This is probably one of the few places Veees or other newcomers can hope to get straight answers about real estate.
My opinion (not advice) is that
(a) Not only will this wave of ARM resets continue all the way through 2008, but it hasn’t even peaked yet;
(b) Homebuilders are now advertising all over the radio and TV about their “great deals”, when 2 short years ago they couldn’t beat off the buyers with a stick;
So (c) I think you’d do well to wait at least until the end of 2008 to see where the rubble lies before investing in a mortgage.
Meanwhile, check the classifieds at signonsandiego.com for rentals… I’ll bet you can find something you can rent for $2400 or even $3000 very much like a 4S Ranch *house*… which of course is a lot less than the mortgage payments on same (and no Mello-Roos or HOA fees to boot).
