My wife and I moved out of California in 1998 to Lake Havasu City, Arizona, and then again in 2004 to northern Illinois, and now back to California last month in the Modesto area. My wife was born and raised here, has all her family close-by, so that is why we chose this area. I grew up in northern Illinois, and moved out to Santa Barbara in the 80's and was there until 1998 when we moved. It's great to be back...I love California. I realize it isn't for everyone, but it agrees with me.
I like the area we are in now, and it is affordable except for the over-inflated price of houses. The people who have lived and own homes here forever all say that they would not be able to qualify for a mortgage with current prices, so with the recent building boom I am convinced most people got in with ARM's. I talked to a man today, whose 81 year old father put $100,000 down on a house two years ago and the bank talked him into an ARM and his payment has gone from $800 to $1400 per month. His son has had to move in with him to help him afford the increase. He cannot refinance or sell it and is stuck right now. The value has decreased by approximately what his down payment was.
Howard hates ARM's more than his reindeer antlers (shh...we've convinced him they're bolts of lightning...it was the only way any self-respecting man-dog would agree to this picture).
No comments:
Post a Comment