I short sold that was foreclosed on, sold and is offered for short sale again!

"Churning, turning, burning.... Rawhide...." (sang way way off key

Richard, the farther in time we get away from the debacle, the foggier the brain gets...it is a lesson forever...and yes, you must have skin in the game!

I am sad to announce but history does repeat itself. I am hopeful people are more careful going forward.

Good morning Richard,

When it is so easy to walk..it is the chosen path because it offers the least resistance! Sorry to say we are not learning from the past..just digging ourselves into a deeper hole. Until the consumer makes the effort to increase their savings and stop spending every dime they make the madness will continue!

I will gladly bet the house if you wil let me have the money up front! I think you are right on target.

That is a frighteing, disturbing trend...I wish some folks would just learn already!  Geez

I blogged about this a while back.  I had 6 appointments last year that involved people who bought foreclosures with the $8000 credit.

Two of them bought because they know they would get $8,000 and not have to make a payment and still have a place to live for about a year.

I don't see where it helped us at all.  It has helped string the houseing crises even further out.

Buyers are finding it cheaper to won than rent and some areas like my home state that give a home owner extra time to redeem their home when they default.

Richard I haven't run into this yet but it's most likely happening here as well.  What I have seen is home owners that modified their loans only to lose their homes a year or so later due to terms that never would have worked out to begin with. As for people learning the lesson this time around...I actually do think many have learned that having a bigger better whatever isn't the way to go. We've counseled many buyers on living within their means and being realistic and buying under what the lender says they can afford.

Your photo is so fitting for this subject - brilliant.

I would be interested to know if the second time around was because of no investment or due to a job loss or medical issues.

I've seen the same thing unfolding in Northern Virginia.  Some homes lost to foreclosure or short sale at the beginning of the crisis have hit the skids again.  It's depressing.

I have seen that too, but it usually stems from the first buyer as an investor.. a rehab a new owner and now the loss of their job, or they bought too much house for their budget. 

 By the way.. Love the photo!