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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: GraceZ who wrote (11732)7/25/2003 10:08:48 AM
From: J. P.Read Replies (2) of 306849
 
Now-a-days where I live, a nice starter is around 300-400K. So you're looking at about 70k cash to get in (down payment, closing costs, etc.). That's a lot of cash! And with interest rates going up, chances are house prices will flatten and probably fall. If they fall the 70k goes -poof-

But 150k is pretty low. With 70K you can almost pay off half immediately. And if you can raise 70K, you can probably pay off the balance quicker than 30 or even 15 years (likely 5 years).

So you see the big difference between now and 10 years ago? The principle on houses is sky high! And even the "low" interest rates eat you up at these principle asking prices. This market is punishing people who are starting out. Of course, one can consider moving to another area. But sometimes there are considerations that make that not possible.
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