San Diego Negative Home Equity
San Diego real estate mortgage bust. Much has been made of stated income, nina, ninja, etc. loans. The fact remains that the debt to income levels that were accepted during the boom time for people who could document their income exceeded 55%. Sub prime borrowers who could document their income could have DTI levels from 50-55%.
What is not talked about is that Fannie and Freddie loans could get approved with DTI levels as high as 63%. Typically a borrower would need some other strong factor such as high FICO or 6-8 months in reserve. Nevertheless, people are not walking from their homes just because they are upside down. Like most things in life there is rarely one answer, rather a multitude of factors.
Get ready for the next wave of foreclosures, just months away. This new wave of foreclosures will be prime mortgages on upper end homes. San Diego real estate agent
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For me, our collapse, and our total inability to understand how things work, all seems to be just a little too perfect to be a coincidence. But that’s just me.
San Diego Lasik Eye Surgeon
In my working class neighborhood it was hard to miss that something went wrong when all the houses tripled in value. No one here got a raise but young families somehow bought homes that we’re half-million dollar fixer-uppers. The only reason the fed, banks, and the government missed it was that they were too busy counting their money to care where it was coming from.
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One big reason loans will continue to default in mass is that no one can afford to sell their home. In my area condos sold for $430,000 to $490,000 are now being sold in foreclosure between $199,000 and $235,000!
San Diego Dermatologist
Man, am I glad I talked my dad into not buying a house he most likely couldn’t afford, 8 years ago, and I was only 15! Too bad all these sob’s didn’t do the same.
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