But read carefully. Adjustable-rate? At 4.96%?
Hello!
Anyone believe we can maintain this rate of interest? And what about the current 11.2 "official" unemployment rate, let alone future, unemployment.
How many houses are unemployed broke dicks going to buy? Hmm.
And as the author below mentions, prices are dropping like a rock. Wait and see about tax increases and employer flight before we start buying houses.
O.K?
P.S Don't tell anyone that kalifornia is bankrupt!
Hello!
Anyone believe we can maintain this rate of interest? And what about the current 11.2 "official" unemployment rate, let alone future, unemployment.
How many houses are unemployed broke dicks going to buy? Hmm.
And as the author below mentions, prices are dropping like a rock. Wait and see about tax increases and employer flight before we start buying houses.
O.K?
P.S Don't tell anyone that kalifornia is bankrupt!
Nearly 70 Percent Can Afford Entry Level Homes in California
The percentage of households that could afford an entry-level home in California rose to 69 percent in the first quarter of 2009, up from 46 percent a year ago, according to CAR.
The California Association of Realtors said the minimum household income needed to purchase a home valued at $213,040 in the pricey state was just $38,090, based on an adjustable-rate mortgage at 4.96 percent with a 10 percent down payment.
The group said first-time buyers typically buy a home equal to 85 percent of the prevailing median price, so the monthly mortgage payment including taxes and insurance would be around $1,270.
A year ago, households would have needed to come up with $65,030 to qualify for a mortgage on an entry-level home; the median household income in California is $61,030.
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