Asked by Susan, San Francisco, CA • Fri Jan 23, 2009
I really dont know how people are still affording homes in the more desirable parts of California (those areas with good schools, good commutes etc) without interest only loans. Since these areas still have homes starting at 1-1.5MM for an average home, I cannot imagine all of these buyers earn a minimum of 250k and have 20% down to buy these places...which even w/ 250k you are looking at a maximum home purchase of 1MM, which doesnt get you much. It seems the prices are holding firm, so I am assuming people are either still getting funky loans with an interest only option, spending over 1/2 their income on their mortgage and giving up travel, dining out, and other things that make life pleasurable.
Can someone please tell me what is going on with the loans out there? I cannot imagine the only people buying all of these homes are millionaires.
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