How do they Afford it?

Aug 18, 2010 Full story: Burbed.com 24

The housing market is red-hot in the Bay Area. So, who's buying those pricey homes - and how are they able to do it? The answers: Young professionals.

Full Story
First Prev
of 2
Next Last
Anon

San Ramon, CA

#21 Aug 25, 2010
semi charmed wrote:
Oh Anon, can you not read - the stats are from 2008 you dumb ass. So, in 08 that median was in the 600k's and folks could and did buy. You act like your somehow special with your mediocre paying job, in your less than average house that you paid less than 300k for.
Get over your envy dude. It is really pathetic for a man to whine.
BTW - a 'normal' person probably is not spending so much spare time on topix. You seem to be on here daily. Perhaps you should get some help for that....:)
Right, so you know that whole "housing crash" thing, happened, right? That means the days of "no doc", "stated income", interest only loans are over, so what people were able to buy back then, with lax lending guidelines, is irrelevant. Today, it is back to more traditional lending standards.
Um, my house cost me well over 400K more than 10 years ago, and its still, despite the recession, well over today's median. Of course, I probably wouldn't be able to sell it, since the market here is so slow. And it looks like housing is headed down once again. More bad news.
Anon

San Ramon, CA

#22 Aug 25, 2010
MBP wrote:
<quoted text>
Of course this IS the internet and you can describe yourself as a rich, 117 lb model, but how do we really know right?
You could be some ugly, obese, toothless ho living in Leahy Way, living off the government with Leroy in County lock up as your Baby Daddy. We'll never know.
Everyone could be anyone on the internet. Good luck with that!
MBP, she probably really is a cute, fit, stuck up bitch. I have no trouble believing that at all. They're a dime a dozen.
semi charmed

Santa Clara, CA

#23 Aug 25, 2010
Anon wrote:
<quoted text>
Right, so you know that whole "housing crash" thing, happened, right? That means the days of "no doc", "stated income", interest only loans are over, so what people were able to buy back then, with lax lending guidelines, is irrelevant. Today, it is back to more traditional lending standards.
Um, my house cost me well over 400K more than 10 years ago, and its still, despite the recession, well over today's median. Of course, I probably wouldn't be able to sell it, since the market here is so slow. And it looks like housing is headed down once again. More bad news.
Well, I know of TWO people who recently (we are talking this spring/summer) got 5/1 ARM interest only loans. Now, I am not saying I would recommend it, but apperantly it does in fact still exist.

Did you do a 30-yr fixed?
Anon

San Ramon, CA

#24 Aug 26, 2010
Pretty sure you'd need to have a very sizeable down payment to get an IO these days.

No, and I didn't do a fixed specifically for this reason. I have an ARM, my original loan, too, which is as low as it can contractually ever be and has worked out quite well. My rate for the next year is 3.25%. No complaints. I should be able to pay it off 10 years early.(I made some extra payments)

Tell me when this thread is updated:

Subscribe Now Add to my Tracker
First Prev
of 2
Next Last

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

SoMa Discussions

Title Updated Last By Comments
Are we dumping the homeless? Dec 19 Mike 4
Up Your Alley - Folsom Street Fair - Naked Bodi... (Jul '08) Oct '14 giddy up 20
Great Films Make Palm Springs' Cinema Diverse F... Sep '14 NE Jade 6
California man posed as cop to rape Central Ame... Jul '14 RIP 6
San Fran's 'Flagging in the Park' Jul '14 Jumper The wise 17
12 Words Of Advice For Tech Industry Transplant... Jul '14 Guest 1
Hundreds more SF homeless (Mar '14) Mar '14 do not be fooled 1

SoMa News Video

San Francisco Dating
Find my Match
More from around the web

SoMa People Search

Addresses and phone numbers for FREE

SoMa News, Events & Info

Click for news, events and info in SoMa

Personal Finance

Mortgages [ See current mortgage rates ]

NFL Latest News

Updated 8:43 am PST