Orange County Housing Report: Not About the Price
Everyone is intensely focused on the prices of home when the real focus should be the ability to write a check for the monthly mortgage payment.
Monthly Mortgage Payment
The low mortgage rate environment has resulted in substantially smaller payments, allowing home prices to rise considerably as well.
Everyone is acutely aware that home prices have been soaring for the past year-and-a-half. They have far exceeded the runup in values prior to the Great Recession. This has many people on edge, wondering how values can continue to rise beyond their current record highs. In focusing just on prices, it is no wonder they fear an end to the pandemic housing run.
In analyzing today’s housing…