TG: Not everyone is that happy. I bought my house in Temecula 6 years ago, it’s worth much less than what I paid for it and I have lost a lot of money (on paper).
When I bought the house, I knew nothing of bubbles and certainly was not aware of the massive fraud going on in the mortgage/RE industry – I knew/know these industries are full of dirt bags – but that’s about it.
I always understood the extremely competitive, greedy and shrewd nature of California’s economy. I still got burned.
Now I live in a “community” where the previous residents are renting their houses to just about anyone, dorm houses, foreclosures left and right, our street has about 50% of the houses that are now rentals.
At least I was wise enough to buy a house I could easily afford – it runs me $1700/month PITI. I attribute this wisdom to my Southern Sensibilities.
Crime in Temecula I believe is up considerably – in particular violent crime (there was another unfortunate murder just last week).
The only thing we have going is that it now appears construction will soon begin on the new hospital (about 3 minutes from my house).
No cigar is going change this reality.
During the Great Depression while stocks and bonds were questionable, at least our money was good – it was backed by gold.
