The Wife's New G35 =)
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From: Temecula, CA
Originally Posted by g35sedamn
wckdg35, do you work at cheveron with the wrx... i thought i recognized your car. and the screenname goes along with your wrx. welcome to the g35 world. i too live in temecula, vail ranch and drive a g35 sedan. see you around
jon
jon
Thanks for the welcome. 
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From: CT
Originally Posted by socketz
"Why is it that all you guys that own G's have such nice house??? Where do you guys live? hehe...I am in NY and houses are .....forgedabouit"
Don't feel too bad....we here in San Diego get to enjoy about the 4th/5th highest cost of living in the nation.
For 650k here you get an extremely modest home.
Folks here move to somewhat far away (50-60 miles) places like Temecula (where wckdg35 is from - see his sig) to find something more reasonable. Even there your looking at 500k for starter homes.
CA is very, very insane with regards to RE prices....many think we're waaaaay over priced because were ranked near the middle of major cities with regards to salaries/rents as compared to median home price.
Don't feel too bad....we here in San Diego get to enjoy about the 4th/5th highest cost of living in the nation.
For 650k here you get an extremely modest home.
Folks here move to somewhat far away (50-60 miles) places like Temecula (where wckdg35 is from - see his sig) to find something more reasonable. Even there your looking at 500k for starter homes.
CA is very, very insane with regards to RE prices....many think we're waaaaay over priced because were ranked near the middle of major cities with regards to salaries/rents as compared to median home price.
Nice car by the way, is it an option to have the other style wheels that they show in the infiniti website gallery for the g35x?
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From: San Diego, CA.
"I have trouble figuring out how a normal person can afford a $500,000 house without owning a previous house and selling it. You'd have to be making like $150K+ a year to meet the mortgage and have money left over to save."
True, back in the day when lending institutions had more realistic criteria. However, now that Fannie Mae is buying just about any loan that's thrown at them, lenders have opened up the funnel.
These days with Interest Only (IO) loans and negative ammortization, you can easily borrow 500k with nothing more than a decent income and 'some' credit history. For ex., you can easily get a coupon type IO loan and have a total mortgage payment (with prop taxes) well under 2k on a 500k note w/ 0% down.
It's scary.....why, because prices have already flattened (and falling in some spots) here in SoCal and they still allow people to take out these 100% loans.
What happens when these folks reach the end of their 3 year ARM period and try to refi, then find out that they are upside down and can't. If they can Refi, what happens when their payment goes up 35% ?
I fear the 'F' word. Once these forclosures set in and people walk from their loans, Fannie Mae will tighten up the belt and lenders will follow.
Home prices will then have to drop in order to capture buyers at the higher criteria and interest rates.
Could get ugly. This is an enormous concern of mine that I could go on about for pages (don't get me started on the falling dollar) ....I worry about how fragile our National housing market has become because of these types of lending practices.
True, back in the day when lending institutions had more realistic criteria. However, now that Fannie Mae is buying just about any loan that's thrown at them, lenders have opened up the funnel.
These days with Interest Only (IO) loans and negative ammortization, you can easily borrow 500k with nothing more than a decent income and 'some' credit history. For ex., you can easily get a coupon type IO loan and have a total mortgage payment (with prop taxes) well under 2k on a 500k note w/ 0% down.
It's scary.....why, because prices have already flattened (and falling in some spots) here in SoCal and they still allow people to take out these 100% loans.
What happens when these folks reach the end of their 3 year ARM period and try to refi, then find out that they are upside down and can't. If they can Refi, what happens when their payment goes up 35% ?
I fear the 'F' word. Once these forclosures set in and people walk from their loans, Fannie Mae will tighten up the belt and lenders will follow.
Home prices will then have to drop in order to capture buyers at the higher criteria and interest rates.
Could get ugly. This is an enormous concern of mine that I could go on about for pages (don't get me started on the falling dollar) ....I worry about how fragile our National housing market has become because of these types of lending practices.
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