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Old 05-02-2012, 07:18 AM
 
Location: RSM
5,113 posts, read 17,422,915 times
Reputation: 1892

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Quote:
Originally Posted by CAVA1990 View Post
B.S. You can a perfectly nice 3-4 br house in Mission Viejo for $300-400K. At today's interest rates you could definitely swing that on $100K.
Completely depends on down payment.
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Old 05-02-2012, 07:08 PM
 
Location: Deep Inside Goldman Sachs' Sphincter
240 posts, read 515,358 times
Reputation: 246
Too many people look only at the monthly payment when deciding on how much they can spend on a mortgage loan, when in fact they should be focused on the final total sale price of the asset they're purchasing. This financial wisdom applies when buying a vehicle too, in fact it applies whenever financing anything.

Failure to budget properly can mean perpetual indebtedness, future wage garnishment, possible bankruptcy and even potential homelessness. This is because although defaulting borrowers can walk away from a mortgage loan practically unscathed in non-recourse states such as CA, credit card debt and student debt (among many others) are not dischargeable thru bankruptcy proceedings anymore!
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Old 05-03-2012, 11:14 AM
 
Location: Olympus Mons, Mars
5,619 posts, read 8,544,541 times
Reputation: 5681
Quote:
Originally Posted by HarleyGuyOC View Post
T credit card debt and student debt (among many others) are not dischargeable thru bankruptcy proceedings anymore!
credit card debt is discharged pretty easily, I know many who did just that recently...no questions asked, they had $50k in credit card debt.

This was 3 years ago, the funny part is right after they got a secured credit card and now their FICO is back up in the mid 600s. Not bad for a $50k free lunch.

Unless we tighten this kind of abuse of the system people will take on way more debt than they can manage with the belief that they can always walk away from it if it doesn't pan out.

Discharge of debt should never be allowed, for those that have fallen in hard times there should be a temporary relief mechanism to put a freeze on it (the interest freezes as well). During the time your debts are frozen you should not be eligible to obtain any kind of financing. Then, whenever your financial situation improves and you have income you should be required to pay back what you owe.
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Old 05-03-2012, 01:03 PM
 
Location: Deep Inside Goldman Sachs' Sphincter
240 posts, read 515,358 times
Reputation: 246
Quote:
Originally Posted by k374 View Post
Discharge of debt should never be allowed, for those that have fallen in hard times there should be a temporary relief mechanism to put a freeze on it (the interest freezes as well). During the time your debts are frozen you should not be eligible to obtain any kind of financing. Then, whenever your financial situation improves and you have income you should be required to pay back what you owe.

Amen!
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Old 05-04-2012, 03:28 AM
 
455 posts, read 1,108,147 times
Reputation: 430
200k/yearly. South OC is only for the rich.
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Old 05-04-2012, 05:13 AM
 
Location: Columbia, California
6,662 posts, read 26,212,124 times
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Quote:
Originally Posted by k374 View Post
How much income required for a nice SFR in OC
Is that Single Family Room?
I swear the new abbreviations that come up are just to hard to keep track of.
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Old 05-04-2012, 07:20 AM
 
575 posts, read 1,595,672 times
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Quote:
Originally Posted by CAVA1990 View Post
B.S. You can a perfectly nice 3-4 br house in Mission Viejo for $300-400K. At today's interest rates you could definitely swing that on $100K.
Hmm, an MLS search for a 1,600+ sq ft 3 bedroom SFR in Mission Viejo priced between $300k - $400k turned up 13 listings.

11 of those listings are short sales, all pending or in back up status. Good luck with that.

1 is a REO also in pending status.

Only 1 is an active listing and it shares a common wall. In my mind that makes it a townhouse or condo, although it is listed as an SFR.

BTW, many of the above listings state they are in need of TLC, are fixer uppers, or are being sold "as is"
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Old 05-04-2012, 10:03 AM
 
11,715 posts, read 35,875,875 times
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Quote:
Originally Posted by ferretkona View Post
Is that Single Family Room?
I swear the new abbreviations that come up are just to hard to keep track of.
Single Family Residence. ie a house, not a townhouse, condo, duplex, triplex, etc.
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Old 05-04-2012, 05:22 PM
 
Location: Olympus Mons, Mars
5,619 posts, read 8,544,541 times
Reputation: 5681
so looks like the consensus is that family income of $150-200k/yr is required to comfortably buy a SFR in OC... are these buyers who are grabbing up all the properties now making this type of family income? How likely is it that first time buyers in their late 20s or 30s would make this kind of family income? What about the $100,000 to put down? Do most people who are first time buyers have that type of money saved up? Plus, do they have money to furnish their new home? Do they have money for moving expenses as well? Do they have extra money saved up for the 6-8 month emergency fund?

Or is the heavy government ponzi scheme, aka FHA, with their 3.5% down low FICO, high ratio lending creating a situation where buyers are entering the market without solid financials? thus creating another crisis down the road...

I would love to be able to see actual financial profiles of people buying up homes in OC...who knows, maybe there ARE infact businessmen in black suits and suitcases full of $100 bills (hereafter referred to as The Men in Black) showing up to buy half a million dollar entry level homes in places like Orange, Fullerton and Fountain valley.
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Old 05-04-2012, 06:40 PM
 
11,715 posts, read 35,875,875 times
Reputation: 7510
Quote:
Originally Posted by k374 View Post
so looks like the consensus is that family income of $150-200k/yr is required to comfortably buy a SFR in OC... are these buyers who are grabbing up all the properties now making this type of family income? How likely is it that first time buyers in their late 20s or 30s would make this kind of family income? What about the $100,000 to put down? Do most people who are first time buyers have that type of money saved up? Plus, do they have money to furnish their new home? Do they have money for moving expenses as well? Do they have extra money saved up for the 6-8 month emergency fund?

Or is the heavy government ponzi scheme, aka FHA, with their 3.5% down low FICO, high ratio lending creating a situation where buyers are entering the market without solid financials? thus creating another crisis down the road...

I would love to be able to see actual financial profiles of people buying up homes in OC...who knows, maybe there ARE infact businessmen in black suits and suitcases full of $100 bills (hereafter referred to as The Men in Black) showing up to buy half a million dollar entry level homes in places like Orange, Fullerton and Fountain valley.
Remember that a good chunk of buyers are coming from other expensive areas of the country and bringing their equity with them. Young families, if they own at all, are often crammed into condos.
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