Buying a home in San Francisco is expensive and here’s more proof. Bankrate.com has just released a study showing that a San Francisco house is the least affordable among the 25 largest U.S. metropolitan areas. The median household income in the San Francisco area falls short -- by a third -- from being enough to buy a medium priced home. The most affordable was Detroit.
Rent Vine is a web site for offering/finding rental units in cities across the country. Because they can aggregate that information, they do and have come up with very specific rents of units across the country; A 2 bedroom condo rents in Boise for $731. A three bedroom single family home, on average, goes for $1438 in Denver. This is a good site to check out if you are thinking of moving.
A column by Brett Arends posted on SmartMoney.com has 3 sentences that neatly sums up everything you need to know before buying a house: "If you buy a home, you can live in it without paying rent, or you can rent it out to someone else. It has no other use. It has no other value". Forget the American Dream hogwash, a house is about money.
The Energy Saving home improvement tax credit has been scaled way back, but it is still out there and worth as much as $500. Even if you just did a home improvement job of insulating your attic you may have money coming.
The government's efforts to help banks went pretty well. The efforts to help homeowners have been lame! Now -finally- there is a proposal on the table that could help real people. The New York Times has the inside scoop.
Talk about a foreclosure deal! This guy got a McMansion for 16 bucks! How? There is a little known legal principle called "adverse possession". When you go to law school they teach it in the first year, then you never hear about it again. But here it is in real life, and it could get you a nearly free home too.
Mortgages get traded around more than a second rate baseball player in their fourth year. You know the drill: you get your mortgage from one lender, who sells it to another... who sells it to yet another. The bad guys know this, too, so they are setting up fake mortgage companies. Letters are sent out explaining to homeowners that their mortgage has been sold and gives a new address for the payments. Homeowners who fall for it, lose a payment or two before they figure out they've been scammed. The solution? Call your old bank using the number on an old statement to confirm any change.