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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Lizzie Tudor who wrote (10892)6/6/2003 11:44:10 PM
From: RealMuLanRead Replies (1) of 306849
 
>>I think we need to assume that many of these houses were purchased with huge $$ down.<<

In some areas in LA, or even in Seattle, it is an understatement. There were quite a number of Chinese, from Taiwan, HK, and in recent years, Mainland China, paid $300k-$500K Cash to buy houses. They are not eligible for mortgage, and they were not interested in it anyway.

And in case of a lot of Chinese graduated here in the US, yes, your assumption is right. Majority of Chinese I know of bought their house with at least 20% down payment, some even higher. So their monthly payment is not that high for a 2-income family. With the refinancing, a couple of them all switched to 15 year term from 30 years. Compared to most of Americans I know, still paying those 30 years of mortgage.
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