06-02-2009, 03:18 PM
Wow pretty crazy, shows that banks are still willing to make crazy lending arrangements =). What's a bargain tho...when comparing to 2007 prices, everything is a bargain. For 3.5% down you arent really buying the house, the bank is and they just hope you will live there long enough to make some short term interest profit off you. 
Despite what the NAR wants you to believe, there has been no signs anywhere that we've hit a bottom, and the Case Shiller Index thinks we're still 2 years off from one. Prices in So Cal will certainly drop more than 3.5% so you will go into negative equity rather quickly. So I dunno, it sounds like you want it to be a short term thing, yet the reality is your deal kind of forces you to stay there an extended period unless you want to OWE money when you resell it. Anyone buying a house nowadays has to be looking at it for long term.
Sorry to be a dick about it, just trying to look at it logically. I certainly don't know nor understand all the variables in your specific case so anything Ive said is just an assumption.
Despite what the NAR wants you to believe, there has been no signs anywhere that we've hit a bottom, and the Case Shiller Index thinks we're still 2 years off from one. Prices in So Cal will certainly drop more than 3.5% so you will go into negative equity rather quickly. So I dunno, it sounds like you want it to be a short term thing, yet the reality is your deal kind of forces you to stay there an extended period unless you want to OWE money when you resell it. Anyone buying a house nowadays has to be looking at it for long term.Sorry to be a dick about it, just trying to look at it logically. I certainly don't know nor understand all the variables in your specific case so anything Ive said is just an assumption.