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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: deeno who wrote (21491)6/10/2004 5:42:27 PM
From: Elroy JetsonRead Replies (1) of 306849
 
Adjustable Rate Mortgages were 72% of mortgages in San Diego? I found that so hard to believe I had to find the article to read for myself.

signonsandiego.com

Sense of anxiety

In San Diego County, only about 15 percent of households are able to afford the median price of a home, the state association of Realtors has reported. Ever-rising prices and houses fetching multiple offers are leaving many would-be home buyers with the nagging feeling that they're locked out.

"It creates a sense of anxiety," Goldbart said. "The attitude is, 'I don't want to miss out. I don't want to lose out.' The urgency is created by a mass psychology of wanting to win, wanting to be part of the 'haves.' "

Desperate to get in, more are turning to creative financing. Nearly 72 percent of loans processed in April in San Diego were adjustable-rate mortgages, according to DataQuick in La Jolla.

Others are taking out interest-only or negative amortization loans, in which the balance owed ends up higher after a few years.

"In my business, three of four people are asking for interest-only loans," said Hal Weinshank, senior loan agent with Mortgage Partners in San Diego. "Two to three years ago, I barely saw that at all."
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