To the editor: Terry Castleman’s article is spot-on (“Is this the worst time to buy a house in California? Why timing really is everything,” Aug. 26). The early 2000s had been really a Wild West market.
My spouse and I purchased a apartment (two bedrooms, two loos, 1,250 sq. toes) a mile from the seaside in Dana Level in 2003 utilizing a house fairness line of credit score at 2.49%, no cash down, from Washington Mutual for $475,000. Since we already banked with Washington Mutual, I don’t suppose it even ran a credit score examine on us.
Washington Mutual was acquired by JPMorgan Chase in the course of the Nice Recession. The rental we purchased in 2003 offered for $805,000 in 2022 simply earlier than rates of interest spiked after being traditionally low for 15 years. Wanting again, the timing was extremely good.
Scott Marshutz, Vista, Calif.
