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Old 07-28-2005, 04:21 AM   #1
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Is the american dream gone in CA?

I've thought so for a very long time, and now this backs me up.

http://cnn.netscape.cnn.com/ns/news/...705calif_homes


You know you have to earn over 110,000 a year to afford to buy a house here?? And not like a really nice fancy house either, just a basic house.
I kick myself for not buying back in 99-00, my house would have been worth double.

And of those 16%, probably only 10% can truly afford a home, still having income for anything else.
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Old 07-28-2005, 11:07 AM   #2
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How much of that 16% do you think are celebrities?
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Old 07-28-2005, 11:38 AM   #3
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It's exactly the same in NY. I think we may even be a bit worse because the property taxes here are among the steepest in the country. Some of the major employers on Long Island are relocating to places like PA because they can't attract new employees and pay them enough to afford the housing here.

IMO it doesn't take a genius to see that whatever economic growth we've had since the dot com failures has the sword of Damacles overhead. And what growth is that anyway? Higher insurance costs and higher medical costs constitute economic growth . The nations industrial base is in shambles. The auto makers, once the main stay of manufacturing, can hardly turn a profit. We are exporting our high tech jobs over sees, and buying most of our consumer goods from China. I don't think it boads well for the future at all.
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Old 07-28-2005, 11:51 AM   #4
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Totally agree. Does anyone remember the term "blue-collar"? Along with the exportation of the hi-tech jobs were the manufacturing jobs that made the country great. These jobs are all but gone. Most of the countries imports are for finished goods.
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Old 07-28-2005, 12:03 PM   #5
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The economy in California is crazy. I have alot of family in San Diego. Getting into a home is extremely difficult there. However if you can do it your home's value is likely to go up by ridiculous amounts each year. You should see all the homes that are over 500, 000 that are small with small yards. It's crazy when you compare it to somewhere like here in Lacey, WA where you can get so much bang for your buck.
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Old 07-28-2005, 01:44 PM   #6
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The dream is not gone in California, in fact, I think its stronger than ever... The economy is strong is so cal. I bought a house last year, and I make no where near $110,000. The same models in my complex are selling for $80,000 more than I bought it for. My housing payments are cheaper than my rent was, and I have a 30 year fixed loan. I have past employers that are begging me to come back, because they can't find enough employees to fill positions.

There may be a so-called "housing bubble". If there is, it doesn't concern me. I will own this house for years and years. Big enough to raise a family in. And I can outlast any price fluctuations in house values because I am in it for the very longterm. It's my home, not an investment.
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Old 07-28-2005, 01:56 PM   #7
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My grandmother lives in CA still, and she has her house on the market. I can tell you there is NO way my husband and I could ever buy a house down there. The prices are crazy. My grandma was shocked when she was looking up here at houses that were 200-250,000. She couldn't believe how cheap they were. And although you do get more bang for the buck, prices here are not all that great. We were looking to buy just two years ago, and the homes we could have bought then are way out of our price range now.
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Old 07-28-2005, 02:08 PM   #8
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Here in Phoenix things are going crazy as well. My wife and I bought our house 3 years ago for $130,000. Its a 20 year old house so not brand new. One down the street that is the same floor plan just sold for $190,000. Elsewhere, especially in the newer subdivisions, homes that sold for $150,000 a few years ago are now asking $300,000+. It's ridiculous. If my wife and I were to try to buy today we couldn't even afford the house we have now
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Old 07-28-2005, 03:36 PM   #9
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Well since I currently own my own home I say let prices inflate......I hope they go up and up and up.

However I do feel for the younger people who are trying to break in to home ownership.
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Old 07-28-2005, 08:30 PM   #10
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My parents' Levitt house on Long Island sold for $9,500 when it was built in 1949. They bought it from the original owners in 1959 for about $15,000. Today, I've seen similar houses selling for $350,000! In other parts of LI, a very modest home costs 400,000 and up. I don't see myself buying a home any time soon unless I win the lottery or inherit a boatload of cash.

On the other hand, most experts agree that the housing market in many US metropolitan areas is long overdue for a correction. Profit-greedy banks have been overextending mortgage credit to people with borderline credit for years. People with adjustable rate mortgages will be in for the shock of their lives when interest rates start moving back to their historic average levels. As a result, I expect to see home prices drop, followed by an unprecedented rash of foreclosures, followed by further drops in prices as the market is flooded with relatively cheap real estate.

Till then, I'll be trying to amass as much downpayment as I can.
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