Asbury Park Press Story About Area Affordability
The Asbury Park Press just discovered that the Shore is becoming unaffordable for many middle class people and that exotic loans are not helping matters.
Snip...
[Faced with the soaring cost of living, many middle-class New Jersey residents are getting squeezed. Some residents are following the Scalciones' lead and looking to move to other other with an interest rate of a little less than 10 percent — to give her a monthly mortgage payment of $2,150.
The interest rate is fixed the first two years, but then could rise dramatically.
"We don't anticipate this being a great loan for more than a couple of years," Anlas said. "We're hoping that the value of the home goes up and the rates are better or (reasonably close to) where they are."
Still, Bennett sounded grateful and pledged not to worry about the downside.
"You can't find a decent house for under $300,000, and I always thought (you have to pay) $1,000 for every $100,000 you borrow, which would be a $3,000-a-month payment," Bennett said.
Could she have afforded that? "Three thousand dollars a month?" she said. "No. Nor would I even think about it."]
Full Story...
Snip...
[Faced with the soaring cost of living, many middle-class New Jersey residents are getting squeezed. Some residents are following the Scalciones' lead and looking to move to other other with an interest rate of a little less than 10 percent — to give her a monthly mortgage payment of $2,150.
The interest rate is fixed the first two years, but then could rise dramatically.
"We don't anticipate this being a great loan for more than a couple of years," Anlas said. "We're hoping that the value of the home goes up and the rates are better or (reasonably close to) where they are."
Still, Bennett sounded grateful and pledged not to worry about the downside.
"You can't find a decent house for under $300,000, and I always thought (you have to pay) $1,000 for every $100,000 you borrow, which would be a $3,000-a-month payment," Bennett said.
Could she have afforded that? "Three thousand dollars a month?" she said. "No. Nor would I even think about it."]
Full Story...
posted by Little_Silvered at 9:39 AM
2 Comments:
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It's stories like this that make ordinary people who know a little something wonder if there are any qualifications for being a journalist.
The Press humiliated itself with this story and considering how poor the paper's reputation is, that's saying something.
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