Let’s do a quick reality check. If you want to buy a 250k home (good luck finding a decent condo for that price), you probably need to make > 80k in income and put 50k down.
Average income in these parts = roughly 65k and from what I read the savings rate is pretty poor.
I really do have a lot of sympathy for the average working guy (or girl) who may have been misled by unscrupulous brokers.
I actually experienced some pretty crappy behavior when I first went to get a loan a few years ago. I was approved for a large amount; however, it did occur to me that I would have to pay all of that back. Also, it really wasn’t that hard to do some quick calculations to see how much the loan would cost me.
So, I wonder if the accountability should not be shared? It seems that brokers, realtors, regular homebuyers and speculators all played a role in this?
P.S. I do fine income wise, but thanks for thinking of me. 😉
