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

To: Elroy Jetson who wrote (14956)	11/10/2003 6:33:14 AM
From: Micawber	Read Replies (2) \| Respond to of 306849

The typical buyer is a two-income couple who work in Los Angeles and own two new-model leased cars. It is very unusual if they can come up with more than 3% for the down-payment. Just picture that, a couple with net assets of say $50,000 buying a million dollar home that will require a 3 hour daily commute, as long as they are employed. Fascinating. Truly incredible that there are businesses being built upon this customer base, and that there are financial institutions that are actually willing to structure deals based on these underwriting criteria. And yet there are those on this thread who continue to insist this insane market is being driven by demographics and lack of supply. Uh huh.