and that is for a piece of junk!
2007-03-30 11:31:05 · 12 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
i know the feeling. it seems almost impossible. i believe if you have really really good credit, any bank will give you the loan. but i would start small first, like a condo, and then work your way up after a couple of years. good luck...
2007-03-30 11:36:19 · answer #1 · answered by Petunia 2 · 0⤊ 0⤋
The median price in San Diego county last time I saw was around $520,000, and that will get you a pretty nice house in lots of areas, as long as you don't want to live at the beach.
The high real estate prices, increasing use of ARMs and 40 year loans, and now the slowing ecomomy and housing market are causing lots of people to default on their loans. I was just reading yesterday that foreclosure proceedings so far this year are four times greater than they were two years ago. Only buy what you can afford so you don't fall victim to foreclosure.
2007-03-30 11:40:44 · answer #2 · answered by Brian G 6 · 0⤊ 0⤋
I live in an affluent area with homes selling for between one and ten million dollars. The realestate people here are my friends and they say that families are now spending 50 percent of their income on mortgages up from 25 percent 20 years ago.
There is your answer.
Fred
2007-03-30 11:35:39 · answer #3 · answered by Anonymous · 0⤊ 0⤋
It's definately expensive to live here in Southern California. I sold a home to a girl who rented out the other two rooms. She lives in a house and owns it too.
Good lucks.
Richard Johnston, RE/MAX
2007-03-30 22:00:50 · answer #4 · answered by ? 3 · 0⤊ 0⤋
True, but with a dual income and each earns $60K, a 30 year mortgage is still affordable. Team up, two is better than one.
2007-03-30 11:34:16 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Creative financing. Make horrific payments forever and still get foreclosed upon. It's the new marketing niche. The mortgage brokers get their commission now, while you lose your house three years from now. God help this country..
2007-03-30 11:37:56 · answer #6 · answered by jgain 3 · 0⤊ 0⤋
You mean "median" home price.
California, New York, Hawaii...those places will probably never be quite affordable.
2007-03-30 14:21:12 · answer #7 · answered by CJ 3 · 0⤊ 0⤋
And that's why I live in SW MO! You can still get something decent for under $100k and downright wonderful for less than $200k.
2007-03-30 11:39:21 · answer #8 · answered by Bostonian In MO 7 · 1⤊ 0⤋
yea but u know how quickly the prices go uppp so its well worth it. We bought ours for $940,000 in burbank, ca about two years ago and now its worth over 1,300,000!!!!
2007-03-30 11:34:51 · answer #9 · answered by Milena 1 · 0⤊ 0⤋
hmm....well if you wanna move to detroit there are houses selling here for $7000 right now!! & that includes the land and everything! lol
2007-03-30 11:39:16 · answer #10 · answered by Anonymous · 1⤊ 0⤋