Comments on: Real Homes of Genius: Today we Salute you Downey. $270,000 off Peak! http://www.doctorhousingbubble.com/real-homes-of-genius-today-we-salute-you-downey-270000-off-peak/ How I Learned to Love Southern California and Forget the Housing Bubble Sat, 22 Nov 2008 08:46:53 +0000 http://wordpress.org/?v=2.2.2 By: momo http://www.doctorhousingbubble.com/real-homes-of-genius-today-we-salute-you-downey-270000-off-peak/#comment-5299 momo Wed, 09 Jan 2008 14:42:18 +0000 http://www.doctorhousingbubble.com/real-homes-of-genius-today-we-salute-you-downey-270000-off-peak/#comment-5299 I am coming late to this discussion and I don't know if anyone is still looking, but one thing that it might be important for Law Student (and all of us) to consider is that, if I remember my education correctly, it is only the original home loan that is non-recourse by law in California. So, for anyone who has refinanced, there is a good chance their new loan is not non-recourse and they would stand to lose more than just money down plus credit rating. I am coming late to this discussion and I don’t know if anyone is still looking, but one thing that it might be important for Law Student (and all of us) to consider is that, if I remember my education correctly, it is only the original home loan that is non-recourse by law in California. So, for anyone who has refinanced, there is a good chance their new loan is not non-recourse and they would stand to lose more than just money down plus credit rating.

]]> By: jbp http://www.doctorhousingbubble.com/real-homes-of-genius-today-we-salute-you-downey-270000-off-peak/#comment-5294 jbp Wed, 09 Jan 2008 09:30:42 +0000 http://www.doctorhousingbubble.com/real-homes-of-genius-today-we-salute-you-downey-270000-off-peak/#comment-5294 @LawStudent: While it may be true, judging from the numbers you give, that the cost (or loss) of a mortgage would be equivalent to the cost of renting a similar unit, you fail to acknowledge two things: 1. Considering that the average income of the area stands at about 70K and that someone at the 65% income level makes 30K more or roughly around 100K, a PITI of $5400 represents around 70% of your take home pay! which is clearly unsustainable. 2. Assuming that only $2400 of that is actual cost, then you are putting $36K a year into depreciating asset. Who would ever buy something today that you can get cheaper tomorrow!? Especially if as you said the average home is sold within five years?! This is also without considering that you have the option of renting, and putting that extra money into a high-yield interest account with no risk until prices return to sanity. @LawStudent:
While it may be true, judging from the numbers you give, that the cost (or loss) of a mortgage would be equivalent to the cost of renting a similar unit, you fail to acknowledge two things:
1. Considering that the average income of the area stands at about 70K and that someone at the 65% income level makes 30K more or roughly around 100K, a PITI of $5400 represents around 70% of your take home pay! which is clearly unsustainable.
2. Assuming that only $2400 of that is actual cost, then you are putting $36K a year into depreciating asset. Who would ever buy something today that you can get cheaper tomorrow!? Especially if as you said the average home is sold within five years?!

This is also without considering that you have the option of renting, and putting that extra money into a high-yield interest account with no risk until prices return to sanity.

]]> By: Steener http://www.doctorhousingbubble.com/real-homes-of-genius-today-we-salute-you-downey-270000-off-peak/#comment-5258 Steener Tue, 08 Jan 2008 17:29:16 +0000 http://www.doctorhousingbubble.com/real-homes-of-genius-today-we-salute-you-downey-270000-off-peak/#comment-5258 SoCal - Thanks For keeping it real simple. SoCal - Thanks For keeping it real simple.

]]> By: FZ6 http://www.doctorhousingbubble.com/real-homes-of-genius-today-we-salute-you-downey-270000-off-peak/#comment-5241 FZ6 Tue, 08 Jan 2008 07:33:44 +0000 http://www.doctorhousingbubble.com/real-homes-of-genius-today-we-salute-you-downey-270000-off-peak/#comment-5241 @AAA Just out of curiosity what is the number of bed/bath, living square feet, size of the lot, the zipcode of the prop, tax rate, HOA? One other important thing, what type of loan have you secured? @AAA

Just out of curiosity what is the number of bed/bath, living square feet, size of the lot, the zipcode of the prop, tax rate, HOA? One other important thing, what type of loan have you secured?

]]> By: AAA http://www.doctorhousingbubble.com/real-homes-of-genius-today-we-salute-you-downey-270000-off-peak/#comment-5240 AAA Tue, 08 Jan 2008 05:05:10 +0000 http://www.doctorhousingbubble.com/real-homes-of-genius-today-we-salute-you-downey-270000-off-peak/#comment-5240 Please help I just want some advice on buying a home right now. I want to know if now is the right time to buy. The property I am interested in is 4000 sqft in N. Fontana. Was listed in 07 for 779,000. Accepted my offer of 480,000. I can still back out but I need advice. HELP !!!! Please help I just want some advice on buying a home right now. I want to know if now is the right time to buy. The property I am interested in is 4000 sqft in N. Fontana. Was listed in 07 for 779,000. Accepted my offer of 480,000. I can still back out but I need advice. HELP !!!!

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