There are several homes in my neighborhood that are being foreclosed on. I don’t know any of them personally but I worry that it will decrease the value of my home because there are so many of them that banks will sell them cheap to unload them, which makes comp prices go down – eventually leading to lower values.

Almost all my friends who worked for GM who lost their jobs are almost all losing their homes. My grandparents did to they couldn’t afford to keep up with their medical bills and heating cost.

As for me I don’t believe in credit I don’t have credit cards never have never will. If I want something I’ll save for it if not then I won’t get it.
I have no problem renting I’m not down with the whole home ownership. I never could see paying a Fortune on a loan for 30 years or so.

I was able to buy a new car a few years ago I saved tax returns and some money every month about 5 to 6 years I had enough money to get me a car. About the same as it would have been paying a car note but without all the fees and intrest.

I am self employed and lately I feel as though I have become a free consultant since the estimates that I have written in the last few weeks have resulted in very few call backs – people as well as businesses are presently very wary of spending what money they have.
As far as credit, I personally know of a small business owner with excellent credit who is having a terrible time trying to obtain a loan to construct a small office building on his used car lot. I know of another retired person who simply moved out of his home and into public housing and just let the lender have the house. Due to a refinance loan for major renovations a year ago, his payments went off the chart and he owed more than the present value of the house.
Hopefully, this fiasco will be straightened out soon and the economy will rebound.