Yes Allan, I fully realize that my wife and I are not the norm here in sunny SoCal. As much as I like the weather and the geography, the native Chicagoan (south sider) in me was taken back by the how many people seem to be living in LaLa land here. Is it the sun or what???
None of it made sense to me when I first got out here. I’m a CPA with finance / audit experience in public accounting and manufacturing industries (now I’m in Project Management PMP designation). I had formal training in Time Value of Money principles and I couldn’t figure out how people were affording the 600 to 800K homes on such mediocre incomes. Then I discovered that it was done with I/O and neg am loans. All they were doing was moving principal out to future years.
As far as the Temecula couple you spoke of, that is what suspect is going on all over SD and Riverside county and to a lesser extent in OC. My wife and I make a combined income of over 220K. My income alone is well above that couple’s combined income and I would not consider paying 700K for a house our income level. It’s too much money.
I pissed off a few people here with my posts on the other thread. I will make it a point to moderate my tone, but I reserve the right to call a troll a troll when I see one.
