More Price stabalization in Bay Area (Worried owners call 1170-AM radio station )
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2010 Aug 14, 4:06am 1,108 views 1 comment
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I don't know about any stereotypes of Indians as savers, but from my experience in the bay area, the Indians (particularly the fairly well off ones, like engineers) fell into the same trap that well-to-do people of all ethnicities did, and they thought housing was a great investment. They bought houses between 2000 and 2007 as "investments", and have finally started to realize that they waited too long to sell.
The bay area is fucking ridiculously expensive. Even with a two-income household, each making $100k plus a year, it's difficult to afford even a modest home in a decent neighborhood without resorting to exotic mortgages and no down payment.
I cleared $250k last year, and couldn't even think about buying a house in the bay area, even if I wanted to. I moved to seattle and was able to get pretty much whatever I wanted.
I was listening to 1170-AM yesterday which is Radio Station catering to Indian community in Bay Area and yesterday’s guest was a realtor specializing in short sales. There was frenzy of calls from Indians who are planning to short sale there homes. Some what ere planning to buy a home before they sell there present ones or some were just telling they just want to make sure that they can indeed buy after 2-3 years.
And I’m talking about listening to calls from one community and Indians are considered savers , or who generally live within their means, if they have such plans then you can pretty much extrapolate about others……
So there is lot which is going to happen in coming couple of years.
#housing