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If you want to discuss it, look up the numbers. Inventory in corona down from over 3000 listings to under 1450 in one year.
My piti-$1547 after 10% down
My neighbors rent on a model match that is thrashed when mine has travertine, granite, etc-1800
My principle paid down every month $325
His principle paid down-0
My tax incentive-$15k tax deductible interest= about $4k
His tax incentive- $125 renters credit
The principle paid down and amount less than rent alone add to almost $575 a month
I
"Carmichael said that in California's foreclosure-plagued Inland Empire, Riverside and San Bernardino counties east of Los Angeles, the average monthly rent for an apartment is $1,157 and the average after-tax monthly mortgage payment on a median-priced single-family detached home is $1,154 -- and is projected to decline to $979 by mid-year."
You say blue collar workers, but do you realize what a blue collar worker makes here?
In construction, my field, blocklayers currently make around $35 an hour! Concrete finishers make up to $40 an hour. My neighbor is a mechanic at a bottling factory and makes $65k a year.
... and, it's free and anonymous
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"Five Reasons Not to Buy a Home This Year"
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Spleng
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"1. Prices are still dropping
Data shows that prices are still dropping in many markets. If you buy today, your home could be worth less in a year or even two.
2. This sale will be on for a while
this housing recovery could look like an "L" -- once a bottom hits, prices will flat line
3. You may not stay put
If prices continue to drop, you might have to be in that home for longer than you thought in order for the investment to make financial sense.
4. Your job could be the next to go
But even if you're comfortable with your own job security, investigate how your future neighbors are faring.
5. Your cash reserves will be eaten up
If your down payment would deplete your rainy day fund, keep saving for a while before house hunting.
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