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Buying A Home In San Diego?
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DRR S/Pro
posted
We watched this on the Channel 8 Evening News in San Diego on March 14th, 2024.

A married couple needs to earn a combined income of $273,000 a year to qualify to buy a home in San Diego.

The forecast for 2025 is you would (minimally) need to earn $300,000 per year. Where we live the average home is selling for upward of $1,000,000.

Insane!

My forecast for 2025: A lot more homeless people and a substantial increase in crime.

Bob
 
Posts: 3099 | Location: Lakeside, Ca | Registered: February 15, 2003Reply With QuoteReport This Post
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When my daughter and her husband stayed with us over Christmas, he said the city of San Diego tried to hire him away from Fresno.

I'm so glad that he turned them down. One of the reasons he said no was definitely the cost to live there. If I remember he would have gotten a $70,000 raise but it just wasn't enough to cover the housing difference.



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Posts: 2987 | Location: KIEFER, OK. | Registered: August 17, 2007Reply With QuoteReport This Post
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Why anyone would want to pay that much to live in these urban areas on top of one another is beyond me.


Foxtrot Juliet Bravo
 
Posts: 6421 | Location: Illinois | Registered: July 08, 2004Reply With QuoteReport This Post
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I believe it is California that is wanting to offer 20% down no interest, no payment home loans for illegal immigrants buying a house.

The program pays 20% down payment for them with no payments and no interest and then when house is sold the 20% is taken out back to Government. Really not sure if this is a current program or one they want to shove up us.

I do not think anyone who comes here illegally or with fake seeking asylum status should be entitled to ANY benefits. I also do not think if an illegal is over here and spits out a baby on our soil they should be a Citizen.


https://postimg.cc/gallery/np3zpruo/
"Dunning-Kruger Effect"
-a type of Cognitive bias where people with little expertise or ability assume they have superior expertise or ability. This overestimation occurs as a result of the fact that they do not have enough knowledge to know they don't have enough knowledge.

Before you argue with someone ask yourself, "Is this person mentally mature enough to grasp the concept of a different perspective?" If not there is no point to argue.

4X NE2 CHAMPION. 2020 TDRA NE2 Champion
 
Posts: 4065 | Location: United States of Texas | Registered: April 02, 2011Reply With QuoteReport This Post
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About 12 years ago I had an opportunity to transfer to the San Diego area. I am originally from the LA county area. I did a cost of living comparison between San Diego county and Tarrant county TX where I currently live. At the time I would have had to make $42K more to have the same cost of living. The pay difference was not even close
 
Posts: 2449 | Location: Moving back to the door side | Registered: April 30, 2010Reply With QuoteReport This Post
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If they do what Clinton did ( made it easier to qualify) they are setting up these buyers for failure.
It’s out of control and headed for a nose dive. I agree Bob !
With the new surge of Immicrats it can only get worse!


Raceless in California!
 
Posts: 4535 | Location: Vacaville  | Registered: January 07, 2004Reply With QuoteReport This Post
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In 2008 and earlier Stated Income (Liar Loans) were the norm. Stated Income loans are not acceptable now. Mortgage loans are really scrutinized so I believe it will be difficult for folks to buy high dollar homes without substantial earnings. Bob, a good book to read is Chain of Blame. It's about the lenders that caused the real estate bubble to burst.


When everything is coming your way, your probably in the wrong lane.
 
Posts: 1018 | Location: Between a Rock and a Hard Spot, USA | Registered: December 06, 2001Reply With QuoteReport This Post



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quote:
Originally posted by Larry Scarth:
It's about the lenders that caused the real estate bubble to burst.


Lenders who were FORCED to fund those loans, to move people from Section 8 properties to the suburbs, with the dangling carrot that the lenders would then be able to bundle the crap mortgages into junk bonds and sell them off on the international market.

"The Klinton American Dream Act"....look it up.


"Despite the high cost of living, it remains popular."
Dave Cook
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Posts: 1703 | Location: Indy | Registered: November 21, 2008Reply With QuoteReport This Post
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36% of the people living in the San Diego area are living below the poverty line with a credit card debt that looks like the National Debt. This is according to the San Diego Economics Counsel.

Last year the population of California dropped 31,000, not because they died but because they moved to places they could afford. This decrease in population was in spite of the massive increase in illegal migrants. If you are living on Social Security it's nearly impossible to remain in California. Illegals have more rights and more benefits than Natural Born Citizens. The gap between extremely poor and extremely wealthy is widening, like sand falling through an hour glass. Once you fall to the bottom there is no getting back up.

Bob
 
Posts: 3099 | Location: Lakeside, Ca | Registered: February 15, 2003Reply With QuoteReport This Post
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Clinton never got the blame for what he did. Believe me he caused it. All for votes from the poor folks. Quote from Charles Barkley."Poor people been voting democratic for 60 years and they are still poor"


When everything is coming your way, your probably in the wrong lane.
 
Posts: 1018 | Location: Between a Rock and a Hard Spot, USA | Registered: December 06, 2001Reply With QuoteReport This Post
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Has been mentioned here, Bill Clinton and Janet Reno threatened the banks with lawsuits if they did not give nothing down, Low Interest home "Loans" to black minorities.

What happened with that is they considered it as Reparations and free housing. Literally millions of them bought houses with nothing down and they moved in, it took them on average 18 months or more to get them out and they never made a single payment. Then they would go "Buy" another house same deal. They were not loans, they never intended to pay any of it back.

That caused a Housing and Banking market crisis that both Obama and Bush had to bail them out and they got blamed for the problem Clinton created.

Brings up a question. Do you think the Home Builders and or Banks should have to take the total loss on it or do you think they should refuse to sell to them? And why should they live rent free in new houses for 10 years or so when we have to pay for it? Or is it Racist to say no?


https://postimg.cc/gallery/np3zpruo/
"Dunning-Kruger Effect"
-a type of Cognitive bias where people with little expertise or ability assume they have superior expertise or ability. This overestimation occurs as a result of the fact that they do not have enough knowledge to know they don't have enough knowledge.

Before you argue with someone ask yourself, "Is this person mentally mature enough to grasp the concept of a different perspective?" If not there is no point to argue.

4X NE2 CHAMPION. 2020 TDRA NE2 Champion
 
Posts: 4065 | Location: United States of Texas | Registered: April 02, 2011Reply With QuoteReport This Post
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posted March 15, 2024 07:18 AM Hide Post
I believe it is California that is wanting to offer 20% down no interest, no payment home loans for illegal immigrants buying a house.

The program pays 20% down payment for them with no payments and no interest and then when house is sold the 20% is taken out back to Government. Really not sure if this is a current program or one they want to shove up us.

I do not think anyone who comes here illegally or with fake seeking asylum status should be entitled to ANY benefits. I also do not think if an illegal is over here and spits out a baby on our soil they should be a Citizen


I back in the 80's and 90's you could qualify for a new home Bank loan based on what you declared as income, no one verified that your claim was actually accurate. People moved in to a home with very little down, however soon after they faced a huge balloon payment that they couldn't cover, so they defaulted and the home was foreclosed on. Stockton, Ca. was an epicenter of loan defaults. The Prime Builder, Spanos Construction (San Diego Charger Owner) made millions, the Lenders and Banks made millions when the Government (Tax Payers) covered the losses.

So in 2024 it'll be the "Same Scam, different decade" by granting Illegals a Home Loan. Next they will be granting Home Loans to convicts still in Prison. Make a license plate get a home loan.

Bob
 
Posts: 3099 | Location: Lakeside, Ca | Registered: February 15, 2003Reply With QuoteReport This Post
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I see posted a lot on Facebook that it it is harder for young people getting started today than it was for us
What say you?


Foxtrot Juliet Bravo
 
Posts: 6421 | Location: Illinois | Registered: July 08, 2004Reply With QuoteReport This Post
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In California that's probably 95% accurate Bucky. We have 23 grandchildren, some are in the mid to late 30's. Only one was qualified to buy a home (E6 in the Navy) all the others live at home with their parents. None of the other 22 Legal Born natural citizens can qualify to buy a home. Meanwhile the Government wants to guarantee Home Loans to Illegals with no credit history. Shameful!

Bob
 
Posts: 3099 | Location: Lakeside, Ca | Registered: February 15, 2003Reply With QuoteReport This Post



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quote:
Originally posted by RPROGAS:
In California that's probably 95% accurate Bucky. We have 23 grandchildren, some are in the mid to late 30's. Only one was qualified to buy a home (E6 in the Navy) all the others live at home with their parents. None of the other 22 Legal Born natural citizens can qualify to buy a home. Meanwhile the Government wants to guarantee Home Loans to Illegals with no credit history. Shameful!

Bob


Since it seems like two income households are almost mandatory now, I wonder if that plays a factor as well since most youngsters aren’t interested in marriage


Foxtrot Juliet Bravo
 
Posts: 6421 | Location: Illinois | Registered: July 08, 2004Reply With QuoteReport This Post
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Yes, seems that single working person married couples are NOT the norm and this is problematic on a lot of fronts.

Myself, my fixing-to-be wife, can't work (disabled), which means in order to survive, I'm gonna have to work two jobs. There are some things she can do online but they don't pay squat to speak of. The math says we either go broke, or I work 16 hours a day. It can't sustain. ONE good injury and we're done, broke. That's how our society has become and it's getting worse. We have no kids and aren't planning on having any. But those families who do, with two working parents, I honestly do have a heart for them. It's tough enough to survive on $80k/year for two people, much less add kids into the mix. I have a playtoy hotrod, and a bracket car. Both are for sale. I can't afford to go racing, I can't afford to keep the playtoy street car, and the government doesn't want me to have it anyway (it's powered by gasoline..). Insurance, taxes, all that stuff is getting a lot more expensive. It's time to let it all go.

If nothing changes for the next 20-25 years, the entire country will be forced into a two-tiered economic status. Rich and everyone else. The rich can afford to buy houses, everyone else pays rent to the rich who own the housing. Ain't far from that now in a lot of areas. The former (current) Soviet Union is/was quite similar. But some of our leaders cannot see what the overregulation does, it costs. Their argument is "it only costs a penny"....yeah..penny here, penny there, adds up to a dollar, and quicker than one would think.

And illegals? Current leadership has done very little to curb this terrible issue. Current leadership seems to think that all these illegals are taxpayers. They are, sales tax, etc. but what is the other sides of this issue? Everything. I've heard these people say that since the birthrate among Americans is at the lowest it's ever been that in x number of years, there won't be enough taxpayers to keep the country running. Well, you made the governent so big and powerful, that it costs a LOT more to run everything now, so the answer is let a bunch more people in to pay some more taxes and multiply (more taxpayers). In my business, if the bills are higher than income, we can only suck it up for so long before we have to close up shop or figure out a way to reduce our overhead. I don't see our government reducing THEIR overhead any, do you?

I've heard it said that you can't put the same people in charge of fixing the problem that caused the problem in the first place. I think there's a lot of truth to that.
 
Posts: 116 | Location: Il,IL | Registered: March 22, 2021Reply With QuoteReport This Post
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Borrowing money to live seems to be the absolute norm today. Most just see it as normal creative money management.
The cost of transportation today is staggering. Cars and trucks new today cost amounts that even well established folks struggle to writes a check for. Funny enough, many of those who are established and have disposable income, buy used vehicles and let the suckers take the hit on $50-100k new vehicles. But you see it all the time. Folks leveraged to the hilt with houses they can't afford, buying brand new Suburbans on 6 year staggering payments. Upside down trades and leases are normal today. Folks financing their racing operations. Normal. I figure if I can't afford to write a check for it, I shouldn't ought to own it period.
But few "men" today can turn a wrench themselves. Many own no tools at all. So no ability to repair even the simple stuff that seasoned vehicles throw at us. They are completey at the mercy of whatever the world throws at them.


Foxtrot Juliet Bravo
 
Posts: 6421 | Location: Illinois | Registered: July 08, 2004Reply With QuoteReport This Post
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Houses are selling for that much because people are paying the price.

On the other side, Bob, why do care so much about what other people do with their money. You’ve been in your house for better than 30 years that I know of and that’s a ton of equity


L8R, Mike

 
Posts: 12292 | Location: Murrieta, Calif | Registered: August 30, 2000Reply With QuoteReport This Post
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Good Morning Mike:

To answer your original question, I don't. But I am concerned about our Grandchildren, they don't have a prayer of owning a home in California.

Norma and I have been in this house for 35 years, a few more payments and it's paid off. Originally I bought it for $204,000 but over the years I borrowed against the house to make a LOT of improvements, now it's worth well over a million. Most of the homes in the neighborhood are selling in that range, one of my neighbors originally paid $15,000 for a house similar to ours. If The State re-appraised our property to it's present value we would never be able to cover the increase in the annual tax payment. Thank God for Prop 13, we only pay on the original $204,000.

It's crazy what these homes are selling for. Like you, we have a substantial amount of equity in the place. The problem is that if we sold it I could not qualify, based on income, to buy another home in California. At 83, I'm not going to be around much longer.

Aside from that, It's good to hear from you I hope you are well. You get my vote for being the best Race Announcer, and all around best guy of all time.

Bob
 
Posts: 3099 | Location: Lakeside, Ca | Registered: February 15, 2003Reply With QuoteReport This Post
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Larry Scarth, you are spot on! Another government scam. I had $50,000 second on my house during that melt down and the government sends me a letter that it was forgiven because my loan was with Wells Fargo Bank, 3 months later I get another letter that $350,000 of my first had been forgiven because that loan was with Washington Mutual. 2 banks that government bailed out because of those crazy loans


L8R, Mike

 
Posts: 12292 | Location: Murrieta, Calif | Registered: August 30, 2000Reply With QuoteReport This Post
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