What Do YOU Think: How Are YOU Being Affected by the Real Estate Slump?

“I think every person in the real estate industry has been impacted , from the appraiser to the real estate agent and mortgage companies,” said Huntington Beach appraiser Cindy O’Dell.

“It’s hard for all of us to make a living,” added Jack Williams, owner of a Brea mortgage brokerage and past president of the California Association of Mortgage Brokers.

These two were quoted in a Register article today that deals with the real estate slump and the effect it’s having on Orange County’s economy. Not too long ago, the real estate boom meant easy money for everyone from realtors to house cleaners, and from mortgage brokers to contractors. But now that the boom has gone bust, hard times are here again.

So how are YOU being affected by the real estate slowdown? Do you have any realtor friends? Have you had a job in the mortgage industry? How has your family been affected by stagnant home prices? How has your community been affected by the subprime lending meltdown?

I want to know what YOU think about the real estate slump. Are you being affected at all? And if so, how? Go ahead. Make my day. Have your say.

  3 comments for “What Do YOU Think: How Are YOU Being Affected by the Real Estate Slump?

  1. September 2, 2007 at 2:26 pm

    Early this summer, the OC Register reported that something like 75% of housing loans in Santa Ana in the last four years had been sub-prime. The neighborhood that I just moved out of had significant numbers of foreclosures and numerous more for sale signs, many of which possibly are people trying to bail ahead of a foreclosure. I saw one house on South Garnsey in Wilshire Square priced at about 460,000 by the bank that had repossessed it. A trip around Wilshire Square will reveal that that’s about 100K less than other nearly identical houses for sale right now.

  2. September 2, 2007 at 6:11 pm

    I lost my job at the IT Department at New Century Mortgage. How’s that for being affected?

  3. Andrew Davey
    September 3, 2007 at 11:31 am

    Gary-

    I’m sorry to hear that. Are you doing OK? This is just what I thought. Real people ARE suffering from this real estate meltdown. I wish I knew what exactly we could do about this. Bail out subprime lenders? Bail out subprime lendees? Do something else? It’s a tough call.

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