Come on.. Most of your are double income households. And most of you probably have positive equity right? (otherwise you should have already sold short a long time again).And most of you maintain an emergency fund of at least 1 year for your mortgage payments, don't you?????
6 replies (most recent on top)
Do the math: Average price of a house in Carmel Valley back in 2005-2006, when prices were rising like crazy was just over $1 million. A lot of people bought because they didn't think they'd be able to afford it if they put it off. Average salary for male engineer was about $100,000 per year. Average salary for female tech/HR person/similar professional: about $85,000. Low down payment of 3% on an ARM with "teaser rate" and balloon payment or increase to market plus in 3-5 years. So now, after 7 years of recession, you suddenly have wife in similar salary range, husband facing layoff in 2 months, and a $900,000+ mortgage. And also kids. Those piano lessons, braces, and $100 sneakers add up.
You have to realize that perhaps half of the Q employees are one paycheck away from homelessness. The American dream.
But gotta cash out equity from house to buy 80k Mercedes. Keep up with neighbors in encinitas. Wifey no worky. Prob gonna make junior share a room with randos from airbnb. College is pricey
Look on the bright side: layoff announcement will lift the stock price and increase your RSU value.
Anonymous118081..Thank you. I think it's hysterical that people are making such a big deal about this layoff being doom and gloom for all of san diego.
NO