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Brightening Prospects for Buying a Home in Costa Mesa!
Because buying a home has long been a hallmark of success in America, whenever that possibility seems to weaken for the average Joe (or Josette), it comes as sobering news. Back in June, CNN Money ran a downbeat story focused on how the rising cost of housing had been “putting a major squeeze” on some Americans. For Costa Mesa readers who took it to heart, that kind of grim analysis could have been enough to cause them to reassess their own prospects.
But now there is evidence that the “squeeze” may be losing its grip.
The CNN story focused on what most experts agree is the maximum of monthly income that should be allotted toward buying a home. That number is 30%. The authors found that rising real estate prices had made that goal unattainable “for millions of Americans.” It pointed to nearly 19 million who were then devoting more than 50% of their income to housing costs.
In truth, no financial advisor worth listening to would recommend such a budget allocation. In reality, no prospect intent on buying a home in Costa Mesa under such a scenario would be likely to find a mortgage lender, either.
Back in June, it did seem ... more
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