Lego Ceritified Professional :: home :: What's Up SushiSuperstar?
* Housing Bubble Bursting *
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It was bound to happen. I mean townhouses going for $700K (that's right folks 3/2, 1500sqft, no land) is quite simply riduculous. I s5till remember going to look at the Rivermark townhouses. The lady there was trying to ensnarl me in some sort of insane "flexpay" (otherwise known as "the-future-ream"). She said I could afford a $650K loan on a single salary (since Hongyun is not working)...ummm no.
Well as the fed hikes the rates one more time and mortgages get nearer to the 7% mark, all of those ARMs (82% of bay area loans last year were one type of adjustable rate product or another) is gonna start to hurt.
Anyway, Patrick.net keeps tabs on all the juicy boom to bust gossip. Bay Area Housing Crash Continues, Bubble Pops. He, like me is saving up for that rainy day in 2009 when everyone is trying to unload their 3/2 1700sqft 7000sqft lot they purchased for 850K in the 2004 heyday for 500K. I feel like a kid at the top of the first hill on a rollercoaster...
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