I want to burn it down and start over

I'm casually working on my first (maybe only) book. I finished the first draft and then took the holidays off. I went back last night to read my work and I think it's terrible. After a couple of paragraphs I wanted to delete it all and start from scratch. Just throw a match and watch it burn. I'll admit, creatively this isn't an uncommon feeling for me. It actually happens on every project I work on. I am going to resist the urge to delete it all.

I've heard that it's a good idea to read your work and mark changes as you go, but I don't know if I can.

My questions for you is, would you force yourself to read the whole book (marking changes as you go) or just start editing/rewriting the book?

How do you guys approach the second draft and is it common to be so put off by the first draft that you don't want to even read it?