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

To: Jim McMannis who wrote (5424)	9/19/2002 2:53:57 AM
From: Paul Viapiano	Read Replies (2) \| Respond to of 306849

"...4300 bucks a month..." Means the income has to be about 14,000 a month no? 168,000 a year? Everyone is makin' that right? So the rule of thumb you're using is that your gross monthly income has to be approx 3 times your mortgage payment, right? Is this a good rule of thumb...anyone?

To: Jim McMannis who wrote (5424)	9/19/2002 7:27:38 AM
From: J. P.	Read Replies (2) \| Respond to of 306849

I guess the old standard of 25% of your gross was an outdated idea and we're in a new paradigm. Now it's okay to use 50% and more of your gross and put 0 to 5% down. Wasn't okay before, is okay now. No bubble because houses cannot be traded like stocks (really now?). Just go to ditech.com and they'll approve you in about 1 hour. Bad credit? No credit? No problem!

To: Jim McMannis who wrote (5424)	9/19/2002 3:59:10 PM
From: David Jones	Read Replies (1) \| Respond to of 306849

...Means the income has to be about 14,000 a month no? 168,000 a year? Everyone is making' that right?... What do you mean "Everyone"? Are you saying everyone needs an 800k dollar home? Hell my brother is one of them poor firemen and he made almost that exact amount last year excluding his wife's income. Together they're over 200k. Where I live now the average income per household is 121k per year with a 550k average home. To many around here 800k is cheese. Just down the street from me is a place on a good sized lot asking 729k and it's sitting on bricks. There was an offer on it before I even seen the sign. I've been told it's gone. Real Estate, Rock On! )