(English) The Wealthy Are Also Defaulting on Their Mortgages
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I believe that you’ll also see those high value homes disappear from the market faster than others as the more affluent crowd will acquire the deeply discounted opportunities that others have walked away from. They have the power of cash or credit to do so.
This begs comment from my home, san Francisco. Everyone, unless you inherit money, has to get a jumbo loan to buy here. Whenever this subject comes up and our lower middle class is refered to as the “rich” I cringe.
Before my wife and I bought a house we paid huge federal income taxes because we were considered to eb in the top 10% of American earners. I was repairing televisions and my wife worked for a local university. Not rich people.
A few years ago I did a little looking at what conforming loan (417,000) with 20% down payment on top of that could buy. In Tulsa OK one could get 5,000 SF house on acerage. In the San Francisco Bay Area suburb of San Mateo, one could get under 1,000 SF next to the freeway. The disparity is incredible.
Yes, our market in Hawaii is the same! Well said!