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

To: Tradelite who wrote (67426)	11/28/2006 5:12:08 PM
From: J. P.	Read Replies (1) \| Respond to of 306849

I agree, but most people need the ARMS as a second mortgage to pay the down payment since they don't have any money. Decent suburban starter houses in the Chicago area are realistically about 350K. Less than that and you are going to get a real small, real bad house far from the jobs. OK, so a young couple wants to buy it, they need 70K and then about $2300/month or so for mortgage payments. That's a lot of dough for most people, and their average paying jobs won't cut it. That's what I mean by affordability. It's been missing from the conversation, but I know it's real. As long as rates stay low, the easy financing can keep the issue under wraps.