Thread: Mortgage idiocy
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Old 09-09-2009, 02:36 PM
ramonajim ramonajim is offline
Redefining normal daily
 
Join Date: Jul 2004
Location: Frederick, MD
Posts: 445
Quote:
Originally Posted by lorainfurniture View Post
Im sure there is something.. Maybe not 67k but not too far off.. Everything in cali is more, including the paycheck.. imho, its the same thing, just bigger numbers.
Lived in San Diego county for 45+ years (up til a couple years ago). La Mesa is in the eastern part of the county - closest you can get to San Diego State University and afford to breathe, mostly older neighborhood, mostly nice enough middle to lower middle class, some seriously sketchy sections.

It's really not the same thing in San Diego as it is in most of the US. Pulling from memory here (sure I can dig up the data if anybody really wants it): when Darling Wife and I fled the state in 2007, median home price in the county was something like $515k. Median income something like $55k. Do the math - it doesn't work out pretty.

Realtor friend at the time said she had 6 houses in active deals - SMALLEST number of "homeowners" going in on one of those was 4, one had 9 (i.e. can't qualify for a mortgage on one, two, or three incomes - needed all four +).

Reports were that ~ 15% of the county's residents could afford to buy a house in the county.

Another data point that indicated the bottom was gonna give out: $600k cottage (sub-1k sq ft) we were renting in south Oceanside (NOT a desirable neighborhood) was renting for $1,900 per month - no where close to covering the cost of a new mortgage on the place. This condition - rental prices can't support mortgage costs - was typical.
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