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The property tax is Texas, like Cali varies per county, where i live in Collin county our tax rate is around 2.5% and the average home is probably 180k, which in cali would be a 500k home very easy. In Texas you get a lot of home for the money, property taxes are high, but no state income tax more then offsets that.
Thanks for the info. By the way, there are so many reasons for the current real estate problems, many people to blame from lenders to loan officers to home buyers, etc...
Our home equity laws are you cannot access equity over 80% of the appraised value. You must also do a principle and interest loan when accessing equity unless it is an investment property. There are other restrictions, but those listed above are the biggest. We had those same loan programs, 0 down, no doc, etc...
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