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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: fatty who wrote (10872)6/1/2003 8:37:10 AM
From: J. P.Read Replies (3) of 306849
 
I have the same thoughts about this real estate market. $150K is an income near the top 5% to 10% and yet it does not necessarily afford one an upper crust home. In fact with a top 5% income you may have to stretch to buy what was formerly a plain vanilla "middle class" colonial type house, and in some areas only a ranch house! What's wrong with this picture?

Especially when some of the people living in these homes have relatively modest incomes, and originally bought in the area because it was modest and affordable. Modest and affordable now takes an upper crust income. But you suddenly have all these people who never had the drive to earn 100K plus a year with 100K plus windfalls because they bought a modest house to live in a few years ago.

And do lower monthly payments make forking over an extra 300K over 30 years alright? Would you gladly pay an extra 20K for a new Toyota if they lower the interest and stretch the financing to 10 years?
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