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Old 05-29-2007, 05:32 PM
 
Location: Alexandria, VA
1,074 posts, read 2,585,010 times
Reputation: 466
Quote:
Originally Posted by EscapeCalifornia View Post
So in other words, if you're not in the top 5% of income earners, don't bother with SoCal. And if it takes two high incomes to buy a house here, who's going to raise the kids?
Well, put!!! IMO Many people here, plain do not care that their children are being raised my someone else. That is just facts!! It is more important for many Californians to live the CA lifestyle and forget they have kids!
MBG

 
Old 05-29-2007, 05:36 PM
 
Location: Alexandria, VA
1,074 posts, read 2,585,010 times
Reputation: 466
Quote:
Originally Posted by NewToCA View Post
Let me flip this around logybogy, don't you agree that market forces are setting the home prices? Do you not agree that we still hire firefighters, teachers and police in California? Are we hitting a point where something is failing to happen?

If housing is unaffordable to sufficient quantities of folks, assuming folks will still be moving, doesn't the price adjust to the appropriate level via market forces?
When you have more than one family buying and living in a single family home, that my friend, artificially raises the prices of homes.
Then you have another artificial inflater, and that is interest only loans, and 50 year loans!!! And let us not forget the sub-primes!!

MBG
 
Old 05-29-2007, 06:00 PM
 
1,868 posts, read 3,882,063 times
Reputation: 502
Quote:
Originally Posted by midnightbirdgirl View Post
It is insulting to some of us who busted our asses and choose to leave CA because it is outrageously expensive, and the return does not equal the effort!
We make very good money, but right now I choose to stay at home to raise out child, and the bloated market in California does not support our traditional lifestyle, that does not mean we did not work as hard as anyone else or that we did not marry well. It means our values are different, and maybe some people marry not for cash but for friendship and love...I don't know, but some of us might not be willing to sell our souls to live in the overpriced, over crowded state.
I think many who left Cali come to this forum because city-data forums survive on an exchange of ideas and opinions. I personally go to all the forums of areas I have lived.
MBG
Exactly!!!! You go girl!!
 
Old 05-29-2007, 06:16 PM
 
Location: Earth
3,797 posts, read 4,212,853 times
Reputation: 2482
To answer your question...they don't.

There are and have been plenty of ways to lend people money who can't afford the mortgage, take a look in the next few years to see how many people default on their mortgages. I predict there to be a record high bankruptcy rate in the state in the next 2-3 years.


Creative ways include:

Single people claiming 10 on their dependents.
1/1, 3/1, 5/1 arm's (most likely these guys have refinanced and locked into a 30 year fixed, but hopefully they can afford the fixed rate payment at the higher interest rate)
Interest only mortgages with no money down.
And my favorite...the paydown mortgage, which has a negative amoritization, so while you make the payments, the loan actually gets bigger, now isn't that nice, especially when your property is going down in value.
 
Old 05-29-2007, 08:09 PM
 
3,844 posts, read 8,119,895 times
Reputation: 2425
Quote:
How do average people afford houses in California?
They don't. The rich are the only ones who can, "afford" homes and even they are getting hesitant to buy into the market. That is the reason why you see lots of I/O and neg am loans (suicide loan) being so popular. Anyone still think we are going to see appreciation in OC? I don't.
 
Old 05-29-2007, 08:30 PM
 
Location: Cary NC
548 posts, read 1,550,372 times
Reputation: 276
Quote:
Originally Posted by CantWait2Bthere View Post
Sounds like someone is jelous of us homeowners?
I own multiple homes and I left because California is ridiculous. I can afford to live anywhere in the state or Hawaii or New York...but these prices are stupid.
 
Old 05-29-2007, 08:34 PM
 
Location: Cary NC
548 posts, read 1,550,372 times
Reputation: 276
Quote:
Originally Posted by Sassberto View Post
You forgot a couple:

- bust your ass for years and years gaining the education and experience you need to have a high paying career.

- marry someone who busted their ass for years and years to gain the experience and education you need to have a high-paying career.

The idea that everyone who owns a home is either on a trust fund or up to their eyeballs in debt is insulting to those of us who worked hard and make enough money to afford a home here.
I can afford it and I am not insulted. California is a beautiful state. There are many other beautiful states that don't drain families of all of their hard earned income. Look at CNN MOney's report on best palces to live....tell me you are on that list. NOT!
 
Old 05-29-2007, 08:59 PM
 
50 posts, read 286,523 times
Reputation: 22
You wait out the last session of people selling their souls for overpriced homes in an overly, falsely inflated market. As the repos escalate you go in for the kill. OR, you can look in another state which is what we, native Californians, intend to do. This place is crazy, we are stolen from on a regular basis, our neighborhood walls get tagged, and we live in a nice neighborhood. My suggestion is don't move here if you can avoid it. The weather isn't worth it.
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