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ibjames.
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December 8, 2006 at 4:58 PM #8027December 8, 2006 at 5:11 PM #41371
no_such_reality
ParticipantMinor correction, it’s 137,000 households with mortgage costs exceeding 40% of their income. It’s 178,000 with mortgage costs exceeding 35% of their income.
( is there a way to edit a Topic posting after submission?)
December 8, 2006 at 6:25 PM #41372bubble_contagion
ParticipantIn my opinion everybody that could buy in the last 2-3 years already bought. The peer pressure and the fear of being priced out was just too much. I assume all these charts are for after tax income.
December 8, 2006 at 6:43 PM #41373sdrealtor
ParticipantNSR,
Just curious as to how these numbers were compiled. Were they compiled by asking “What percentage of your Gross Income goes toward Housing Costs/” or were they compilied by combining Income Numbers and Houshold Cost numbers?SDR
December 8, 2006 at 7:29 PM #41374powayseller
ParticipantIf true, this is catastrophic, esp. if you consider that 70% of buyers have adjustable rate mortgages.
If even half of those people end up having to sell, that would increase our inventory from 22,000 to 90,000 or more. Let’s see, at current sales levels, that’s about 28 months supply. Yikes!
Where’d you get the data? (No way to edit a topic after posting, other than asking Rich to do it for you)
There is actually a lot of pent up demand, according to my realtor friend. I see it too. Look at all the people on piggington who are either priced out, or purposely waiting for prices to drop. Look at all the people going to Open Houses and auctions. Lots of demand out there, but not enough transactions at current prices.
December 8, 2006 at 9:48 PM #41382Nancy_s soothsayer
ParticipantThe next spring buying season is DEAD. The so-called pent up demand will be met by unwilling lenders. Credit contraction is underway, folks. Why? subprime lenders are biting the dust one by one. If you go to Ben’s blog, many posters a few days ago (over 380 posts on that popular discussion thread) were all agog and a-twitter about the recent VERY SUDDEN demise of several subprime lenders this week. A very witty, very articulate, very smart and logical poster named “tweedle-dee (not dumb)” reminds me of Powayseller. These subprime lenders are closing their shops so fast to avoid repurchasing the toxic loans they originated. Pass the buck to the biggest bag-holders of all, the MBS buyers, who are just now waking up to the fact that they might have been suckered, big time.
December 8, 2006 at 9:54 PM #41384Anonymous
GuestVery nice work, nsr. Keep it up!
December 8, 2006 at 10:12 PM #41385ParticipantNancy, so you think they are closing shop to avoid having to repurchase the loans? In the case of Ownit, which was 15% owned by Merrill Lynch, is Merrill responsible for repurchasing the bad loans?
Why hasn’t CA adopted the new lending guidelines, and what do the federally regulated banks think about this uneven playing field? Wells Fargo and Washington Mutual and Citibank have new lending constraints, but their state regulated competitors do not. How long until they complain to the state about this?
December 8, 2006 at 10:14 PM #41387ParticipantNancy, so you think they are closing shop to avoid having to repurchase the loans? In the case of Ownit, which was 15% owned by Merrill Lynch, is Merrill responsible for repurchasing the bad loans?
Why hasn’t CA adopted the new lending guidelines, and what do the federally regulated banks think about this uneven playing field? Wells Fargo and Washington Mutual and Citibank have new lending constraints, but their state regulated competitors do not. How long until they complain to the state about this?
December 8, 2006 at 10:14 PM #41388ParticipantNancy, so you think they are closing shop to avoid having to repurchase the loans? In the case of Ownit, which was 15% owned by Merrill Lynch, is Merrill responsible for repurchasing the bad loans?
Why hasn’t CA adopted the new lending guidelines, and what do the federally regulated banks think about this uneven playing field? Wells Fargo and Washington Mutual and Citibank have new lending constraints, but their state regulated competitors do not. How long until they complain to the state about this?
December 8, 2006 at 10:14 PM #41389ParticipantNancy, so you think they are closing shop to avoid having to repurchase the loans? In the case of Ownit, which was 15% owned by Merrill Lynch, is Merrill responsible for repurchasing the bad loans?
Why hasn’t CA adopted the new lending guidelines, and what do the federally regulated banks think about this uneven playing field? Wells Fargo and Washington Mutual and Citibank have new lending constraints, but their state regulated competitors do not. How long until they complain to the state about this?
December 8, 2006 at 10:14 PM #41390ParticipantNancy, so you think they are closing shop to avoid having to repurchase the loans? In the case of Ownit, which was 15% owned by Merrill Lynch, is Merrill responsible for repurchasing the bad loans?
Why hasn’t CA adopted the new lending guidelines, and what do the federally regulated banks think about this uneven playing field? Wells Fargo and Washington Mutual and Citibank have new lending constraints, but their state regulated competitors do not. How long until they complain to the state about this?
December 8, 2006 at 10:15 PM #41391ParticipantNancy, so you think they are closing shop to avoid having to repurchase the loans? In the case of Ownit, which was 15% owned by Merrill Lynch, is Merrill responsible for repurchasing the bad loans?
Why hasn’t CA adopted the new lending guidelines, and what do the federally regulated banks think about this uneven playing field? Wells Fargo and Washington Mutual and Citibank have new lending constraints, but their state regulated competitors do not. How long until they complain to the state about this?
December 8, 2006 at 10:15 PM #41392ParticipantNancy, so you think they are closing shop to avoid having to repurchase the loans? In the case of Ownit, which was 15% owned by Merrill Lynch, is Merrill responsible for repurchasing the bad loans?
Why hasn’t CA adopted the new lending guidelines, and what do the federally regulated banks think about this uneven playing field? Wells Fargo and Washington Mutual and Citibank have new lending constraints, but their state regulated competitors do not. How long until they complain to the state about this?
December 8, 2006 at 10:17 PM #41394ParticipantNancy, so you think they are closing shop to avoid having to repurchase the loans? In the case of Ownit, which was 15% owned by Merrill Lynch, is Merrill responsible for repurchasing the bad loans?
Why hasn’t CA adopted the new lending guidelines, and what do the federally regulated banks think about this uneven playing field? Wells Fargo and Washington Mutual and Citibank have new lending constraints, but their state regulated competitors do not. How long until they complain to the state about this?
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