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SoCal Realtor: People Are Flipping Homes Like Crazy, And The Least Informed Buyers Are Making The Market

SoCal Realtor: People Are Flipping Homes Like Crazy, And The Least Informed Buyers Are Making The Market | TheBottomlineNow | Scoop.it
A 1,800-sq-.ft. home in Rancho Santa Fe that in October 2012 was listed at $875,000 but has since climbed 42% to $1.24 million
Reginald Shipman's insight:

Isn't this what's got us into trouble in the first place.  That someone would pay $750.000 for this house is insane.  Cali has always been it's own monster when it comes to real estate but that shoppers are not caring about the price can only mean loose funding and very lenient underwriting.  $750,000.00 at a minimum is $5000.00 to $7000.00 a month, based on your down payment.  20% of $750.000.00 is $150,000.00 to the bank off the rip putting the loan at 600,000.00 off the jump.  At a motgage payment of mimimum of $5000.00 a month, that would mean your debt to equity ratio would be at you making $20,000.00 a month (roughly $240,000.00 a year), and buddy your 7 year actuary run or odds of making that is at  7 to 3 or maybe as high as 8 to 2 that you will fail.  We really got to get a grip on these home prices.  On 750,000.00 dollars a year we're talking about 25,000 to 30,000 dollars a year and that really a lot of money that you could put to making some money over time

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15 Houses In Detroit You Can Buy For Less Than $500

15 Houses In Detroit You Can Buy For Less Than $500 | TheBottomlineNow | Scoop.it
Via Realtor.com, here are 15 properties that cost less than most Manhattan rents.
Reginald Shipman's insight:

Wow

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FEARLESS: Why A New Breed of Young Professionals Is Now Flocking To Downtown Detroit

FEARLESS: Why A New Breed of Young Professionals Is Now Flocking To Downtown Detroit | TheBottomlineNow | Scoop.it
They ended up all offering the same basic rationale: they wanted to live in what is by many measures the cheapest big city in the country.
Reginald Shipman's insight:

Now that the prices are rock bottom, look at who hurrying to buy thes properties.  #IJS

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