The recent “U-haul ratio” is 4 trucks leaving California for every 1 that comes in – ie, net outmigration from the state.
Inre 100 year mortgages and the reduction in monthly payments:
I should have done the math that powayseller did. I was surprised that extending a mortgage to 100 years had so little effect on the monthly payment.
I am fully expecting the government to attempt some type of bailout for homeowners in trouble. In this age of printing press money, the political ramifications of a housing crash will not be acceptable and the printing presses will be called into action.
It will be interesting to see how this bailout is structured.
Any thoughts on how an entity (our government and central bank) with unlimitted access to the monetary printing presses will avoid the political fallout from a nationwide housing crash?
Don’t forget that the length of mortgages can be extended to reduce the monthly payment. Japan had 100 year mortgages before their bubble popped.
Care to wager that Fannie & Freddie and all their relatives will be rolling pre-foreclosures into longer term mortgages in order to “help” the struggling homeowner?
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