2009 Conforming Loan Limits Jump

[macromaniac]

Now San Diego is a high cost area so we need to raise the conforming loan limits???????

Why is it a high cost area jack asses at the FHFA? Because the prices are overinflated through fraud in CA and FL…ohhh..but that doesn’t matter…well it does….

Hey FHFA, what are the conforming loan limits supposed to be based upon? Yea, we get hoodwinked again by our own govie….

[BGinRB]

[quote=jpinpb]
Someone told me a median income will never afford you a median home in San Diego. And at this rate, I’m going to agree.[/quote]

Popular fallacy. The argument goes something like this:
Low income people rent <=> The owners are upper 2/3 && median price needs to be affordable by median among owners => median price will never be affordable by median income family.

Here is the problem – in a balanced market the rent must cover the payment on the property. You cannot remove renters since they are ‘buying’ the property by making their payments.

Since markets across time/space/property tax rate are not balanced you can capture a snapshot that goes either way. But look at Austin, TX – Median Income $53K, Median Price $230K. With 20% down the price is just over 3.5x the income and the trend is down.
Or Rochester, NY back in 2006 (money.cnn.com) – $33K median income, $60K median price.

The premise of median income never being sufficient to buy a median priced property is as valid as the better known version of it – ‘the RE prices never go down.’

[BGinRB]

[quote=jpinpb]
Someone told me a median income will never afford you a median home in San Diego. And at this rate, I’m going to agree.[/quote]

Popular fallacy. The argument goes something like this:
Low income people rent <=> The owners are upper 2/3 && median price needs to be affordable by median among owners => median price will never be affordable by median income family.

Here is the problem – in a balanced market the rent must cover the payment on the property. You cannot remove renters since they are ‘buying’ the property by making their payments.

Since markets across time/space/property tax rate are not balanced you can capture a snapshot that goes either way. But look at Austin, TX – Median Income $53K, Median Price $230K. With 20% down the price is just over 3.5x the income and the trend is down.
Or Rochester, NY back in 2006 (money.cnn.com) – $33K median income, $60K median price.

The premise of median income never being sufficient to buy a median priced property is as valid as the better known version of it – ‘the RE prices never go down.’

[BGinRB]

[quote=jpinpb]
Someone told me a median income will never afford you a median home in San Diego. And at this rate, I’m going to agree.[/quote]

Popular fallacy. The argument goes something like this:
Low income people rent <=> The owners are upper 2/3 && median price needs to be affordable by median among owners => median price will never be affordable by median income family.

Here is the problem – in a balanced market the rent must cover the payment on the property. You cannot remove renters since they are ‘buying’ the property by making their payments.

Since markets across time/space/property tax rate are not balanced you can capture a snapshot that goes either way. But look at Austin, TX – Median Income $53K, Median Price $230K. With 20% down the price is just over 3.5x the income and the trend is down.
Or Rochester, NY back in 2006 (money.cnn.com) – $33K median income, $60K median price.

The premise of median income never being sufficient to buy a median priced property is as valid as the better known version of it – ‘the RE prices never go down.’

[BGinRB]

[quote=jpinpb]
Someone told me a median income will never afford you a median home in San Diego. And at this rate, I’m going to agree.[/quote]

Popular fallacy. The argument goes something like this:
Low income people rent <=> The owners are upper 2/3 && median price needs to be affordable by median among owners => median price will never be affordable by median income family.

Here is the problem – in a balanced market the rent must cover the payment on the property. You cannot remove renters since they are ‘buying’ the property by making their payments.

Since markets across time/space/property tax rate are not balanced you can capture a snapshot that goes either way. But look at Austin, TX – Median Income $53K, Median Price $230K. With 20% down the price is just over 3.5x the income and the trend is down.
Or Rochester, NY back in 2006 (money.cnn.com) – $33K median income, $60K median price.

The premise of median income never being sufficient to buy a median priced property is as valid as the better known version of it – ‘the RE prices never go down.’

[BGinRB]

[quote=jpinpb]
Someone told me a median income will never afford you a median home in San Diego. And at this rate, I’m going to agree.[/quote]

Popular fallacy. The argument goes something like this:
Low income people rent <=> The owners are upper 2/3 && median price needs to be affordable by median among owners => median price will never be affordable by median income family.

Here is the problem – in a balanced market the rent must cover the payment on the property. You cannot remove renters since they are ‘buying’ the property by making their payments.

Since markets across time/space/property tax rate are not balanced you can capture a snapshot that goes either way. But look at Austin, TX – Median Income $53K, Median Price $230K. With 20% down the price is just over 3.5x the income and the trend is down.
Or Rochester, NY back in 2006 (money.cnn.com) – $33K median income, $60K median price.

The premise of median income never being sufficient to buy a median priced property is as valid as the better known version of it – ‘the RE prices never go down.’

[macromaniac]

Keep laughing all the way to the DU of choice my friend…..run that up to 80% and see what they will take…55% DTI ratio’s….

So they base a loan mod payment on 31% DTI but you can still get a mortgage up to 55% DTI….

When are we going to wake up and see that are own government is screwing us royally…

[macromaniac]

Keep laughing all the way to the DU of choice my friend…..run that up to 80% and see what they will take…55% DTI ratio’s….

So they base a loan mod payment on 31% DTI but you can still get a mortgage up to 55% DTI….

When are we going to wake up and see that are own government is screwing us royally…

[macromaniac]

Keep laughing all the way to the DU of choice my friend…..run that up to 80% and see what they will take…55% DTI ratio’s….

So they base a loan mod payment on 31% DTI but you can still get a mortgage up to 55% DTI….

When are we going to wake up and see that are own government is screwing us royally…

[macromaniac]

Keep laughing all the way to the DU of choice my friend…..run that up to 80% and see what they will take…55% DTI ratio’s….

So they base a loan mod payment on 31% DTI but you can still get a mortgage up to 55% DTI….

When are we going to wake up and see that are own government is screwing us royally…

[macromaniac]

Keep laughing all the way to the DU of choice my friend…..run that up to 80% and see what they will take…55% DTI ratio’s….

So they base a loan mod payment on 31% DTI but you can still get a mortgage up to 55% DTI….

When are we going to wake up and see that are own government is screwing us royally…

[scaredyclassic]

i am wondering if the anti-wealth effect of dow 7100 or 6000 or 5000 or some low point is going to dramtically change how the remaning pool of investors think. people at all levels are going to start to feel poorer. the expectation that at some point some hidden legion of investors will come in and scoop up everything may be misplaced. i now see waiting for the bottom as the only way to go here — wait for things to flatten out — just like this thing went way higher than most thought possible, im starting to feel this may go way lower than anyone could expect …and if it takes 5 years to get there, so be it, if you’re planning to stay there the remainder of your life, it’s not a big deal, and if yoouwer eonly gonna be there for 5-7 years, well, you’d a been chasing it down the whole time you “owned’ itanyway. i don’t think youc an lose waiting now, i think it’s justa moneymaker.

[scaredyclassic]

i am wondering if the anti-wealth effect of dow 7100 or 6000 or 5000 or some low point is going to dramtically change how the remaning pool of investors think. people at all levels are going to start to feel poorer. the expectation that at some point some hidden legion of investors will come in and scoop up everything may be misplaced. i now see waiting for the bottom as the only way to go here — wait for things to flatten out — just like this thing went way higher than most thought possible, im starting to feel this may go way lower than anyone could expect …and if it takes 5 years to get there, so be it, if you’re planning to stay there the remainder of your life, it’s not a big deal, and if yoouwer eonly gonna be there for 5-7 years, well, you’d a been chasing it down the whole time you “owned’ itanyway. i don’t think youc an lose waiting now, i think it’s justa moneymaker.

[scaredyclassic]

i am wondering if the anti-wealth effect of dow 7100 or 6000 or 5000 or some low point is going to dramtically change how the remaning pool of investors think. people at all levels are going to start to feel poorer. the expectation that at some point some hidden legion of investors will come in and scoop up everything may be misplaced. i now see waiting for the bottom as the only way to go here — wait for things to flatten out — just like this thing went way higher than most thought possible, im starting to feel this may go way lower than anyone could expect …and if it takes 5 years to get there, so be it, if you’re planning to stay there the remainder of your life, it’s not a big deal, and if yoouwer eonly gonna be there for 5-7 years, well, you’d a been chasing it down the whole time you “owned’ itanyway. i don’t think youc an lose waiting now, i think it’s justa moneymaker.

[scaredyclassic]

i am wondering if the anti-wealth effect of dow 7100 or 6000 or 5000 or some low point is going to dramtically change how the remaning pool of investors think. people at all levels are going to start to feel poorer. the expectation that at some point some hidden legion of investors will come in and scoop up everything may be misplaced. i now see waiting for the bottom as the only way to go here — wait for things to flatten out — just like this thing went way higher than most thought possible, im starting to feel this may go way lower than anyone could expect …and if it takes 5 years to get there, so be it, if you’re planning to stay there the remainder of your life, it’s not a big deal, and if yoouwer eonly gonna be there for 5-7 years, well, you’d a been chasing it down the whole time you “owned’ itanyway. i don’t think youc an lose waiting now, i think it’s justa moneymaker.

[Author]

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