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bearishgurl
Participant[quote=walterwhite]17 mile drive is among the nicest bicycle ride routes you can take in the USA and it’s in Monterey. Ultimately pointless of course, but beautiful beyond description.[/quote]
This is what I’m trying to drive home here, scaredy. Spotted deer running on the beach and matching spotted seals make this a tourist area. This is one of the jewels of CA. It is NOT a middle-class or working-class family area (that FNMA and FDMC backed mortgages are in place to assist) and never will be.
Participant[quote=walterwhite]17 mile drive is among the nicest bicycle ride routes you can take in the USA and it’s in Monterey. Ultimately pointless of course, but beautiful beyond description.[/quote]
This is what I’m trying to drive home here, scaredy. Spotted deer running on the beach and matching spotted seals make this a tourist area. This is one of the jewels of CA. It is NOT a middle-class or working-class family area (that FNMA and FDMC backed mortgages are in place to assist) and never will be.
Participant[quote=FormerSanDiegan]Point Mugu is in ventura County, about 300 miles from Monterey.[/quote]
You are correct. The only base left in Monterey is the Naval Postgraduate School. My bad.
Participant[quote=FormerSanDiegan]Point Mugu is in ventura County, about 300 miles from Monterey.[/quote]
You are correct. The only base left in Monterey is the Naval Postgraduate School. My bad.
Participant[quote=FormerSanDiegan]Point Mugu is in ventura County, about 300 miles from Monterey.[/quote]
You are correct. The only base left in Monterey is the Naval Postgraduate School. My bad.
Participant[quote=FormerSanDiegan]Point Mugu is in ventura County, about 300 miles from Monterey.[/quote]
You are correct. The only base left in Monterey is the Naval Postgraduate School. My bad.
Participant[quote=FormerSanDiegan]Point Mugu is in ventura County, about 300 miles from Monterey.[/quote]
You are correct. The only base left in Monterey is the Naval Postgraduate School. My bad.
ParticipantThe NY Times article uses Monterey/Carmel, CA as an example of what will happen to the housing market when their conforming limit is reduced to $483,000. This new limit is MUCH lower because Salinas and surrounds (farming communites) are included in this housing area, dragging the sold comps down.
In the article, an older home in Monterey is pictured as currently listed for $820K. A flight attendant who recently purchased a house in Monterey is quoted as saying he recently bought there using a low-downpayment program and would not be able to buy there under the proposed new conforming limit. I wonder why a flight attendant would want to live so far from a major airport?
Last time I looked (a few mos ago), Monterey was a “retirement town” and had a nearby Navy installation “Pt. Mugu,” but little other industry and jobs. The Navy provides housing for its families stationed there. Persons who purchase in Monterey/Carmel would likely be retired and even have access to private planes. I don’t understand why its residents feel entitled to have the conforming limit remain at $729K. Why should the rest of the taxpayers bail out Fannie/Freddie when they are making RE loan guarantees to persons who voluntarily purchase in resort communities and other upper-tier communities?
I would be interested to know the percentage of property purchases in Monterey/Carmel which are all-cash sales.
ParticipantThe NY Times article uses Monterey/Carmel, CA as an example of what will happen to the housing market when their conforming limit is reduced to $483,000. This new limit is MUCH lower because Salinas and surrounds (farming communites) are included in this housing area, dragging the sold comps down.
In the article, an older home in Monterey is pictured as currently listed for $820K. A flight attendant who recently purchased a house in Monterey is quoted as saying he recently bought there using a low-downpayment program and would not be able to buy there under the proposed new conforming limit. I wonder why a flight attendant would want to live so far from a major airport?
Last time I looked (a few mos ago), Monterey was a “retirement town” and had a nearby Navy installation “Pt. Mugu,” but little other industry and jobs. The Navy provides housing for its families stationed there. Persons who purchase in Monterey/Carmel would likely be retired and even have access to private planes. I don’t understand why its residents feel entitled to have the conforming limit remain at $729K. Why should the rest of the taxpayers bail out Fannie/Freddie when they are making RE loan guarantees to persons who voluntarily purchase in resort communities and other upper-tier communities?
I would be interested to know the percentage of property purchases in Monterey/Carmel which are all-cash sales.
ParticipantThe NY Times article uses Monterey/Carmel, CA as an example of what will happen to the housing market when their conforming limit is reduced to $483,000. This new limit is MUCH lower because Salinas and surrounds (farming communites) are included in this housing area, dragging the sold comps down.
In the article, an older home in Monterey is pictured as currently listed for $820K. A flight attendant who recently purchased a house in Monterey is quoted as saying he recently bought there using a low-downpayment program and would not be able to buy there under the proposed new conforming limit. I wonder why a flight attendant would want to live so far from a major airport?
Last time I looked (a few mos ago), Monterey was a “retirement town” and had a nearby Navy installation “Pt. Mugu,” but little other industry and jobs. The Navy provides housing for its families stationed there. Persons who purchase in Monterey/Carmel would likely be retired and even have access to private planes. I don’t understand why its residents feel entitled to have the conforming limit remain at $729K. Why should the rest of the taxpayers bail out Fannie/Freddie when they are making RE loan guarantees to persons who voluntarily purchase in resort communities and other upper-tier communities?
I would be interested to know the percentage of property purchases in Monterey/Carmel which are all-cash sales.
ParticipantThe NY Times article uses Monterey/Carmel, CA as an example of what will happen to the housing market when their conforming limit is reduced to $483,000. This new limit is MUCH lower because Salinas and surrounds (farming communites) are included in this housing area, dragging the sold comps down.
In the article, an older home in Monterey is pictured as currently listed for $820K. A flight attendant who recently purchased a house in Monterey is quoted as saying he recently bought there using a low-downpayment program and would not be able to buy there under the proposed new conforming limit. I wonder why a flight attendant would want to live so far from a major airport?
Last time I looked (a few mos ago), Monterey was a “retirement town” and had a nearby Navy installation “Pt. Mugu,” but little other industry and jobs. The Navy provides housing for its families stationed there. Persons who purchase in Monterey/Carmel would likely be retired and even have access to private planes. I don’t understand why its residents feel entitled to have the conforming limit remain at $729K. Why should the rest of the taxpayers bail out Fannie/Freddie when they are making RE loan guarantees to persons who voluntarily purchase in resort communities and other upper-tier communities?
I would be interested to know the percentage of property purchases in Monterey/Carmel which are all-cash sales.
ParticipantThe NY Times article uses Monterey/Carmel, CA as an example of what will happen to the housing market when their conforming limit is reduced to $483,000. This new limit is MUCH lower because Salinas and surrounds (farming communites) are included in this housing area, dragging the sold comps down.
In the article, an older home in Monterey is pictured as currently listed for $820K. A flight attendant who recently purchased a house in Monterey is quoted as saying he recently bought there using a low-downpayment program and would not be able to buy there under the proposed new conforming limit. I wonder why a flight attendant would want to live so far from a major airport?
Last time I looked (a few mos ago), Monterey was a “retirement town” and had a nearby Navy installation “Pt. Mugu,” but little other industry and jobs. The Navy provides housing for its families stationed there. Persons who purchase in Monterey/Carmel would likely be retired and even have access to private planes. I don’t understand why its residents feel entitled to have the conforming limit remain at $729K. Why should the rest of the taxpayers bail out Fannie/Freddie when they are making RE loan guarantees to persons who voluntarily purchase in resort communities and other upper-tier communities?
I would be interested to know the percentage of property purchases in Monterey/Carmel which are all-cash sales.
Participant[quote=utcsox]http://www.nytimes.com/2011/05/11/business/11housing.html?pagewanted=1&hp
What’s the effect of potential decline in conforming limit from $697,500 to $546,250 in San Diego Market?[/quote]
…Michael S. Barr, a former assistant Treasury secretary, said the federal government’s retrenchment would be painful for many communities. “There’s always going to be a line, and for the person just over it it’s always going to be an arbitrary line,” said Mr. Barr, who teaches at the University of Michigan Law School. “But there is no entitlement to living in a home that costs $750,000.”…
I agree with this. A FNMA/FDMC conforming limit should NOT be routinely funding luxury properties. That is not its purpose. Perfectly decent houses for families and everyone else are available in SD County for far less than $546,250. Besides, a maximum conforming loan amount of $546,250 will facilitate a purchase of $682,812 with the standard 20% downpayment. This is more than adequate to fund a mainstream purchase of a moderate to mid-upper-tier property in a very nice area.
Participant[quote=utcsox]http://www.nytimes.com/2011/05/11/business/11housing.html?pagewanted=1&hp
What’s the effect of potential decline in conforming limit from $697,500 to $546,250 in San Diego Market?[/quote]
…Michael S. Barr, a former assistant Treasury secretary, said the federal government’s retrenchment would be painful for many communities. “There’s always going to be a line, and for the person just over it it’s always going to be an arbitrary line,” said Mr. Barr, who teaches at the University of Michigan Law School. “But there is no entitlement to living in a home that costs $750,000.”…
I agree with this. A FNMA/FDMC conforming limit should NOT be routinely funding luxury properties. That is not its purpose. Perfectly decent houses for families and everyone else are available in SD County for far less than $546,250. Besides, a maximum conforming loan amount of $546,250 will facilitate a purchase of $682,812 with the standard 20% downpayment. This is more than adequate to fund a mainstream purchase of a moderate to mid-upper-tier property in a very nice area.
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