Reply to There is no housing bubble in the DC area so get over it

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]

I'm sorry, but that's complete nonsense. My wife and I were approved for a $550K mortgage on a combined income of $110K, with 5% down on a conventional 30-year fixed. Highest midpoint credit score was 680. This was operated through BofA. It took them four hours to pre-approve. If that's what you're considering "very qualified" then I have to question your sanity.[/quote]

just curious - what did you do with that?  Did you buy lower?

We had credit scores in the 700s, a slightly higher HHI and the guy running our numbers said we could handle 2 mortgages totaling $650K.  I told him he was nuts.  Sure, if we cut our savings entirely, but no way could we have easily made house payments of close to $4K on a salary like ours.[/quote]

We're still looking and renting, I'm not convinced this market is right for us...it's way too temporary in nature (contracts getting shorter and shorter). I've lived here for a decade, married five years ago, and now have a kid, so I've seen this market through different "eyes"...quite frankly, the DMV is nuts and does not feel like a good bet for a long-term thing. Way too much is built on overly complicated notions and people assuring themselves that "nothing could go wrong here"...seemed optimistic as a kid, now as an adult...seems delusional.[/quote]

Good luck to you.  We were lucky that we were able to sell a previous property for a profit and put that money towards a downpayment on the next one.  We had hoped to move out of state at that point, but my husband's job field just isn't readily available anywhere else.  So, we bought a house and we will stay.  We didn't stretch to our absolute limit and we feel pretty secure in our jobs.  We figure if we get into a situation where we can no longer afford our mortgage, it means the entire country has gone down the tubes and we won't be alone.[/quote]

Thanks, and good luck to you too, and please don't get me wrong...I'm hoping for a viable housing recovery, I just think it is putting the cart before the horse when we think we can see a housing recovery before an economic recovery...last time I checked, people get jobs and THEN buy houses, not the other way around.

Until someone can explain to me why the local DC economy has improved (not simply remained "stable") since this point last year, I'm not buying into any rally as anything other than a dead-cat bounce.[/quote]

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