I have been monitoring this list for the past 4 months and have found it very interesting. I would now like to contribute and hopefully give something useful back to the group.
I wish to congratulate FTB as well. I have purchased in scripps and will be closing in a month. I have a 10 year time frame, and even if the value does not increase (or decreases), I feel the lifestyle change is worth it to me.
Regarding financing, I put 20% down. I have 3 friends that have purchased in the last few months the same way, and a dozen more that could do so if they wished. I understand that I am fortunate to be in such a position, and only mention it to point out that many homes are being purchased without creative financing. This is especially true in certain neighborhoods as mentioned by SDR.
One important item I will take away from this discussion board is the distinction of what people “hope” will happen, versus reported observations (as in this thread). Some of the “hope” appears to target a benefit in the $50k range. In my opinion there are lots of ways to make money. Trying to target the bottom of the market to make this amount seems very difficult to me, and is the type of emotion that can color the way a person acts in all areas.
>Hopefully the Dems can turn this around without taxing me >out of affording my own house.
I would not count on this. In fact, it is more likely they would eliminate the the home mortgage deduction if they could get away with it. The rich will _always_ have ways around the taxes. I see it in action every day with my job. It is the middle to upper middle class that will pay the price. If the majority of your income is reported on a W2 and you make over 150k (or hope to some day), think about that before you consider the Dems. That is the demographic that will be paying for Edwards health plan (his $50M is protected). I used to be a republican. Now I don’t want to support either party.
