Xcountrymove

We decided to look in both West L.A. and the South Bay but as in Santa Monica, you don't get much house for your money. It's a sad state of affairs when $700,000 gets you a fixer-upper at best. Even at $700,000 financing is tight. All these no-interest loans and other creative financing is great when the market is hot, but what happens when the California real estate market implodes? What happens when tens of thousands of people owe more on their home then what its worth? I think I know what happens, the bubble bursts, prices decline rapidly and foreclosures go through the roof. The question on everyone's mind is when will this happen and how do I avoid becoming a victim.

Many so called experts are predicting that the California real estate market is close to bursting, but then again, they've been saying this for years. To be honest with you, this whole situation has me very concerned. I make good money and I can't afford a home. The homes I can afford are questionable at best and no where near my office. If I want to buy a home I have no choice but to use "creative financing" which probably means a five-year, interest only loan. Then, to cap it all off, I run the likely risk of owing more on my home then the home is actually worth. All of a sudden, renting doesn't seem like such a bad option. Stay tuned.