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

To: Tradelite who wrote (13065)	8/24/2003 9:33:08 PM
From: GraceZ	Respond to of 306849

Maryland has a real nasty real estate transfer tax that is much higher than Virginia's. Yup, it's the high closing costs that keep many a first time buyer out of the market. I bought my very first house with $1000 down, but I needed $6000 more to pay for closing costs and that was with financing some of the closing costs (FHA) and the seller paying half the points. It seems like an impossibly low amount to me now, but way back then it was hard for me to get that much together. I was reading the real estate section today and looking at the prices advertised all I could think is that this real estate speculative frenzy has finally arrived here. Some unbelievable prices in that paper today, the higher rates haven't done anything to curb them....yet.