Comments on: California a Red State: Analyzing the Myth of Homeownership for all. http://www.doctorhousingbubble.com/california-a-red-state-analyzing-the-myth-of-homeownership-for-all/ How I Learned to Love Southern California and Forget the Housing Bubble Sun, 12 Oct 2008 19:41:08 +0000 http://wordpress.org/?v=2.2.2 By: DebtFree http://www.doctorhousingbubble.com/california-a-red-state-analyzing-the-myth-of-homeownership-for-all/#comment-8197 DebtFree Thu, 14 Feb 2008 06:35:50 +0000 http://www.doctorhousingbubble.com/california-a-red-state-analyzing-the-myth-of-homeownership-for-all/#comment-8197 I live in Encino/San Fernando Valley. They built a luxury condo across the street from me (we rent) wanted nearly $800K for each units. Not a single unit sold. They put it up for auction, still not a single unit sold. Each unit is now up for lease. Minimum $2,650 max $3,550 most units at $3,000 month. I live in Encino/San Fernando Valley. They built a luxury condo across the
street from me (we rent) wanted nearly $800K for each units. Not a single unit
sold. They put it up for auction, still not a single unit sold. Each unit is now up for lease. Minimum $2,650 max $3,550 most units at $3,000 month.

]]> By: Sac_Boomer http://www.doctorhousingbubble.com/california-a-red-state-analyzing-the-myth-of-homeownership-for-all/#comment-8164 Sac_Boomer Thu, 14 Feb 2008 03:29:25 +0000 http://www.doctorhousingbubble.com/california-a-red-state-analyzing-the-myth-of-homeownership-for-all/#comment-8164 @Exit I agree, the doctor & Exit have it right. It will all hinge on income.The impact of the higher limit will be minimal, due to the requirements for documented income. If you need to re-fi, and you didn't document income, it was because your income wasn't verifiable. I fondly remember the financial rectal exam we had to endure to borrow $40,000 for our first home, with the obligatory 20% down. All that for a deeply discounted 14% mortgage. We wouldn't consider an adjustable, that seemed too risky...... @Exit
I agree, the doctor & Exit have it right. It will all hinge on income.The impact of the higher limit will be minimal, due to the requirements for documented income. If you need to re-fi, and you didn’t document income, it was because your income wasn’t verifiable. I fondly remember the financial rectal exam we had to endure to borrow $40,000 for our first home, with the obligatory 20% down. All that for a deeply discounted 14% mortgage. We wouldn’t consider an adjustable, that seemed too risky……

]]> By: Ocean http://www.doctorhousingbubble.com/california-a-red-state-analyzing-the-myth-of-homeownership-for-all/#comment-8076 Ocean Wed, 13 Feb 2008 18:59:19 +0000 http://www.doctorhousingbubble.com/california-a-red-state-analyzing-the-myth-of-homeownership-for-all/#comment-8076 Just a thought why the jumbo line may be raised to $729k from $417k is that hyperinflation is already being planned for. It’s another trick. Ya know they have those big computers doing lots of “what-ifs” to guide their decisions to milk more money and power out of the people. Soon a dozen eggs may cost $10 and gas at $7. So raising the jumbo limit on housing now will facilitate the non-jumbo loans during hyperinflation for easier financing. AND it’s possible that hyperinflation will facilitate the next bubble. Where this would lead I don’t know, but people will think they are getting richer in equity while actually not. Is this just the conspiracy theory side of me? Just a thought why the jumbo line may be raised to $729k from $417k is that hyperinflation is already being planned for. It’s another trick. Ya know they have those big computers doing lots of “what-ifs” to guide their decisions to milk more money and power out of the people.

Soon a dozen eggs may cost $10 and gas at $7. So raising the jumbo limit on housing now will facilitate the non-jumbo loans during hyperinflation for easier financing. AND it’s possible that hyperinflation will facilitate the next bubble. Where this would lead I don’t know, but people will think they are getting richer in equity while actually not. Is this just the conspiracy theory side of me?

]]> By: D.L. http://www.doctorhousingbubble.com/california-a-red-state-analyzing-the-myth-of-homeownership-for-all/#comment-8073 D.L. Wed, 13 Feb 2008 14:27:15 +0000 http://www.doctorhousingbubble.com/california-a-red-state-analyzing-the-myth-of-homeownership-for-all/#comment-8073 In a nice area of Diamond Bar Ca, (1686 Aspen Grove Ln) a house sold for $553,000 in January and it just went on the market for $639,000! There still a out there Doc! Just amazing............ In a nice area of Diamond Bar Ca, (1686 Aspen Grove Ln) a house sold for $553,000 in January and it just went on the market for $639,000! There still a out there Doc! Just amazing…………

]]> By: drhousingbubble http://www.doctorhousingbubble.com/california-a-red-state-analyzing-the-myth-of-homeownership-for-all/#comment-8066 drhousingbubble Wed, 13 Feb 2008 08:08:22 +0000 http://www.doctorhousingbubble.com/california-a-red-state-analyzing-the-myth-of-homeownership-for-all/#comment-8066 Credit where it is deserved: <i>"But the really bad news is that, even after a year of misery and falling prices, homes in many of these regions still aren't cheap. They remain wildly overvalued compared to average personal incomes."</i> http://online.wsj.com/article/SB120276871472760255.html From the Wall Street Journal. The connection to income is obvious and should be a number one factor in talking about overpriced homes. Credit where it is deserved:

“But the really bad news is that, even after a year of misery and falling prices, homes in many of these regions still aren’t cheap. They remain wildly overvalued compared to average personal incomes.”

http://online.wsj.com/article/SB120276871472760255.html

From the Wall Street Journal. The connection to income is obvious and should be a number one factor in talking about overpriced homes.

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