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Old 07-28-2017, 11:49 PM
 
1,696 posts, read 2,861,042 times
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Quote:
Originally Posted by Perma Bear View Post
Not really. Houses are cheap as hell everywhere else.
Cheap in our eyes, but they're probably quite expensive in those places for the folks who live there. Certainly isn't as prohibitively expensive as we have here, but would still be a very large investment indeed.
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Old 07-29-2017, 06:56 AM
 
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Quote:
Originally Posted by bobby_guz_man View Post
Cheap in our eyes, but they're probably quite expensive in those places for the folks who live there. Certainly isn't as prohibitively expensive as we have here, but would still be a very large investment indeed.
Lol saving up low 6 figures takes only a few years. They don't even need mortgages there.
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Old 07-29-2017, 08:27 AM
 
Location: Murrieta California
3,038 posts, read 4,776,406 times
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Quote:
Originally Posted by Perma Bear View Post
Lol saving up low 6 figures takes only a few years. They don't even need mortgages there.
There are many places where housing isn't cheap. You would have a lot of trouble buying a home in San Diego, Seattle, etc. It is true that there are many places that you could afford to buy a house on $60k or pay $150k cash but not everywhere.
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Old 07-29-2017, 12:20 PM
 
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Originally Posted by JohnSoCal View Post
There are many places where housing isn't cheap. You would have a lot of trouble buying a home in San Diego, Seattle, etc. It is true that there are many places that you could afford to buy a house on $60k or pay $150k cash but not everywhere.
SoCal is expensive yes, but even there it's way cheaper than the Bay Area.
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Old 07-29-2017, 01:50 PM
 
5,888 posts, read 3,225,564 times
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Quote:
Originally Posted by Perma Bear View Post
Lol saving up low 6 figures takes only a few years. They don't even need mortgages there.
That is demonstrably false. The national median household income is still well under 60K/year.
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Old 07-29-2017, 01:55 PM
 
600 posts, read 566,845 times
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Quote:
Originally Posted by Perma Bear View Post
Lol saving up low 6 figures takes only a few years. They don't even need mortgages there.
Funny since the states with the most foreclosures are states with the cheapest real-estate. CA didn't even make top 10. How Amazing is that?

Top 10 States For Foreclosure: July | Bankrate.com
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Old 07-29-2017, 04:54 PM
 
Location: Murrieta California
3,038 posts, read 4,776,406 times
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Quote:
Originally Posted by taimaishu View Post
Funny since the states with the most foreclosures are states with the cheapest real-estate. CA didn't even make top 10. How Amazing is that?

Top 10 States For Foreclosure: July | Bankrate.com
Another interesting thing is that Maryland and New Jersey are ranked 3rd and 2nd for foreclosures but they are also ranked in the top 5 for household median income.
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Old 07-30-2017, 04:10 PM
 
Location: Silicon Valley, CA
13,561 posts, read 10,356,919 times
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Quote:
Originally Posted by JohnSoCal View Post
Another interesting thing is that Maryland and New Jersey are ranked 3rd and 2nd for foreclosures but they are also ranked in the top 5 for household median income.
Well that would tell you that there isn't a really strong correlation between a location's median income and the foreclosure rate
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Old 07-30-2017, 04:35 PM
 
Location: Murrieta California
3,038 posts, read 4,776,406 times
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Quote:
Originally Posted by silverkris View Post
Well that would tell you that there isn't a really strong correlation between a location's median income and the foreclosure rate
Riverside County CA where I live had the highest foreclosure rate in the country after the last crash. The reason was that they had built and sold thousands of homes prior to the crash when prices were skyrocketing. House prices went up 51% in one year prior to the crash. This resulted in thousands of homes being underwater so people just walked and rented. It was a great time if you were a buyer. It didn't bother us because we had no intention of leaving and were not underwater.

Housing has since recovered and is doing well with prices rising substantially in the last 2 years.
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Old 07-30-2017, 10:59 PM
 
Location: Silicon Valley, CA
13,561 posts, read 10,356,919 times
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Quote:
Originally Posted by JohnSoCal View Post
Riverside County CA where I live had the highest foreclosure rate in the country after the last crash. The reason was that they had built and sold thousands of homes prior to the crash when prices were skyrocketing. House prices went up 51% in one year prior to the crash. This resulted in thousands of homes being underwater so people just walked and rented. It was a great time if you were a buyer. It didn't bother us because we had no intention of leaving and were not underwater.

Housing has since recovered and is doing well with prices rising substantially in the last 2 years.
Yes, I remember that. Up north in the SF Bay Area the places with the highest foreclosure rates were in subdivisions built out in places such as Antioch, Pittsburg and Brentwood, much for the same reason. Since these places were new developments, the people who just bought these places and were feeling the financial pains walked not just because they were underwater, but also because they hadn't yet built ties to the neighborhood.

By contrast, well-established, stable neighborhoods experienced less of that and rode out the dip well.
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