Posted on 06/12/2006 8:31:04 AM PDT by Hydroshock
I remember when a house price should be equivalent to a years salary. Then, when I wnr house shopping, I was told that a house price should be about 2 years salary
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Kinda makes a fool of those who keep posting that housing "affordability" is at an all time high, don't it doc? I remember when $3000.00 was a good year's income in this area and there were actually houses that could be bought for $3000.00, not fancy by any means but livable. There is nothing livable here now for less than about $60,000.00 and that is a very small plain-jane house. There are some listings for $30,000. but you wouldn't put your dog in one.
In my friend's case, her monthly payment had gone from $235 to over $800 in a single jump.
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Sorry, but those figures don't pass the "smell test".
Your interest resets and your mortgage company is seeking back insurance and taxes. I once had my taxes go up and the mortgage company missed it until the bill was due. They demanded a $400 payment in one lump sum.
I'm down in FL. When I first moved here, there were some uncertainties so I rented for a while. I should have bought when I came down. A decent 2/1 starter home would have gone for $40K 11 years ago. Now these homes are approaching $200K. I'm glad I bought when I did, even wioth the increases in property taxes and a quadrupling of my homeowners insurance.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.