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Originally Posted by shannon94
I agree with you 100%! I think people who bought in the last 2 years in Cali with those ARM and interest only loans will be hurting soon. That's why it's such an exodus out of California. I moved to Texas before it got out of hand. I never bought In California.....would have been nice to have made some money by buying back in 99...but at the time I was a stay at home Mom so we had one income. How dare me want to stay home with my child and want a home! lol Anyway...I'm seeing more and more Cali plates out here in Texas too. Lots of Cali companies moving here too because they can't recruit anyone there. A serious "correction" is due!!
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We were able to buy a home on one income in 2003. My husband was making $17 an hour at the time. We were just starting out after him getting out of the military. He had a lot of old bad credit on his credit report including a repoed car, all from when he joined the Marines. We were very lucky to have been able to buy a home to begin with and the only way we were able to buy was to get an interest only loan. Since house prices were going up so rapidly in our area it was not a mistake. I know that interest only loans are not good in a lot of areas but for some it is a good option. We can easily refi into a regular loan now no prob. We are choosing to move out of California instead tho. Yeah we have made a little bit on the equity of our home but not near enough to pay off another home. We will have a nice down payment and we will be able to get a nice home, on some acreage, in a nice area for our 2 and 4 year old to grow up. We are not looking to go somewhere else and turn it into Cali, in fact we are looking to get involved in the shaping of our new area so we can keep it from turning into Ca. If we liked Ca we would stay here but we don't so we are leaving.
We have been looking for at least 4 years for somewhere to move to. Eastern Idaho is the only place that we have found that we like everything about. The area is highly religious, very conservative and decent house prices. Yeah we could find cheaper houses somewhere else BUT we like other things about the area that are more important. We are not looking to change the area, we are looking to embrace the people there and their ways and we are looking to get involved to help keep it from growing too much or too quickly. We were too young when Central Ca started its major growing spurt to even get involved but now we are stuck with it the way that it is. Even if my DH were to get a really really good job, there is no way that we could ever afford to move out of our little starter home and into a bigger place.
Everyone that we have encountered while visiting there have been nothing but nice to us even after finding out that we are moving there and that we are from Ca. In fact, most people were encouraging us and telling us that we will fit right in. They realized that we have a lot of the same qualities as they do and a lot of the same wants for our family as they do. There are a lot of stereotypes about Californians and frankly not all of us are like that!