The average house in my zip code is $480K

[Slew Foot]

Originally posted by: rmrf

Originally posted by: Slew Foot

Originally posted by: kranky

Originally posted by: rmrf

the great fallout that was predicted did not happen though.

Beacuse for the most part, people invest in stocks with disposable income. If the stock tanks to 0, you havent lost much. WHen you've overstretched to buy your home, declaring bankruptcy puts you out on the street.

 

[vi edit]

kranky: I see what you mean by the people that buy the severly overpriced houses with interest only loans. I have a friend that did that on his last house, and just recently bought a house that he definitely can't afford. it makes me sick to see that he can do that, but when I want to get a loan for my ~140K house with annual income of ~90K, I have to jump through so many hoops I feel like I'm at the circus.

Got crappy credit?

 

[rmrf]

Originally posted by: vi_edit

kranky: I see what you mean by the people that buy the severly overpriced houses with interest only loans. I have a friend that did that on his last house, and just recently bought a house that he definitely can't afford. it makes me sick to see that he can do that, but when I want to get a loan for my ~140K house with annual income of ~90K, I have to jump through so many hoops I feel like I'm at the circus.

Got crappy credit?

no, not at all. unless the mortgage place was using car dealer tactics on us, it seemed like we had to go through quite a bit. it is our first home though, so I really don't have much to compare it to.

 

[rmrf]

Originally posted by: Slew Foot

Originally posted by: rmrf

the great fallout that was predicted did not happen though.

Beacuse for the most part, people invest in stocks with disposable income. If the stock tanks to 0, you havent lost much. WHen you've overstretched to buy your home, declaring bankruptcy puts you out on the street.

My point was to show that they are not alike. I do agree there is a bubble on "some" of the market, but not all. The people that will see the biggest backlash are place like CA, and NY, imo.

 

[silverpig]

My city:

average house price: >$450000
average household income: $58000

My neighbourhood:

house price: >$800000
household income: $112000

Note: I'm a student and live in an apartment

 

[Chaotic42]

Average House Value: $61,700
Avg. Income Per Household: $34,724



Zip Code: 39452

 

[teddyv]

Check out the Census Bureau's American Fact Finder.

 

[BD231]

kranky: I see what you mean by the people that buy the severly overpriced houses with interest only loans. I have a friend that did that on his last house, and just recently bought a house that he definitely can't afford. it makes me sick to see that he can do that, but when I want to get a loan for my ~140K house with annual income of ~90K, I have to jump through so many hoops I feel like I'm at the circus.

If you don't have a decent amount of accessable liquid assets home loans can be tough. If your debt to income ratio is anywhere near or over 40% in CA you'll land yourself a pretty sh*tty loan. Lenders are getting picky as hell. Co-mingled funds is a huge no-no (meaning you share accessability to funds on reserves you're trying to use to qualify). You'd have to tell us more about your liabilities (anything, from kids to cars) to explian your issue's getting a loan. @ 140k you should *not* have any issue's getting a loan unless you've saved absolutely none of that money you're making. Lenders will generally look for you to be able to cover 2 to 6 months of payments without any form of income if you were to loose your job.

Better bet is that the broker/broker's you're choosing are lazy and aren't doing their home work on which lender would be the best fit for you. Broker's tend to cling themselfs to one lender for simplicity. Not a good thing when borrwer'ss financial status can vary so widely.

 

[DrPizza]

Median value: $57,300
Median household income: $34,688

14714

 

[Rayden]

My parents bought their 4 bedroom (2 master bedrooms), 2.5 bath, medium sized house in a semi-old neighborhood for $200k about 6-8 years ago. Well worth over a million now. Just south of 1-2hr north of LA.

 

[thedarkwolf]

Median resident age: 36.7 years
Median household income: $23,234 (year 2000)
Median house value: $65,400 (year 2000)

 

[robphelan]

what site are you using to find this info out?

 

[Chunkee]

did they close the cigar fab plant there? my aunt used to be a welder

jC

 

[DBL]

11231
Median Income: 45,154
Median Value: 520,500

Now there is a scary ratio and these appear to be yr 2000 #'s.