[pizzaman]

OK esmith we’ll do it your way. I plugged these numbers into the handy dandy money.com What can I afford? calculator. Income 69,000, Down payment 50,000, Interest rate 6%, Taxes and insurance $4000 and the magic # is $262,000. So there you have it the median home price in Temecula using traditional lending standards should be $262,000 (at 28% DTI) which was roughly where it stood in the middle of 2002.

So next summer when the median hits $260,000 I’m going to buy a house (because renting sucks) and hope that we don’t overshoot and end up with 2001 prices. I feel so much better now that I have a plan.

[pizzaman]

OK esmith we’ll do it your way. I plugged these numbers into the handy dandy money.com What can I afford? calculator. Income 69,000, Down payment 50,000, Interest rate 6%, Taxes and insurance $4000 and the magic # is $262,000. So there you have it the median home price in Temecula using traditional lending standards should be $262,000 (at 28% DTI) which was roughly where it stood in the middle of 2002.

So next summer when the median hits $260,000 I’m going to buy a house (because renting sucks) and hope that we don’t overshoot and end up with 2001 prices. I feel so much better now that I have a plan.

[pizzaman]

OK esmith we’ll do it your way. I plugged these numbers into the handy dandy money.com What can I afford? calculator. Income 69,000, Down payment 50,000, Interest rate 6%, Taxes and insurance $4000 and the magic # is $262,000. So there you have it the median home price in Temecula using traditional lending standards should be $262,000 (at 28% DTI) which was roughly where it stood in the middle of 2002.

So next summer when the median hits $260,000 I’m going to buy a house (because renting sucks) and hope that we don’t overshoot and end up with 2001 prices. I feel so much better now that I have a plan.

[pizzaman]

OK esmith we’ll do it your way. I plugged these numbers into the handy dandy money.com What can I afford? calculator. Income 69,000, Down payment 50,000, Interest rate 6%, Taxes and insurance $4000 and the magic # is $262,000. So there you have it the median home price in Temecula using traditional lending standards should be $262,000 (at 28% DTI) which was roughly where it stood in the middle of 2002.

So next summer when the median hits $260,000 I’m going to buy a house (because renting sucks) and hope that we don’t overshoot and end up with 2001 prices. I feel so much better now that I have a plan.

[pizzaman]

OK esmith we’ll do it your way. I plugged these numbers into the handy dandy money.com What can I afford? calculator. Income 69,000, Down payment 50,000, Interest rate 6%, Taxes and insurance $4000 and the magic # is $262,000. So there you have it the median home price in Temecula using traditional lending standards should be $262,000 (at 28% DTI) which was roughly where it stood in the middle of 2002.

So next summer when the median hits $260,000 I’m going to buy a house (because renting sucks) and hope that we don’t overshoot and end up with 2001 prices. I feel so much better now that I have a plan.

[pizzaman]

Pizza, say it isn’t so, don’t tell me they got you too.

Hey TG don’t shoot the messenger. I just thought the article was an interesting update to the story. Believe me I have zero sympathy for these people. It seems like such a simple concept “ If it sounds to good to be true….”. Many of the homes involved were right in my neighborhood and I can remember thinking how completely insane the prices were. I’ve always been a numbers kind of guy and when things don’t add up it makes me nuts. Now I understand and it makes me feel better. Just wish I would have sold to one of the “investors”.

And for the record after 22 years in the Pizza business I only own 3.

[pizzaman]

Pizza, say it isn’t so, don’t tell me they got you too.

Hey TG don’t shoot the messenger. I just thought the article was an interesting update to the story. Believe me I have zero sympathy for these people. It seems like such a simple concept “ If it sounds to good to be true….”. Many of the homes involved were right in my neighborhood and I can remember thinking how completely insane the prices were. I’ve always been a numbers kind of guy and when things don’t add up it makes me nuts. Now I understand and it makes me feel better. Just wish I would have sold to one of the “investors”.

And for the record after 22 years in the Pizza business I only own 3.

[pizzaman]

Pizza, say it isn’t so, don’t tell me they got you too.

Hey TG don’t shoot the messenger. I just thought the article was an interesting update to the story. Believe me I have zero sympathy for these people. It seems like such a simple concept “ If it sounds to good to be true….”. Many of the homes involved were right in my neighborhood and I can remember thinking how completely insane the prices were. I’ve always been a numbers kind of guy and when things don’t add up it makes me nuts. Now I understand and it makes me feel better. Just wish I would have sold to one of the “investors”.

And for the record after 22 years in the Pizza business I only own 3.

[pizzaman]

Pizza, say it isn’t so, don’t tell me they got you too.

Hey TG don’t shoot the messenger. I just thought the article was an interesting update to the story. Believe me I have zero sympathy for these people. It seems like such a simple concept “ If it sounds to good to be true….”. Many of the homes involved were right in my neighborhood and I can remember thinking how completely insane the prices were. I’ve always been a numbers kind of guy and when things don’t add up it makes me nuts. Now I understand and it makes me feel better. Just wish I would have sold to one of the “investors”.

And for the record after 22 years in the Pizza business I only own 3.

[pizzaman]

Pizza, say it isn’t so, don’t tell me they got you too.

Hey TG don’t shoot the messenger. I just thought the article was an interesting update to the story. Believe me I have zero sympathy for these people. It seems like such a simple concept “ If it sounds to good to be true….”. Many of the homes involved were right in my neighborhood and I can remember thinking how completely insane the prices were. I’ve always been a numbers kind of guy and when things don’t add up it makes me nuts. Now I understand and it makes me feel better. Just wish I would have sold to one of the “investors”.

And for the record after 22 years in the Pizza business I only own 3.

[pizzaman]

Median income of 92592 is 69k, traditional median home prices are 5-7x median income (350 on a down year and 470k in a good year).

TG – Generally I agree with your conclusions however I believe you may be wrong that the median home price in Temecula is traditionally 5-7x median income. According to City-Data.com the median income in Temecula in 2000 was $59,516 and the median home price was $190,100 roughly 3x income. I think there is an argument to be made that the median home price will return to this level. 69k x 3 = 207k, only time will tell.
On a side note an insane amount of info about Temecula can be found here http://www.cityoftemecula.org/NR/rdonlyres/6089BD40-13DB-409D-9A35-FC89D90479F8/0/husingreport2007.pdf

[pizzaman]

Median income of 92592 is 69k, traditional median home prices are 5-7x median income (350 on a down year and 470k in a good year).

TG – Generally I agree with your conclusions however I believe you may be wrong that the median home price in Temecula is traditionally 5-7x median income. According to City-Data.com the median income in Temecula in 2000 was $59,516 and the median home price was $190,100 roughly 3x income. I think there is an argument to be made that the median home price will return to this level. 69k x 3 = 207k, only time will tell.
On a side note an insane amount of info about Temecula can be found here http://www.cityoftemecula.org/NR/rdonlyres/6089BD40-13DB-409D-9A35-FC89D90479F8/0/husingreport2007.pdf

[pizzaman]

Median income of 92592 is 69k, traditional median home prices are 5-7x median income (350 on a down year and 470k in a good year).

TG – Generally I agree with your conclusions however I believe you may be wrong that the median home price in Temecula is traditionally 5-7x median income. According to City-Data.com the median income in Temecula in 2000 was $59,516 and the median home price was $190,100 roughly 3x income. I think there is an argument to be made that the median home price will return to this level. 69k x 3 = 207k, only time will tell.
On a side note an insane amount of info about Temecula can be found here http://www.cityoftemecula.org/NR/rdonlyres/6089BD40-13DB-409D-9A35-FC89D90479F8/0/husingreport2007.pdf

[pizzaman]

Median income of 92592 is 69k, traditional median home prices are 5-7x median income (350 on a down year and 470k in a good year).

TG – Generally I agree with your conclusions however I believe you may be wrong that the median home price in Temecula is traditionally 5-7x median income. According to City-Data.com the median income in Temecula in 2000 was $59,516 and the median home price was $190,100 roughly 3x income. I think there is an argument to be made that the median home price will return to this level. 69k x 3 = 207k, only time will tell.
On a side note an insane amount of info about Temecula can be found here http://www.cityoftemecula.org/NR/rdonlyres/6089BD40-13DB-409D-9A35-FC89D90479F8/0/husingreport2007.pdf

[pizzaman]

Median income of 92592 is 69k, traditional median home prices are 5-7x median income (350 on a down year and 470k in a good year).

TG – Generally I agree with your conclusions however I believe you may be wrong that the median home price in Temecula is traditionally 5-7x median income. According to City-Data.com the median income in Temecula in 2000 was $59,516 and the median home price was $190,100 roughly 3x income. I think there is an argument to be made that the median home price will return to this level. 69k x 3 = 207k, only time will tell.
On a side note an insane amount of info about Temecula can be found here http://www.cityoftemecula.org/NR/rdonlyres/6089BD40-13DB-409D-9A35-FC89D90479F8/0/husingreport2007.pdf

[Author]

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