http://www.ocregister.com/ocregister/money/housing/article_1381194.php
A couple of notable quotes:
"Usually builders keep their prices up. They try to keep their buyers happy," said Christie Vu, 27, who paid almost $870,000 for the home she and her husband, Philip Luu, share with their two young sons. "In this case, it's just the opposite."
young couple buying a 870K house...wow scary.
Now, he says, his home is worth less than he owes, making it next to impossible to refinance before his $3,000-a-month payment doubles. Eleven neighbors who bought before the price cuts are in the same boat.
...
Eventually, he'll be responsible for making full payments of $6,000 a month, he said, adding, "I don't know how we'll be able to pay that."
$6k per month mortgage payment OUCH! How do young couple afford these prices...guess these folks will be mailing the keys into the lender soon...probably with a lot of others too.
A couple of notable quotes:
"Usually builders keep their prices up. They try to keep their buyers happy," said Christie Vu, 27, who paid almost $870,000 for the home she and her husband, Philip Luu, share with their two young sons. "In this case, it's just the opposite."
young couple buying a 870K house...wow scary.
Now, he says, his home is worth less than he owes, making it next to impossible to refinance before his $3,000-a-month payment doubles. Eleven neighbors who bought before the price cuts are in the same boat.
...
Eventually, he'll be responsible for making full payments of $6,000 a month, he said, adding, "I don't know how we'll be able to pay that."
$6k per month mortgage payment OUCH! How do young couple afford these prices...guess these folks will be mailing the keys into the lender soon...probably with a lot of others too.