cassandra said:
Ditto. =P
You can get a house for $150k in some areas of SoCal...but you don't want to live there - *really*.
LOL, what in the middle of the desert?
One would usually like to put more than 10% down on a home, the mortgage rates most of the banks quote you will be assuming that you're putting 20% down. However around here, interest only loans are very popular around here just so people can get into some sort of house in hopes the value will go up.
Condos/Townhomes run around $300,000-$400,000. Tiny piece of crap fixer upper homes will go for over $500,000. I live in a mobile home right now, I own the home, rent the space. The city I live in has a law that regulates/limits how much the landlord can raise space rent. We always planned to upgrade to a house, but at these prices I don't know if that will ever happen.
For those of you that don't believe it's true, or if you are just incredibly bored, check out some listings....at least check out the first one for a short glimpse of the pathetic irony that I can not buy a home in the town I was raised in.
Cost of home $589,000 Down Payment suggested $117,000 Estimated Monthly Payment $2,825
http://vbprop.mlsb.com/mls/detail.cfm?cid=1381&list_numb=608626&list=4&type=SFR
99 year old home. 2 bdrm, 1 bath (1 tub, no shower). No garage. 876 sq ft.
Back in our teenage days when my husband and I were less than perfect citizens, the local drug dealer lived here. The entire house is crap inside and out. Basically people are paying the money only to shell out more cash to level the home and start from scratch on a 9,500 sq. ft. lot. Did I mention the lot is in a bad area of town?
http://www.southcountyhomes.com/?f=listings
Sorry for the rant. It makes me mad.