Comments on: How Are People Affording Seattle Homes? http://seattlebubble.com/blog/2006/04/30/how-are-people-affording-seattle-homes/ local real estate news, statistics, and commentary without the sales spin. Mon, 22 Mar 2010 11:21:08 -0700 http://wordpress.org/?v=2.9.2 hourly 1 By: Ardell DellaLoggiahttp://seattlebubble.com/blog/2006/04/30/how-are-people-affording-seattle-homes/#comment-1611 Ardell DellaLoggia Thu, 11 May 2006 05:18:42 +0000 http://seattlebubble.com/blog/?p=207#comment-1611 I would like to know anonymous' definition of a "shitbox".<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('1611','Ardell DellaLoggia',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('1611','Ardell DellaLoggia','I would like to know anonymous\' definition of a \"shitbox\".',''); return false;">Quote</a></div> I would like to know anonymous’ definition of a “"chocolate"box”.
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]]> By: Anonymoushttp://seattlebubble.com/blog/2006/04/30/how-are-people-affording-seattle-homes/#comment-1228 Anonymous Mon, 01 May 2006 05:26:55 +0000 http://seattlebubble.com/blog/?p=207#comment-1228 I always paid my own property taxes. <br/><br/>Hard to imagine though, with how unbelievably sloppy Americans are right now with money, that most people can handle that sort of "sudden" (!) expense.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('1228','Anonymous',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('1228','Anonymous','I always paid my own property taxes. <br\/><br\/>Hard to imagine though, with how unbelievably sloppy Americans are right now with money, that most people can handle that sort of \"sudden\" (!) expense.',''); return false;">Quote</a></div> I always paid my own property taxes.

Hard to imagine though, with how unbelievably sloppy Americans are right now with money, that most people can handle that sort of “sudden” (!) expense.

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]]> By: S Crowhttp://seattlebubble.com/blog/2006/04/30/how-are-people-affording-seattle-homes/#comment-1222 S Crow Mon, 01 May 2006 01:26:32 +0000 http://seattlebubble.com/blog/?p=207#comment-1222 Readers -<br/><br/>I just posted over at Rain City Guide an additional comment regarding the 100% ARM products, under Chuck's main post about a "Bubble in Seattle." <br/><br/>Today, while continuing with our yard landscaping project, I was discussing with my wife about the types of loans we close-- she mentioned two huge things that I neglected to mention. <br/><br/>I forgot to mention that with these 100% loan deals, many had pre-payment penalties and many allowed the borrower to pay their own property taxes. Paying your own property taxes is something that many do not budget for. Traditional loans include that as part of your montly payment. So, while it looks good on paper and it may be the only way to qualify for a loan,it can be a recipe for disaster--if you don't budget for property taxes.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('1222','S Crow',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('1222','S Crow','Readers -<br\/><br\/>I just posted over at Rain City Guide an additional comment regarding the 100% ARM products, under Chuck\'s main post about a \"Bubble in Seattle.\" <br\/><br\/>Today, while continuing with our yard landscaping project, I was discussing with my wife about the types of loans we close-- she mentioned two huge things that I neglected to mention. <br\/><br\/>I forgot to mention that with these 100% loan deals, many had pre-payment penalties and many allowed the borrower to pay their own property taxes. Paying your own property taxes is something that many do not budget for. Traditional loans include that as part of your montly payment. So, while it looks good on paper and it may be the only way to qualify for a loan,it can be a recipe for disaster--if you don\'t budget for property taxes.',''); return false;">Quote</a></div> Readers -

I just posted over at Rain City Guide an additional comment regarding the 100% ARM products, under Chuck’s main post about a “Bubble in Seattle.”

Today, while continuing with our yard landscaping project, I was discussing with my wife about the types of loans we close– she mentioned two huge things that I neglected to mention.

I forgot to mention that with these 100% loan deals, many had pre-payment penalties and many allowed the borrower to pay their own property taxes. Paying your own property taxes is something that many do not budget for. Traditional loans include that as part of your montly payment. So, while it looks good on paper and it may be the only way to qualify for a loan,it can be a recipe for disaster–if you don’t budget for property taxes.

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]]> By: Anonymoushttp://seattlebubble.com/blog/2006/04/30/how-are-people-affording-seattle-homes/#comment-1221 Anonymous Mon, 01 May 2006 00:34:12 +0000 http://seattlebubble.com/blog/?p=207#comment-1221 Well put, I have friends who work at Microsoft and Boeing who are making well over the median income (MORE THAN 80k/year) and having saved roughly 50k for downpayments. Even with these numbers the only places they can afford are $hitboxes. <br/><br/>But then again income has NOTHING to do with it so long as you don't mind taking out ARM's and other types of exotic financing which will inevitably mean that you really can't afford your mortgage when they readjust. No thanks.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('1221','Anonymous',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('1221','Anonymous','Well put, I have friends who work at Microsoft and Boeing who are making well over the median income (MORE THAN 80k\/year) and having saved roughly 50k for downpayments. Even with these numbers the only places they can afford are $hitboxes. <br\/><br\/>But then again income has NOTHING to do with it so long as you don\'t mind taking out ARM\'s and other types of exotic financing which will inevitably mean that you really can\'t afford your mortgage when they readjust. No thanks.',''); return false;">Quote</a></div> Well put, I have friends who work at Microsoft and Boeing who are making well over the median income (MORE THAN 80k/year) and having saved roughly 50k for downpayments. Even with these numbers the only places they can afford are $hitboxes.

But then again income has NOTHING to do with it so long as you don’t mind taking out ARM’s and other types of exotic financing which will inevitably mean that you really can’t afford your mortgage when they readjust. No thanks.

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