The Morning Report
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Monday, Aug. 20, 2007 | Oh my gawd! Housing in San Diego contiues its relentless march to meltdown! Can it get worse? Will houses drop to $20,000 a craftsman in North Park? $50,000 in La Jolla? Will subprime loans sink everyone who has a mortgage? Will everyone be on the street?
No, not really. Take a pill or have a Gibson on the rocks, take a breath and consider this: If people got mortgages with little more than verification of anything other than a Big Smile, it may well be that there are truly woes out there.
But San Diego has 3-million plus residents and a whole lot of homeowners. And if you really want to own a home, and are financially legit, you’ll most likely get a mortage — if not, then throw your money at rent.
And consider this — if rates go up, how much do you think your salary will go up in terms of affording house? That’s something worth considering and more valid than any meltdown hysteria from subprime loans.