At what mortgage rate would you seriously decide to buy in Irvine at the current price levels???

NEW -> Contingent Buyer Assistance Program
[quote author="No_Such_Reality" date=1228830677]Excuse me while I'm bitter for minute.



My tax money will be used to keep people that couldn't really afford the home in the home I wanted but didn't get because they IMHO, foolishly spent more on it they should have and out bid me for it. But now, due to cramdowns, or encouraged renegotiations or mortgage workouts or subsidized interest rates, will get the home, that I wanted, for a price or payments less than I was willing to pay because they were willing to squat in it.



Apparently, I'm the fool. I'm the ant in the grasshopper and ant fable and the Government is going to force us all the carry the grasshoppers.</blockquote>


Add insult to injury, is not your tax money is your children and grand children tax money, as the US goverment keeps borrowing more trillions of dollars, that only will be paid by *future* tax payers.
 
[quote author="stepping_up" date=1228895963]So far a full 65% of you bears would buy today if you got an interest rate you liked.</blockquote>


I know most people here are bears, but I hope not everyone here is. Second, I wouldn't take the results seriously. I think the original question was just a fantasy football league scenario to generate discussion. The caveat of "at current price levels" was, to me, a license to make whatever other assumptions we wanted to about the future. If mortgage rates did, in fact, drop to 0% tomorrow, I still wouldn't buy, because the assumptions that went into my answer wouldn't hold true.
 
[quote author="stepping_up" date=1228895963]So far a full 65% of you bears would buy today if you got an interest rate you liked.</blockquote>
I will wait until mortgage interest rates hit 12%, and will then buy for cash.
 
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