i’m not saying there are NO homeowners with ARMS or other toxic loans in nicer areas… I’m just saying that I personally think it is less common.
i think that as you get to nicer areas, that attract higher income people, they are in general SMARTER…and more financially savvy…which is why they HAVE good jobs, and have some money – they aren’t stupid.
of course you have people who will stretch their income at every level…so you will have the person who stretches and makes poor choices to buy that 750k or 1 million dollar house… but do you really think EVERYONE has an ARM in the nice areas?
too bad people wouldn’t put their loan type, amount financed, and interst rate on their garage door.so you could just driv ethe neighborhood and see who is about to go down the tubes…
my main point was in general, as people get smarter, they tend to on average make less stupid decisions. just b/c people live in an ice area or have money does NOT make them smart..but if you generalize on al arge scale…i would dare to bet that the average IQ of a person in a nice part of Temecula is just a TAD bit higher than the average dumpy area of Perris…where you probably have ARMS on every house….
just a thought… c’mon.. is RAncho Santa Fe gonna go down the tubes too??
