Boston,
You have provided some good info…I agree with you 100% that many in San Diego and OC bit off a lot more than they can chew regarding their home purchases. The income just does not support the purchase prices.
But, to say that people from Boston are too educated that they would never over-leverage themselves is laughable. Sure you have some minivan driving guys worth $5million…But you also have the Mercedes leasing people in debt up to their eyeballs. I’m sure Powayseller can find you some info on homes in pre-foreclosure now in Boston. American’s spend more than they earn everywhere…..
I’m not sure it was necessary to talk so much about your income and education. It seemed to me you were bragging about it. You said you were in sales…what makes you so different from a car slaesman or a real estate agent? I know a lot of “tools” in the real estate business who make a lot more money than you do….even one from USC…They could look at you and conversely say…”Look at that guy…He paid $XXX,XXX for the fancy degrees and only makes $150,000″…
