[quote=Coronita][quote=an]I remember in 2004-2005, there were a lot of pain from people recently graduated who finally saved enough to buy their first home.[/quote]
Yes, but over the long period of time, those that held on did just fine. I bought here in SD around that time. Again, people that got hurt were people that couldn’t afford their liar loans and couldn’t hold on. Those that were already able to get 30 year fixed loans simply held on, refinanced, held on, and/or eventually paid it off or paid down the loan balance or put the extra money to use for other investments like rentals. And now, their housing costs is now fixed and not blowing up with rising rents and and inflation…lesson learned, don’t fvck around with your place of residence or risk get screwed over by a landlord for the next decade or longer. The mortgage on the 5/3 at the time was $3900/month. And the cash out refi at 3% is around $2300/month. That’s almost how much a 1/1 in mira Mesa today.
I’m not surprised rents in UTC is breaking through $3k for 2/2.
$2200 for a 1/1 in MM is $400/month more than Oct 2021 when I rented out the 1/1 when my tenant decided he wanted to cancel his $1550/month to month lease because he didn’t want to pay for rent for 2 months while he went overseas, lolol. I think he found a 1 bedroom room in a shared house for about $1600/month in Mira Mesa … Idiot. Lol
Rent is mooning my ass…[/quote]
But you weren’t a relatively new grad or worked at a company that folded. I’m talking about those new grads who save just enough to buy and were afraid they’ll be priced out. I know a couple of guys who bought a house together because of the fear of missing out. They end up short selling.
So, yes, the people who took liar loans were hurt back then, but so were honest young people who didn’t know better and didn’t have the financial cushion to ride it through.
