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sdrealtor
ParticipantFYI, those MM homes are already down 30 to 40% from the peak.
ParticipantFYI, those MM homes are already down 30 to 40% from the peak.
ParticipantFYI, those MM homes are already down 30 to 40% from the peak.
ParticipantFYI, those MM homes are already down 30 to 40% from the peak.
ParticipantFYI, those MM homes are already down 30 to 40% from the peak.
ParticipantI have no idea as to what the occupations are as am helping the listing agent and only see names and down payments. I am not an expert but I would guess Vietnamese, Chinese, Korean, Hmuong etc.
As for employment downturns impacting them, the P&I on a $200K loan is only about $1200/month. Taxes are $300, $0 HOA and throw in $100 for insurance etc. Thats $1600/month with an after tax cost of about $1200 or less. I would suspect that they arent putting all their money down and have ample reserves also. I also believe most are dual income households so I wouldnt think they would have much trouble meeting that obligation working at the local Taco Bell if necessary. But what do I know?
ParticipantI have no idea as to what the occupations are as am helping the listing agent and only see names and down payments. I am not an expert but I would guess Vietnamese, Chinese, Korean, Hmuong etc.
As for employment downturns impacting them, the P&I on a $200K loan is only about $1200/month. Taxes are $300, $0 HOA and throw in $100 for insurance etc. Thats $1600/month with an after tax cost of about $1200 or less. I would suspect that they arent putting all their money down and have ample reserves also. I also believe most are dual income households so I wouldnt think they would have much trouble meeting that obligation working at the local Taco Bell if necessary. But what do I know?
ParticipantI have no idea as to what the occupations are as am helping the listing agent and only see names and down payments. I am not an expert but I would guess Vietnamese, Chinese, Korean, Hmuong etc.
As for employment downturns impacting them, the P&I on a $200K loan is only about $1200/month. Taxes are $300, $0 HOA and throw in $100 for insurance etc. Thats $1600/month with an after tax cost of about $1200 or less. I would suspect that they arent putting all their money down and have ample reserves also. I also believe most are dual income households so I wouldnt think they would have much trouble meeting that obligation working at the local Taco Bell if necessary. But what do I know?
ParticipantI have no idea as to what the occupations are as am helping the listing agent and only see names and down payments. I am not an expert but I would guess Vietnamese, Chinese, Korean, Hmuong etc.
As for employment downturns impacting them, the P&I on a $200K loan is only about $1200/month. Taxes are $300, $0 HOA and throw in $100 for insurance etc. Thats $1600/month with an after tax cost of about $1200 or less. I would suspect that they arent putting all their money down and have ample reserves also. I also believe most are dual income households so I wouldnt think they would have much trouble meeting that obligation working at the local Taco Bell if necessary. But what do I know?
ParticipantI have no idea as to what the occupations are as am helping the listing agent and only see names and down payments. I am not an expert but I would guess Vietnamese, Chinese, Korean, Hmuong etc.
As for employment downturns impacting them, the P&I on a $200K loan is only about $1200/month. Taxes are $300, $0 HOA and throw in $100 for insurance etc. Thats $1600/month with an after tax cost of about $1200 or less. I would suspect that they arent putting all their money down and have ample reserves also. I also believe most are dual income households so I wouldnt think they would have much trouble meeting that obligation working at the local Taco Bell if necessary. But what do I know?
ParticipantJust to clarify what is going on in MM right now. I am helping a colleague sell a lower end SFR property there. It’s a short sale (aren’t they all down there?) and he asked me to help him with it so I have seen all the offers. The property generated at least 20 offers in a week. He stopped accepting offers as the sellers were tired of having 10 showings a day. Most of the offers were Asian buyers for primary residences (not investors unless they are lying which I wouldnt know) and most had very significant (i.e. most had no problem coming up with $50,000, $100,000 and even $150,000). There seem to be an endless supply of these buyers for properties under $350,000.
Based upon what I saw with my own eyes, I have a hard time believing prices have much room to fall there. Most of the loans were about $200,000 or less so even rising interest rates wont drive the payments too high on these relatively low loan amounts.
ParticipantJust to clarify what is going on in MM right now. I am helping a colleague sell a lower end SFR property there. It’s a short sale (aren’t they all down there?) and he asked me to help him with it so I have seen all the offers. The property generated at least 20 offers in a week. He stopped accepting offers as the sellers were tired of having 10 showings a day. Most of the offers were Asian buyers for primary residences (not investors unless they are lying which I wouldnt know) and most had very significant (i.e. most had no problem coming up with $50,000, $100,000 and even $150,000). There seem to be an endless supply of these buyers for properties under $350,000.
Based upon what I saw with my own eyes, I have a hard time believing prices have much room to fall there. Most of the loans were about $200,000 or less so even rising interest rates wont drive the payments too high on these relatively low loan amounts.
ParticipantJust to clarify what is going on in MM right now. I am helping a colleague sell a lower end SFR property there. It’s a short sale (aren’t they all down there?) and he asked me to help him with it so I have seen all the offers. The property generated at least 20 offers in a week. He stopped accepting offers as the sellers were tired of having 10 showings a day. Most of the offers were Asian buyers for primary residences (not investors unless they are lying which I wouldnt know) and most had very significant (i.e. most had no problem coming up with $50,000, $100,000 and even $150,000). There seem to be an endless supply of these buyers for properties under $350,000.
Based upon what I saw with my own eyes, I have a hard time believing prices have much room to fall there. Most of the loans were about $200,000 or less so even rising interest rates wont drive the payments too high on these relatively low loan amounts.
ParticipantJust to clarify what is going on in MM right now. I am helping a colleague sell a lower end SFR property there. It’s a short sale (aren’t they all down there?) and he asked me to help him with it so I have seen all the offers. The property generated at least 20 offers in a week. He stopped accepting offers as the sellers were tired of having 10 showings a day. Most of the offers were Asian buyers for primary residences (not investors unless they are lying which I wouldnt know) and most had very significant (i.e. most had no problem coming up with $50,000, $100,000 and even $150,000). There seem to be an endless supply of these buyers for properties under $350,000.
Based upon what I saw with my own eyes, I have a hard time believing prices have much room to fall there. Most of the loans were about $200,000 or less so even rising interest rates wont drive the payments too high on these relatively low loan amounts.
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