Comments about ‘Utah among top 5 in rate of foreclosures’

I feel sorry for them. Even though some made poor choices I feel sorry for them. Others just got caught up in the economy and had not power over their circumstances. How sad.

The foreclosures in Utah are not surprising. I counted almost 20% of our east bench neighbors who were speculating in one way or another in real estate 2 years ago. Rampant speculation, a local economy built on small business, construction, government and education, modest income levels, large families, and a young (read poor) population living WAY above their means all contributed

And it will get much worse before it gets better. Housing prices need to fall 20% or more before the market will clear and the glut of big, new homes shrinks. Falling home prices, declining employment and stressed financials are all part of the new normal for Utah in coming quarters.

We have an Administration that took action, which will take some time to fully take effect as we recover. Even Utah, even though Utah leads among the cynics, will benefit, and clearly it is needed. The GOP offered nothing, and would do nothing.

What happened to being honest with your fellow man? This includes banks, creditors etc. While I understand the economy is bad, this is not a first for Utah. We have been experiencing this for quite some time, even when the economy was strong.

For years, thousands of people in Utah flocked to one or more of the "Parade of Homes" shows that were designed to convince people that they needed a big, fancy home even if they couldn't really afford one. Easy credit made such homes appear "affordable" if you just looked at the payments for the first few years and assumed that home prices would continue to rise indefinitely.

Such an environment encouraged millions of people around the country to buy the biggest, fanciest home that they "qualified" for (I use that term loosely since just about anyone with a pulse qualified).

We need to get back to where people are happy living in a modest home that is bought with a big down payment (20% or more) and is paid off as quickly as possible.

Moving up to a large home should only be possible when the family can afford to put at least 50% toward the big home. If these principles had been followed for the past 10 years, we wouldn't be in this mess.

What the administration offered was nothing more than an aspirin for a tumor. The housing debacle will come back even stronger once this one wears off. The administration has no clue how to cure it. The surgery needed is to allow banks to fail, allow housing prices to drop another 50% or so, and clear the decks of businesses created by an inflationary regime.

Unfortunately there are probably two more years of resets on adjustable rate mortgages to go. I don't see the problem correcting until those are off the books.

Unfortuately nobody can fix greed and many of those who got over their heads either were greedy or got caught up in someone else's greedy scheme. This recession is the ultimate pyramid scheme gone bad. The house is foreclosed on causing the person's credit report to get worse making it impossible for him to buy or even rent another house making him homeless. The taxes aren't paid on the house he loss which lowers the cities tax income which means a cut in services for the needy. and so on and so on ad infinitum. I hope the various church's charity services are prepared for the onslaught.

"Modest Homes" says people should be able to put 50% toward their homes. Well, maybe, if you were buying a tent cabin or double-wide. However, I, too have been disgusted with the huge, pretentious offerings at home shows. I hope some of the builders took it in the shorts with these monstrosities.

Couldn’t agree more with the above poster. Are the people following the governments theme? Or is the government following the people? We have become a nation based on debt. Remember when you purchased a car straight up? Or when my father put a 50% down payment on his first home and paid it off in 15 years? It’s just not the same with all this debt culture. The American dream is getting all those nice things with credit and then work the rest of your life trying to pay for it and having no home to pass to your children because the bank still owns it. Now you have Uncle Sam swiping the U.S. government’s credit card, good role model for our child. When in trouble take massive amounts of debt from people who would love to see you fail?

The simple solution to this problem is to blame it on Obama

Congratulations! It's the builders fault! The builder forced them to buy that house! I hope those scummy builders and all the jobs that come with it are now jobless and homeless. That'll fix them.

It's Obama's fault.

I have noticed over the years that fortune tellers for the most part lived in the poor areas of towns,you would think they could do well in real estate or the stock market,this would be a great time for Utah (Mormons)to be different and stand out as a people,these are the latter days,we could use some sage future telling.

Hey, Earl, what if your employer was one which was chosen to die? Then you are out of work for months or years? And your family suffers because of a silly notion that economic Darwinism is supreme? I'm sorry, but if your ox was gored, I would bet you would sing a different story. Theoretical would give way to reality.

Thank you. We've lived in the same home for 34 years, and upgraded it periodically. Our modest (1500 sf) home is in an excellent location, paid for, and has enabled us to live very well, create savings and invest. Of course, being conservative with our money, we sniffed the downturn and pulled our money out of the markets 60 days before the crash. We've not lost a thing.

BUT...we've watched friends and relatives fall for the McMansion dream and all it entails (giant furniture to fill bigger rooms), and they're struggling at an age when they should be stable.

It's GREED and it's also I'M BETTER THAN YOU. Sorry, folks. You're not "better". You merely have bigger stuff.

AND...for the Fruit Heights big guy: PLEASE finish (or tear down) that 5,500 square foot monstrosity you shoehorned into our "modest" neighborhood. It's NOT "better", it's an ugly remembrance of greed....and who's going to want to spend $700,000 in OUR neighborhood? No one. But you wouldn't listen, would you?

When every housewife in Salt Lake was driving a new Escalade, and when starter homes were nicer than most homes in the valley it was bound to happen.

One of the best explanations of the financial crisis is the new book by Thomas Sowell, The Real Estate Boom and Bust. Page 55 points out the involvement of Senator Bennett's son. It is interesting to note that some of the biggest recipients of donations from Freddie and Fannie went to Senators Dodd, Senator Obama and Senator Bennett. Who is to blame for the housing crisis? Just about all of us.

Those who understand interest earn it while those who don't pay it.

It's a matter of 1) educating people about the economy and personal finances, and 2) creating the buying habits to live within your means (don't spend more than you earn).

It's nobody's fault but your own you made a commitment you can no longer keep.

Many people made the same mistake. Don't fret, get educated, start new and start building your credit from scratch.

The high foreclosure rates in the top 4 states are blamed on over speculation and over building. Couldn't that be the problem in Utah as well? Why is everything in Utah blamed on large families? It's really all about living withing your means.

Its a cultural problem. Many of my young contemporaries feel like they need to have a home right out of college when they are still establishing themselves financially. Furthermore, they feel they need the same size home with the same quality of accessories that their parents took 30+ years to obtain. Our culture has a major problem with greed, from the CEO's at the top all the way down to the average citizen.