Sunday, August 10, 2008

The Family Treehouse

Here is a quick rundown on how my immediate family has been affected by the housing bubble. Increased affordability has helped my mom and dad (separately) become homeowners again, but unfortunately it will be a struggle for my younger brother to hold on to his home.

  • Mom, Santa Maria CA, just bought a home with her long time boyfriend, paid cash, retired.
  • Brother, Aliso Viejo CA, has lost all equity on the home he and is wife purchased in 2005. Their ARM will adjust in 2 years, to approximately 50% their income. It will be difficult to work something out with the bank since they took out a 2nd when purchasing the home.
  • Father, Puerto Vallarta/Stocton CA, moved to Mexico from Stockton around 5 years ago, now purchasing a bank owned home in Stockton. Currently under contract. Retired.

1 comment:

biosurfer1 said...

Your father could not have timed that any better. He could probably buy back the same house he sold for 1/3 of what he got. My parents live in Stockton and are trying to sell right now to move to San Luis Obispo...very hard to do when every house around you is in foreclosure and being sold bargin basement.