First time buyers

[Raybyrnes]

If you are thinking La Jolla, 1st time homeowner might not work. But there are more than enough areas where this limit is more than enough.

2008 HOMEOWNERSHIP PROGRAM INCOME LIMITS ATTACHMENT A

SAN DIEGO
EXISTING RESALE NEW CONSTRUCTION
1or2 Person 3+ 1or2 Persons 3+
Moderate Income$ 94,800 $ 110,600 $ 94,800 $110,600
Low Income $ 56,880 $ 65,412 $ 66,360 $ 76,314

[temeculaguy]

Sd Realtor, funny you mentioned the demographics thatyou see. In my hood, the tracts built in the last 2 or 3 years are heavily dominated with asian and indian buyers, but interestingly enough, they dominate the foreclosures. All the while they are not a large chunk of the city demographics. On foreclosure.com if you run 92592 and look at pre-foreclosures and sheriff sales, it lists the names, maybe half are inidan or asian names, while they are less than 10% of the demographics. I know every street and it’s tract, the numbers are even more suprising when looking at bubble built tracts, maybe 80% indian or asian. I think that their diligence may have been their undoing, allowing them to buy during the bubble and the supposed bottom of 2007. They caught a lot of knives, perhaps because they were the only ones with the ability to do so. We can learn a lot from their cultures and their diligence, in this case it seemes to be just bad timing.

Future fist time buyers will re-enter the market in S.D. after the prices shake out. When 100k income gets you a decent starter home, they will come back. Until they come, the recovery wont.

[temeculaguy]

Sd Realtor, funny you mentioned the demographics thatyou see. In my hood, the tracts built in the last 2 or 3 years are heavily dominated with asian and indian buyers, but interestingly enough, they dominate the foreclosures. All the while they are not a large chunk of the city demographics. On foreclosure.com if you run 92592 and look at pre-foreclosures and sheriff sales, it lists the names, maybe half are inidan or asian names, while they are less than 10% of the demographics. I know every street and it’s tract, the numbers are even more suprising when looking at bubble built tracts, maybe 80% indian or asian. I think that their diligence may have been their undoing, allowing them to buy during the bubble and the supposed bottom of 2007. They caught a lot of knives, perhaps because they were the only ones with the ability to do so. We can learn a lot from their cultures and their diligence, in this case it seemes to be just bad timing.

Future fist time buyers will re-enter the market in S.D. after the prices shake out. When 100k income gets you a decent starter home, they will come back. Until they come, the recovery wont.

[temeculaguy]

Sd Realtor, funny you mentioned the demographics thatyou see. In my hood, the tracts built in the last 2 or 3 years are heavily dominated with asian and indian buyers, but interestingly enough, they dominate the foreclosures. All the while they are not a large chunk of the city demographics. On foreclosure.com if you run 92592 and look at pre-foreclosures and sheriff sales, it lists the names, maybe half are inidan or asian names, while they are less than 10% of the demographics. I know every street and it’s tract, the numbers are even more suprising when looking at bubble built tracts, maybe 80% indian or asian. I think that their diligence may have been their undoing, allowing them to buy during the bubble and the supposed bottom of 2007. They caught a lot of knives, perhaps because they were the only ones with the ability to do so. We can learn a lot from their cultures and their diligence, in this case it seemes to be just bad timing.

Future fist time buyers will re-enter the market in S.D. after the prices shake out. When 100k income gets you a decent starter home, they will come back. Until they come, the recovery wont.

[temeculaguy]

Sd Realtor, funny you mentioned the demographics thatyou see. In my hood, the tracts built in the last 2 or 3 years are heavily dominated with asian and indian buyers, but interestingly enough, they dominate the foreclosures. All the while they are not a large chunk of the city demographics. On foreclosure.com if you run 92592 and look at pre-foreclosures and sheriff sales, it lists the names, maybe half are inidan or asian names, while they are less than 10% of the demographics. I know every street and it’s tract, the numbers are even more suprising when looking at bubble built tracts, maybe 80% indian or asian. I think that their diligence may have been their undoing, allowing them to buy during the bubble and the supposed bottom of 2007. They caught a lot of knives, perhaps because they were the only ones with the ability to do so. We can learn a lot from their cultures and their diligence, in this case it seemes to be just bad timing.

Future fist time buyers will re-enter the market in S.D. after the prices shake out. When 100k income gets you a decent starter home, they will come back. Until they come, the recovery wont.

[temeculaguy]

Sd Realtor, funny you mentioned the demographics thatyou see. In my hood, the tracts built in the last 2 or 3 years are heavily dominated with asian and indian buyers, but interestingly enough, they dominate the foreclosures. All the while they are not a large chunk of the city demographics. On foreclosure.com if you run 92592 and look at pre-foreclosures and sheriff sales, it lists the names, maybe half are inidan or asian names, while they are less than 10% of the demographics. I know every street and it’s tract, the numbers are even more suprising when looking at bubble built tracts, maybe 80% indian or asian. I think that their diligence may have been their undoing, allowing them to buy during the bubble and the supposed bottom of 2007. They caught a lot of knives, perhaps because they were the only ones with the ability to do so. We can learn a lot from their cultures and their diligence, in this case it seemes to be just bad timing.

Future fist time buyers will re-enter the market in S.D. after the prices shake out. When 100k income gets you a decent starter home, they will come back. Until they come, the recovery wont.

[Eugene]

Not having down payments is the real issue, IMHO. A couple that makes 100k pre-tax can comfortably afford making payments on a median house, even now. But very few of them have enough cash for 20% down.
I wouldn’t rule out a J-shaped recovery when housing market stabilizes and banks bring back their zero down and 2nd mortgage programs.

[Eugene]

Not having down payments is the real issue, IMHO. A couple that makes 100k pre-tax can comfortably afford making payments on a median house, even now. But very few of them have enough cash for 20% down.
I wouldn’t rule out a J-shaped recovery when housing market stabilizes and banks bring back their zero down and 2nd mortgage programs.

[Eugene]

Not having down payments is the real issue, IMHO. A couple that makes 100k pre-tax can comfortably afford making payments on a median house, even now. But very few of them have enough cash for 20% down.
I wouldn’t rule out a J-shaped recovery when housing market stabilizes and banks bring back their zero down and 2nd mortgage programs.

[Eugene]

Not having down payments is the real issue, IMHO. A couple that makes 100k pre-tax can comfortably afford making payments on a median house, even now. But very few of them have enough cash for 20% down.
I wouldn’t rule out a J-shaped recovery when housing market stabilizes and banks bring back their zero down and 2nd mortgage programs.

[Eugene]

Not having down payments is the real issue, IMHO. A couple that makes 100k pre-tax can comfortably afford making payments on a median house, even now. But very few of them have enough cash for 20% down.
I wouldn’t rule out a J-shaped recovery when housing market stabilizes and banks bring back their zero down and 2nd mortgage programs.

[Anonymous]

[quote=temeculaguy]On foreclosure.com if you run 92592 and look at pre-foreclosures and sheriff sales, it lists the names, maybe half are inidan or asian names, while they are less than 10% of the demographics. I know every street and it’s tract, the numbers are even more suprising when looking at bubble built tracts, maybe 80% indian or asian. I think that their diligence may have been their undoing, allowing them to buy during the bubble and the supposed bottom of 2007. They caught a lot of knives, perhaps because they were the only ones with the ability to do so. We can learn a lot from their cultures and their diligence, in this case it seemes to be just bad timing.[/quote]

Sorry ..didn’t find a single Indian name.

[Anonymous]

[quote=temeculaguy]On foreclosure.com if you run 92592 and look at pre-foreclosures and sheriff sales, it lists the names, maybe half are inidan or asian names, while they are less than 10% of the demographics. I know every street and it’s tract, the numbers are even more suprising when looking at bubble built tracts, maybe 80% indian or asian. I think that their diligence may have been their undoing, allowing them to buy during the bubble and the supposed bottom of 2007. They caught a lot of knives, perhaps because they were the only ones with the ability to do so. We can learn a lot from their cultures and their diligence, in this case it seemes to be just bad timing.[/quote]

Sorry ..didn’t find a single Indian name.

[Anonymous]

[quote=temeculaguy]On foreclosure.com if you run 92592 and look at pre-foreclosures and sheriff sales, it lists the names, maybe half are inidan or asian names, while they are less than 10% of the demographics. I know every street and it’s tract, the numbers are even more suprising when looking at bubble built tracts, maybe 80% indian or asian. I think that their diligence may have been their undoing, allowing them to buy during the bubble and the supposed bottom of 2007. They caught a lot of knives, perhaps because they were the only ones with the ability to do so. We can learn a lot from their cultures and their diligence, in this case it seemes to be just bad timing.[/quote]

Sorry ..didn’t find a single Indian name.

[Anonymous]

[quote=temeculaguy]On foreclosure.com if you run 92592 and look at pre-foreclosures and sheriff sales, it lists the names, maybe half are inidan or asian names, while they are less than 10% of the demographics. I know every street and it’s tract, the numbers are even more suprising when looking at bubble built tracts, maybe 80% indian or asian. I think that their diligence may have been their undoing, allowing them to buy during the bubble and the supposed bottom of 2007. They caught a lot of knives, perhaps because they were the only ones with the ability to do so. We can learn a lot from their cultures and their diligence, in this case it seemes to be just bad timing.[/quote]

Sorry ..didn’t find a single Indian name.

[Author]

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