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- This topic has 150 replies, 18 voices, and was last updated 15 years, 9 months ago by paramount.
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February 3, 2009 at 9:18 AM #341002February 3, 2009 at 9:52 AM #340463capemanParticipant
[quote=FormerSanDiegan][quote=capeman]They’re still taking 5% Downs? That means we’re nowhere near bottom.
[/quote]
Not that history is any guide or anything, but we put 5% down on our house in 1996. I don’t think downpayment amounts are indicative of a a housing bottom.
[/quote]
No but the ratio-metric calculation of fundamental 20% down loans to < or = 5% down is VERY indicative, especially in the last 10 years.
February 3, 2009 at 9:52 AM #340785capemanParticipant[quote=FormerSanDiegan][quote=capeman]They’re still taking 5% Downs? That means we’re nowhere near bottom.
[/quote]
Not that history is any guide or anything, but we put 5% down on our house in 1996. I don’t think downpayment amounts are indicative of a a housing bottom.
[/quote]
No but the ratio-metric calculation of fundamental 20% down loans to < or = 5% down is VERY indicative, especially in the last 10 years.
February 3, 2009 at 9:52 AM #340886capemanParticipant[quote=FormerSanDiegan][quote=capeman]They’re still taking 5% Downs? That means we’re nowhere near bottom.
[/quote]
Not that history is any guide or anything, but we put 5% down on our house in 1996. I don’t think downpayment amounts are indicative of a a housing bottom.
[/quote]
No but the ratio-metric calculation of fundamental 20% down loans to < or = 5% down is VERY indicative, especially in the last 10 years.
February 3, 2009 at 9:52 AM #340914capemanParticipant[quote=FormerSanDiegan][quote=capeman]They’re still taking 5% Downs? That means we’re nowhere near bottom.
[/quote]
Not that history is any guide or anything, but we put 5% down on our house in 1996. I don’t think downpayment amounts are indicative of a a housing bottom.
[/quote]
No but the ratio-metric calculation of fundamental 20% down loans to < or = 5% down is VERY indicative, especially in the last 10 years.
February 3, 2009 at 9:52 AM #341007capemanParticipant[quote=FormerSanDiegan][quote=capeman]They’re still taking 5% Downs? That means we’re nowhere near bottom.
[/quote]
Not that history is any guide or anything, but we put 5% down on our house in 1996. I don’t think downpayment amounts are indicative of a a housing bottom.
[/quote]
No but the ratio-metric calculation of fundamental 20% down loans to < or = 5% down is VERY indicative, especially in the last 10 years.
February 3, 2009 at 11:31 AM #340473RenParticipant[quote=Nor-LA-SD-guy]
We have been on the hunt for a rental property, I can tell you the realtors who deal with foreclosures in the T.V. are swamped, whenever we are on the road looking (on the weekend anyway) the agent hardly ever needs to unlock the lockbox, we just follow the agent and group ahead of us then hand the keys to the next agent coming in.
In the realtors office there is constant traffic in and out and we usually need to wait for a free conference room to write offers etc…
[/quote]We are doing the same, and despite the seemingly great positive cash flow deals out there now, we’re being extremely careful and may hold off until next fall/winter. Craigslist is flooded with rentals and rates are dropping. It wouldn’t surprise me to see them drop 10-20%, so I’m figuring that into my calculations.
February 3, 2009 at 11:31 AM #340795RenParticipant[quote=Nor-LA-SD-guy]
We have been on the hunt for a rental property, I can tell you the realtors who deal with foreclosures in the T.V. are swamped, whenever we are on the road looking (on the weekend anyway) the agent hardly ever needs to unlock the lockbox, we just follow the agent and group ahead of us then hand the keys to the next agent coming in.
In the realtors office there is constant traffic in and out and we usually need to wait for a free conference room to write offers etc…
[/quote]We are doing the same, and despite the seemingly great positive cash flow deals out there now, we’re being extremely careful and may hold off until next fall/winter. Craigslist is flooded with rentals and rates are dropping. It wouldn’t surprise me to see them drop 10-20%, so I’m figuring that into my calculations.
February 3, 2009 at 11:31 AM #340896RenParticipant[quote=Nor-LA-SD-guy]
We have been on the hunt for a rental property, I can tell you the realtors who deal with foreclosures in the T.V. are swamped, whenever we are on the road looking (on the weekend anyway) the agent hardly ever needs to unlock the lockbox, we just follow the agent and group ahead of us then hand the keys to the next agent coming in.
In the realtors office there is constant traffic in and out and we usually need to wait for a free conference room to write offers etc…
[/quote]We are doing the same, and despite the seemingly great positive cash flow deals out there now, we’re being extremely careful and may hold off until next fall/winter. Craigslist is flooded with rentals and rates are dropping. It wouldn’t surprise me to see them drop 10-20%, so I’m figuring that into my calculations.
February 3, 2009 at 11:31 AM #340924RenParticipant[quote=Nor-LA-SD-guy]
We have been on the hunt for a rental property, I can tell you the realtors who deal with foreclosures in the T.V. are swamped, whenever we are on the road looking (on the weekend anyway) the agent hardly ever needs to unlock the lockbox, we just follow the agent and group ahead of us then hand the keys to the next agent coming in.
In the realtors office there is constant traffic in and out and we usually need to wait for a free conference room to write offers etc…
[/quote]We are doing the same, and despite the seemingly great positive cash flow deals out there now, we’re being extremely careful and may hold off until next fall/winter. Craigslist is flooded with rentals and rates are dropping. It wouldn’t surprise me to see them drop 10-20%, so I’m figuring that into my calculations.
February 3, 2009 at 11:31 AM #341017RenParticipant[quote=Nor-LA-SD-guy]
We have been on the hunt for a rental property, I can tell you the realtors who deal with foreclosures in the T.V. are swamped, whenever we are on the road looking (on the weekend anyway) the agent hardly ever needs to unlock the lockbox, we just follow the agent and group ahead of us then hand the keys to the next agent coming in.
In the realtors office there is constant traffic in and out and we usually need to wait for a free conference room to write offers etc…
[/quote]We are doing the same, and despite the seemingly great positive cash flow deals out there now, we’re being extremely careful and may hold off until next fall/winter. Craigslist is flooded with rentals and rates are dropping. It wouldn’t surprise me to see them drop 10-20%, so I’m figuring that into my calculations.
February 3, 2009 at 12:24 PM #340498EugeneParticipant[quote=barnaby33]
What do mean afford? Low 6 figures means low 300’s for purchase price; following the 3X rule. That will certainly get you something (even detached) in Esco, Vista, Oceanside, Ramona and El Cajon/Lakeside/Hell. It still isn’t going to buy anything decent west of the 5 (excluding Oceanside), RB Hillcrest or even dare I say downtown. Sure I could buy a 1 bedroom condo, but if I make 6 figures thats not something decent. [/quote]By afford I mean afford – that is, be able to save up for the down payment, to qualify for a loan, and to make payments without denying yourself basic necessities.
February 3, 2009 at 12:24 PM #340821EugeneParticipant[quote=barnaby33]
What do mean afford? Low 6 figures means low 300’s for purchase price; following the 3X rule. That will certainly get you something (even detached) in Esco, Vista, Oceanside, Ramona and El Cajon/Lakeside/Hell. It still isn’t going to buy anything decent west of the 5 (excluding Oceanside), RB Hillcrest or even dare I say downtown. Sure I could buy a 1 bedroom condo, but if I make 6 figures thats not something decent. [/quote]By afford I mean afford – that is, be able to save up for the down payment, to qualify for a loan, and to make payments without denying yourself basic necessities.
February 3, 2009 at 12:24 PM #340921EugeneParticipant[quote=barnaby33]
What do mean afford? Low 6 figures means low 300’s for purchase price; following the 3X rule. That will certainly get you something (even detached) in Esco, Vista, Oceanside, Ramona and El Cajon/Lakeside/Hell. It still isn’t going to buy anything decent west of the 5 (excluding Oceanside), RB Hillcrest or even dare I say downtown. Sure I could buy a 1 bedroom condo, but if I make 6 figures thats not something decent. [/quote]By afford I mean afford – that is, be able to save up for the down payment, to qualify for a loan, and to make payments without denying yourself basic necessities.
February 3, 2009 at 12:24 PM #340949EugeneParticipant[quote=barnaby33]
What do mean afford? Low 6 figures means low 300’s for purchase price; following the 3X rule. That will certainly get you something (even detached) in Esco, Vista, Oceanside, Ramona and El Cajon/Lakeside/Hell. It still isn’t going to buy anything decent west of the 5 (excluding Oceanside), RB Hillcrest or even dare I say downtown. Sure I could buy a 1 bedroom condo, but if I make 6 figures thats not something decent. [/quote]By afford I mean afford – that is, be able to save up for the down payment, to qualify for a loan, and to make payments without denying yourself basic necessities.
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