Last year I didn't know anyone who lost their home. This year I know 4 people who will be losing a total of 8 homes. Most of them are subprime borrowers (thought that was over with). One couple also had two expensive cars repoed.
2 expensive cars?? can you describe expensive please. Are we talking a 2008 camry XLE 2007 Acura TL maybe a lexus IS250. Maybe a C300 BMW 3 series or?????
Life is funny. I don't blame some for buying over their head. I just hope they enjoyed the moment, didn't get too stressed out afterwards, learned, and lived life. I also hope they didn't have kids and/or a marriage that got negatively affected. There are people that get married and are miserable, but frugal. Is that good? Then the opposite. Is that good? Everyone has a story. The funny ones are the migrant workers that somehow bought a 2 million dollar house. lol. OK, not soo funny.
Based on numbers from a couple of companies I see so far, there's some 2-3,000 homeowners behind/delinquent on their mortgage now in my county. Once you get delinquent (60-90 days), for many, it's over...just live for a few more months for free, then time to get foreclosed on. And there are still sub prime's out there...the ones that never paid in the beginning if at all got wiped through quickly. Others could afford it for a while, but the tipping points are now hitting there. Add the job losses so far over the past year or so, and it's beginning to creep up for the primes, options and alt's...but those again usually take nearly a year to go through before the foreclosure finally hits. So that'll make for 2010 & 2011.