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Old 05-16-2018, 08:11 AM
 
Location: Laguna Niguel, Orange County CA
9,807 posts, read 11,139,459 times
Reputation: 7997

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Riverside County: $82,180
San Bernardino County: $57,650
Los Angeles County: $112,930


https://www.ocregister.com/2018/05/1...#disqus_thread
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Old 05-16-2018, 10:05 AM
 
18,172 posts, read 16,392,470 times
Reputation: 9328
Quote:
Originally Posted by LuvSouthOC View Post
Riverside County: $82,180
San Bernardino County: $57,650
Los Angeles County: $112,930


https://www.ocregister.com/2018/05/1...#disqus_thread
That is why the new motto is: Go East Young Man".
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Old 05-16-2018, 09:42 PM
 
3,875 posts, read 3,870,374 times
Reputation: 2527
That next crash is going to be brutal.
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Old 05-16-2018, 11:34 PM
 
Location: 415->916->602
3,145 posts, read 2,658,400 times
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Quote:
Originally Posted by antarez View Post
That next crash is going to be brutal.
There's not going to be another crash. Maybe a slight correction, but these prices are here to stay.
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Old 05-17-2018, 01:16 AM
 
3,875 posts, read 3,870,374 times
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Originally Posted by 49erfan916 View Post
There's not going to be another crash. Maybe a slight correction, but these prices are here to stay.
That's what they always say before a crash, time and time again.
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Old 05-17-2018, 07:28 AM
 
18,172 posts, read 16,392,470 times
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Originally Posted by antarez View Post
That's what they always say before a crash, time and time again.
How many crashes have their been where the prices drop a great deal in your life time?



It can happen but it will be the whole economy not just housing. No one will be able to buy or build then.


None of the circumstances are the same today as they were during the last crash. Nothing like it except people crying they can't afford a home so we need a crash to help them, even if it hurts others.
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Old 05-17-2018, 08:20 AM
 
Location: Charlotte
2,412 posts, read 2,696,924 times
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Quote:
Originally Posted by expatCA View Post
None of the circumstances are the same today as they were during the last crash. Nothing like it except people crying they can't afford a home so we need a crash to help them, even if it hurts others.
I know several people that own homes in So Cal that they bought in the last 3-4 years that they can't afford their mortgage payment without roommates or airbnb rentals. They qualified for a mortgage and then rented out a room to fund other things like new car purchases, vacations, electronics, etc... that they did after loan approval. Then they had kids and watched household costs increase 20% without an increase in pay and thousands towards childcare (or in some cases one spouse quit). Everything looked great on paper for their FHA loan with 3% down when it was just two people with minimal debt, but then the urge to buy more occurs after the big approval is out of the way.

If you took away the extra income from the room rental, they wouldn't be able to make their mortgage payment. It is real that people are over extending themselves again. Especially the people making income in the low $100's who are trying to reach to buy $600,000+ houses, while managing rising costs that don't look like debt to the bank (healthcare premiums, fuel expenses, childcare, etc...)
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Old 05-17-2018, 08:33 AM
 
18,172 posts, read 16,392,470 times
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Quote:
Originally Posted by CLT4 View Post
I know several people that own homes in So Cal that they bought in the last 3-4 years that they can't afford their mortgage payment without roommates or airbnb rentals. They qualified for a mortgage and then rented out a room to fund other things like new car purchases, vacations, electronics, etc... that they did after loan approval. Then they had kids and watched household costs increase 20% without an increase in pay and thousands towards childcare (or in some cases one spouse quit). If you took away the extra income from the room rental, they wouldn't be able to make their mortgage payment. It is real and out there still today.
This has been common in all generations.



The reality is that prices keep rising because more people who can afford to buy exist than the number of houses on the market.


No Crash because some cannot buy or afford what they did buy. Buying and then hoping to pay for more things needed/wanted by renting out a room is not smart at all. Not planning for kids also shows a lack of forethought. People have made similar mistakes all through history.



No generation has had it so good they could buy and buy with no problems. This is normal, but the younger generation has no real knowledge because they have no experience yet in real living. That takes a while to learn about and then adjust their life for. Buying a house and then wanting a new car, vacations, etc is just plain stupid. They will learn and hopefully make wiser decisions in the future as has been the case for all generations. There are always people who do not think and plan far enough ahead, they just think they can do it their way and get what they want. Nope.


A crash for the foolish for sure, but not housing in general.
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Old 05-17-2018, 09:42 AM
 
3,437 posts, read 3,286,188 times
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Quote:
Originally Posted by CLT4 View Post
I know several people that own homes in So Cal that they bought in the last 3-4 years that they can't afford their mortgage payment without roommates or airbnb rentals. They qualified for a mortgage and then rented out a room to fund other things like new car purchases, vacations, electronics, etc... that they did after loan approval. Then they had kids and watched household costs increase 20% without an increase in pay and thousands towards childcare (or in some cases one spouse quit). Everything looked great on paper for their FHA loan with 3% down when it was just two people with minimal debt, but then the urge to buy more occurs after the big approval is out of the way.

If you took away the extra income from the room rental, they wouldn't be able to make their mortgage payment. It is real that people are over extending themselves again. Especially the people making income in the low $100's who are trying to reach to buy $600,000+ houses, while managing rising costs that don't look like debt to the bank (healthcare premiums, fuel expenses, childcare, etc...)
its time for them to sell. and take their money to the bank. if they bought 4 years ago, they could net a minimum of 100k..not bad
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Old 05-17-2018, 09:47 AM
 
5,381 posts, read 8,686,290 times
Reputation: 4550
Quote:
Originally Posted by CLT4 View Post
I know several people that own homes in So Cal that they bought in the last 3-4 years that they can't afford their mortgage payment without roommates or airbnb rentals. They qualified for a mortgage and then rented out a room to fund other things like new car purchases, vacations, electronics, etc... that they did after loan approval. Then they had kids and watched household costs increase 20% without an increase in pay and thousands towards childcare (or in some cases one spouse quit). Everything looked great on paper for their FHA loan with 3% down when it was just two people with minimal debt, but then the urge to buy more occurs after the big approval is out of the way.

If you took away the extra income from the room rental, they wouldn't be able to make their mortgage payment. It is real that people are over extending themselves again. Especially the people making income in the low $100's who are trying to reach to buy $600,000+ houses, while managing rising costs that don't look like debt to the bank (healthcare premiums, fuel expenses, childcare, etc...)

Of course, this is anecdotal. I, on the other hand, know a lot of frugal types. I'm friends with/ related to plenty of people with a very high income who own expensive homes with mortgage payments that equal a very small fraction of their monthly net income.

Do you have stats to support the idea that most homeowners are in danger of losing their home?
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