[quote=CA renter][quote=bearishgurl][quote=HLS]. . . Many people just don’t qualify for a loan at any interest rate today.[/quote]
HLS, this is so true. I have an 804 FICO score and never had any missed (or late) mortgage payments in my entire life. However, I couldn’t even buy my own property back today (purch. 9 yrs. ago) as I would be NOW be labeled to have “insufficient income” to qualify – LOL![/quote]
BG,
I think many, many people are in the same situation (couldn’t buy their own homes back at today’s prices). During the peak, about 80% of homeowners couldn’t buy back their own homes at those prices, yet they expect some foolish buyer to somehow manage to do it! That’s exactly why some of us are so bearish — prices are still too high in many areas.[/quote]
I agree, most new homes and resales are still way overpriced. I don’t think that we should pay such a high premium for living in SoCal anymore as the economy here is so bad now.
