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Originally Posted by AtomicLabMonkey
I don't want to hear it - your housing market is cheap.
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Like Khail said, it's all relative. In SLO, everyone knows that houses are expensive. But here in Reno, there are tons of people w/ "good" jobs that can't afford houses because the market has skyrocketed so fast.
People list a house for sale (that 3 years ago was worth $180k) for $350k, and there's a bidding war that results in the house being sold in 12 hours for $420k. It's not so much the actual costs that are so crazy (at least compared to CA) it's the inflation of the market that's rediculous. I smell bubble. Hopefully in 2 or 3 years when all these intrest-only ARM loans go to 15%, I'll be able to pick up a nice place with a "low" fixed APR of 9% or so.
