Furthermore, I brought up the idea of setting up an intranet neighborhood website where residents could voice their opinion and stay up to date with the latest news and they flipped their lids.Anyone else have similar situations?

Because short sales are currently net 80-82% of Fair Market Value to Fannie--which is more than Fannie gets from an REO sale, not to mention that by the time the property goes to foreclosure, it's worth far less in most areas of the country and has sometimes been vandalized. http://www.rebuild.org/news-article/foreclosure-and-stripping-homes/ To ensure that the former homeowner is ready to purchase again in two years, s/he should pay all their other debts on time and use no more than 50% credit capacity on credit cards.According to the Mortgage Debt Forgiveness Act of 2007, the amount of mortgage deficiency (known as "phantom income") will be forgiven if the house is owner occupied.

Then then pulled the property off the MLS, told their agent to spread the news about this "great price", but everyone knew that an offer at the asking price would not buy it.

This morning Wachovia Corp reported a dismal
quarter which heightened concerns about how corporate
results will fare amid the ongoing credit crisis.

The nation's fourth-largest bank suffered more write-downs linked...

One of my concerns about borrowing more money is all the news I hear about banks going through hard times and what the future may hold.

That being the case, why aren't people going nuts over the news of the bailout?!

Also, I remember seeing in the news or on the internet places like Thousand Oaks, Oxnard were hit bad due to the subprime downturn.

Just found this article. http://www.bostonherald.com/news/regional/general/view.bg?

The good news about learning from successful local investors is that they will know YOUR MARKET.

News broke early this morning that the FDIC took over 1st National Bank of Nevada and First Heritage Bank, closing 28 branches.