tag:blogger.com,1999:blog-3329419642567789295.post1231923753668235111..comments2023-10-30T06:49:13.259-07:00Comments on Larry Roberts real estate writing blog: Wall Street Journal "California prices still Wildy OvervaluedLarry Robertshttp://www.blogger.com/profile/07551274023310137270noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-3329419642567789295.post-33428931084287310162008-02-12T21:32:00.000-08:002008-02-12T21:32:00.000-08:00I found that kinda puzzling myself. There is no te...I found that kinda puzzling myself. There is no telling where they are getting their data. The latest CAR chart I saw had the IE at about 7x median income and the average being between 2x and 3x income. According to the CAR report we were about 2.5- 3 times higher than our average.<BR/><BR/>Hey I can afford a home over a million using their formula. I'm sweating bullets thinking of spending $400k<BR/><BR/>$3400, is with 20% down AND you'd need a rate at about 5.5%. Not easy to find a rate that low on a loan that high. I have not seen any banks raise the jumbo limit yet so those loans are still closer to 6.5%.golfer_Xhttps://www.blogger.com/profile/08426050465032209520noreply@blogger.comtag:blogger.com,1999:blog-3329419642567789295.post-3261621770080260802008-02-12T21:07:00.000-08:002008-02-12T21:07:00.000-08:00Ok X, explain something to me. The article says th...Ok X, explain something to me. The article says that, historically, houses in Cali cost 7x the family income. How does that work out? If that were true, I could well afford the $775,000 house that I posted the URL to in the previous thread. When I add things up, that house payment would be roughly $3400/mo. without taxes and insurance at the current interest rate. I certainly can't swing that. Also, interest rates have been a lot higher in the past, so the percentage of income going to a house payment would have been relatively higher. What am I missing here?Anonymousnoreply@blogger.com