[Daniel]

FLU, rents in CV are pretty high, especially for nicer properties. I know of a very beautiful 2,200 sq ft house that went for $3,500/month last fall, with multiple offers on it. I also know of at least 3 others, of the same size, and in the same general area, that sat on the market for months, and probably ended up finding tenants in the $2,500 – $2,800 range.

In the rental market, condition of the property is even more important than in the purchase market. You can always remodel a house you buy, but not one you rent.

[Daniel]

FLU, rents in CV are pretty high, especially for nicer properties. I know of a very beautiful 2,200 sq ft house that went for $3,500/month last fall, with multiple offers on it. I also know of at least 3 others, of the same size, and in the same general area, that sat on the market for months, and probably ended up finding tenants in the $2,500 – $2,800 range.

In the rental market, condition of the property is even more important than in the purchase market. You can always remodel a house you buy, but not one you rent.

[Daniel]

FLU, rents in CV are pretty high, especially for nicer properties. I know of a very beautiful 2,200 sq ft house that went for $3,500/month last fall, with multiple offers on it. I also know of at least 3 others, of the same size, and in the same general area, that sat on the market for months, and probably ended up finding tenants in the $2,500 – $2,800 range.

In the rental market, condition of the property is even more important than in the purchase market. You can always remodel a house you buy, but not one you rent.

[Daniel]

FLU, rents in CV are pretty high, especially for nicer properties. I know of a very beautiful 2,200 sq ft house that went for $3,500/month last fall, with multiple offers on it. I also know of at least 3 others, of the same size, and in the same general area, that sat on the market for months, and probably ended up finding tenants in the $2,500 – $2,800 range.

In the rental market, condition of the property is even more important than in the purchase market. You can always remodel a house you buy, but not one you rent.

[Daniel]

One comment though, Contraman: I just checked out your website, and, ummm… you know… the correct spelling is “homeowners”, not “homeowner’s”. You might want to fix that.

[Daniel]

One comment though, Contraman: I just checked out your website, and, ummm… you know… the correct spelling is “homeowners”, not “homeowner’s”. You might want to fix that.

[Daniel]

One comment though, Contraman: I just checked out your website, and, ummm… you know… the correct spelling is “homeowners”, not “homeowner’s”. You might want to fix that.

[Daniel]

One comment though, Contraman: I just checked out your website, and, ummm… you know… the correct spelling is “homeowners”, not “homeowner’s”. You might want to fix that.

[Daniel]

One comment though, Contraman: I just checked out your website, and, ummm… you know… the correct spelling is “homeowners”, not “homeowner’s”. You might want to fix that.

[Daniel]

Contraman,

If you’re working with lenders to restructure troubled loans, I don’t think anybody here has a problem with you. As long as both borrower and lender end up being better off, then that’s what they should do.

Speaking for myself, I’m not in the market for a mortgage, and likely won’t be for awhile. But I’m really keen to know about the amount of distress in the higher-priced areas (and I think many others here feel the same). So far, NOD and NOT activity has been pretty subdued in these areas, but there are reasons to believe that there are some time bombs about to go off. I imagine that people like you and HLS would be the first to notice signs of distress, as folks would come to you to try to refinance before they go NOD.

[Daniel]

Contraman,

If you’re working with lenders to restructure troubled loans, I don’t think anybody here has a problem with you. As long as both borrower and lender end up being better off, then that’s what they should do.

Speaking for myself, I’m not in the market for a mortgage, and likely won’t be for awhile. But I’m really keen to know about the amount of distress in the higher-priced areas (and I think many others here feel the same). So far, NOD and NOT activity has been pretty subdued in these areas, but there are reasons to believe that there are some time bombs about to go off. I imagine that people like you and HLS would be the first to notice signs of distress, as folks would come to you to try to refinance before they go NOD.

[Daniel]

Contraman,

If you’re working with lenders to restructure troubled loans, I don’t think anybody here has a problem with you. As long as both borrower and lender end up being better off, then that’s what they should do.

Speaking for myself, I’m not in the market for a mortgage, and likely won’t be for awhile. But I’m really keen to know about the amount of distress in the higher-priced areas (and I think many others here feel the same). So far, NOD and NOT activity has been pretty subdued in these areas, but there are reasons to believe that there are some time bombs about to go off. I imagine that people like you and HLS would be the first to notice signs of distress, as folks would come to you to try to refinance before they go NOD.

[Daniel]

Contraman,

If you’re working with lenders to restructure troubled loans, I don’t think anybody here has a problem with you. As long as both borrower and lender end up being better off, then that’s what they should do.

Speaking for myself, I’m not in the market for a mortgage, and likely won’t be for awhile. But I’m really keen to know about the amount of distress in the higher-priced areas (and I think many others here feel the same). So far, NOD and NOT activity has been pretty subdued in these areas, but there are reasons to believe that there are some time bombs about to go off. I imagine that people like you and HLS would be the first to notice signs of distress, as folks would come to you to try to refinance before they go NOD.

[Daniel]

Contraman,

If you’re working with lenders to restructure troubled loans, I don’t think anybody here has a problem with you. As long as both borrower and lender end up being better off, then that’s what they should do.

Speaking for myself, I’m not in the market for a mortgage, and likely won’t be for awhile. But I’m really keen to know about the amount of distress in the higher-priced areas (and I think many others here feel the same). So far, NOD and NOT activity has been pretty subdued in these areas, but there are reasons to believe that there are some time bombs about to go off. I imagine that people like you and HLS would be the first to notice signs of distress, as folks would come to you to try to refinance before they go NOD.

[Daniel]

Thank you, HLS. Your posts are most informative. I guess I’m one of the few who are cheering the new JC limits. Self-serving, I know. Cheap loans with tight underwriting standards suit me like a glove, so I’m not ashamed to admit that I welcome them.

And, a bit off-topic: are you serious about the 60% DTI? Is the “I” in DTI gross income? If so, let’s see… a third goes to taxes, 60% goes to debt service, not much left there, isn’t it?

And, way off-topic: I have a fun anecdote about the “D” in DTI. A few years back, I was filling out a mortgage application, and the broker asked: “Credit card debt?”. “None”, I said. “Car payments?”. “No, don’t have those, either”. “Wow, you’re in great shape!”, she said. I was sitting there, thinking to myself “Should I mention that I have two kids in daycare, costing me over $2,000 a month? It’s like paying for a couple of Ferraris”. So, really, HLS, shouldn’t the lenders care about that? Anybody who has kids will tell you they’re way more expensive than any cars they’ve ever driven.

[Author]

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