One can only hope. When housing prices push well beyond salaries, - TopicsExpress

One can only hope. When housing prices push well beyond salaries, a crash is inevitable. Oh, and for those homeowners who want to believe the fantasy of 10% growth per year, just remember what happened in 2008. When the median income is barely $58000 per year, the average family only has $4800 per month at its disposal. Mortgages now have a means test of 40% debt ratio (meaning one cannot borrow more than 40% of their monthly income for all their debt...including student loans and credit cards.) That means a mortgage cannot have a monthly payment of more than $1933 per month. If Johnny wants to buy a $400,000 house and his family only makes $58,000 a year, how much will he need for a down payment to obtain a monthly mortgage payment of $1933 at 4.25% for 30 years, assuming Johnny has NO other student loans or credit cards?? He will need at LEAST $90,000 as a down payment. Folks, how many people do YOU know that have that much to put down on a house and who DONT have student loan debt or credit cards??? Yeah.....thats what I thought. losangelesregister/articles/home-604415-year-sharga.html

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