Aren't all mortgages non-recourse? The home is the collateral. No recourse beyond that. Happy to be corrected
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Only in some states
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I’m not familiar with CA lending law - how are the mortgages non-recourse?
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On purchase loans (as distinct from HLOCs) on owner-occupied 1-4 unit buildings, deficiency judgements don't exist. So, if you fail to pay, bank takes back property, but can't pursue you if sale price bank receives from reselling is less than the original loan.
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Also with property taxes capped, more “operating leverage” on the purchase over time. But this all missed the point that the buy in values are prohibitive and mortgages take high portion of after-tax income for most people.
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However, a friend once told me that I should stretch as far as possible when buying a house in SF. Either life is good and it all works out, or I’m becoming a renter again anyways. So why not live in the best
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LA is better than bay area for sure.
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Geographically define "LA"
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Years of migration patterns heading towards mean reversion. Now it's time to see if the infrastructure spending goes in reverse as well.
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Also prop 13. In comparison with other states CA real estate more favorable than the initial optics.
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