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Real Estate
Reply to "Who can afford 800K-1M homes? Genuine Curiosity!"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous] A sub.300k income and 700k mortgage is irresponsible[/quote] What an ignorant blanket statement to make. Come on.[/quote] What is ignorant is a sub 300k income and a 700k mortgage. However avearge Americans are not exactly known for making sound financial decisions.As illustrated by all of the short sales and foreclosures.[/quote] This should be obvious, but since it isn't: For some people, it is irresponsible. For some people, it isn't. It depends entirely on the specific situation. The short sales and foreclosures are much more about people borrowing 100% and taking ARMs for houses that were vastly overvalued; not nearly the issue in DC (especially DC proper) that it is in bubble cities like Las Vegas, Phoenix, etc. And banks aren't doing that anymore--you have to have 20% down, great credit, and evidence of salary to support the mortgage to get a jumbo loan these days.[/quote]
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