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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: sciAticA errAticA who wrote (31786)	5/5/2005 11:00:02 AM
From: Ramsey Su	Read Replies (3) \| Respond to of 110194

car.org coincidentally, two houses came on the market in my hood last week. $1.15 million buys you a 2000sf job and $900k buys you a 1200sf charmer. Both are in fixed up tip top condition, no front yard, no back yard (unless you are a mountain goat) and both have an easterly view to the Qualcomm Stadium in San Diego. So my buddies and I were doing a cocktail napkin calcuation at lunch the other day. For the privilege of living in the 1200sf estate, with 20% down, PITI ranges from $5000 to $6000 depending on financing package. Using the conventional underwriting rule of thumb, the buyers are going to need $15k per month income to qualify for this baby. We all bursted out laughing, trying to profile this buyer who is going to fork out almost $200k cash, with income of $15k per month, and going to live in this 1200 sf shed with a 1 car garage. BTW, it appears we have finally slowed but Florida is still booming. Any first hand reports from you Floridians?