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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: FiveFour who wrote (54229)2/20/2006 4:18:45 PM
From: GraceZ   of 110194
 
What matters most for homeowners who are in that high payment to income ratio is where they are in their careers. Are they 30 or 55? Typically people max out the payment when they are young, counting on increases in income due to the fact that they are moving up the ladder. I remember thinking my first mortgage payment was a killer, yet in five years my husband and I both doubled our incomes making that mortgage payment seem a lot smaller. Now if I was to max it out now, at my age, I'd be in trouble because few can expect their incomes to double after 50.

The historical turnover ratio high is around 5%. Typically in a flat market, that drops down below 3%. Most defaults happen in the sub-prime and FHA mortgage market. If you look at conventional mortgages, the percentage of defaults is extremely low even during recessions.
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