[quienyo]

"A little over a year ago, Gren Clarence was looking for a Petaluma home to shorten the commute to her job as a legal secretary in San Francisco. She decided the low monthly payment of an interest-only loan would help her save money.

Gren Clarence bought a $500,000 home and put 25 percent down. By using an interestonly loan, her monthly payment is $1,640 rather than $2,218 for a fixed-rate loan requiring payments toward both principal and interest."

In what world does a legal secretary have a $500,000.00 home?

[Moonman62]

Perhaps she got the money from the sale of a previous home, or from a divorce settlement.

[Flying Circus]

In the San Francisco bay area that is a low end home. If the same house were located in almost any other party of the country the $125K down payment would probably buy it outright, mortgage free and have money left to do home improvements.
This area is completely out of whack- by traditional lending rules the median home sells for more than twice what the median income can afford.

[goldstategop]

In California. Most middle class suburban homes will be priced between $400,000 and $700,000 with the median average around $580,000.

"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." -Manuel II Paleologus

[RockinRight]

In the insane other-world of California. See my comment a few posts up.

There are no houses in CA for under about 300k.

[CORedneck]

I have seen POS houses in Monterrey, CA for $600k !

[M0sby]

Broadview Area Home

Property 1 of 86

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Price:	$550,000
MLS#:	26145074
Bedrooms:	3
Bathrooms:	2.25
Status:	Active
11041 2nd Ave NW Seattle, WA 98177

Comments
A lovely, well maintained home, close to everything, quiet neighborhood in the Broadview area. A large house, with possible mother-in-law downstairs. A separate enterance, with bath, kitchenette, ex.room and family room. Upstairs is a well kept, one owner home, Hardwoods under the carpet!! Peek-a-boo water view. A spacious kitchen and living area, with a great floor plan. 3 bedrooms, 1 1/2 bath upstairs, and a 3/4 bath downstairs. Very large, covered deck!! Landscaped, low maintenace yard!!
General Property Information
SQFT: 1950 Year Built: 1961 Lot Size: 6098.00 SQFT Fireplace: 2	Views: Yes Garage: Garage-Attached Roof: Composition	Heat: Forced Air Fuel: Natural Gas Taxes: $2,997
Floors: Hardwood, Vinyl, Wall to Wall Carpet, See Remarks
Interior: Bath Off Master, Dining Room, Pantry, Security System
Exterior: Brick, Wood
Site: Cable TV, Deck, Fenced-Prtl, Patio, Sprinkler System