Therein lies the underlying problem: taking out a loan to pay on a loan. Homes in SoCal, or even La Costa, will never see the levels of appreciation that we’ve witnessed over the last 5-10 years, IMHO…at least not in our lifetime. Same goes for the price of money (interest rates). Moreover, technician-level wages typically remain flat. They certainly don’t rise to the level that we’ve seen homes rise over the past few years. Increasing wages = company relocation. I feel sorry for this person. Hey, at least he got to hob-nob for a while and brag about his $1.1 million mans.
