More on the California mortgage story...

Last week when I posted about relatives who live in California and my shock at the difference in what they pay per month for their home compared to what is more the standard here in Ohio, I was surprised by the amount of emails that one post generated. It seems everyone agrees that it's not related to the california mortgage rate, it's the huge difference in real estate prices. A point many people shared via email is how the California mortgage refinance industry is also a factor. Many people are facing even higher monthly payments due to going with an ARM that turned out to not be such a great deal.