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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: J. P. who wrote (1628)	2/19/2002 2:09:07 PM
From: Tradelite	Read Replies (1) \| Respond to of 306849

J.P....everyone feels stretched when they purchase a new home--even those who bought years ago. It feels a little easier to some extent at the end of the tax year when they deduct the mortgage interest and property taxes from their income, and I guess you're taking that into account when you say you only want to devote 25 percent of gross income to a house payment. However, it's a stretch to believe that incomes haven't risen over the past decade, too. If income levels haven't risen, then house prices wouldn't have risen so much, either. Do know that housing is very tight in Chicago area. Several years ago, I sold a brand new home to a couple who moved here from Evanston--they thought they were getting a wonderful deal---bigger house, newer house, lower payment. They thought they were in heaven.