[quote=AN][quote=The-Shoveler]Funny you did not notice it as much cause everything was going up (even your pay),
But yea it was like hitting the lottery to be a home owner in those days.
And yea I rented until the 80’s I was having too much fun to pay attention though,[/quote]If that’s the case, I wonder if it’s also not noticeable if it happens again today. $3300/month rent for a 2/2 in Mira Mesa!!! wow, You’re getting me salivating if renter didn’t really care seeing their rent went up 125% over 10 years.[/quote]
Au contaire. While I was still a young child at the time, I distinctly remember my parents discussions at the dinner table about money, Dad’s union threatening to strike over the raises and COLA, mom an office worker talking about prices going up.
Working class middle income were very aware of the rising prices in the 70s. They were getting raises, but mostly driven around a cost of living increase which companies at the time were starting to phase out or underestimate and then pinch the real raise because they had 8% COLA increases.
SD, appreciated the post about inventory. The SoCal housing inventory and DOM for home for sale has been distorted to the low end for so long, that a return to historical 90-120 days to sell and 9+ months would be extremely psychologically depressing to most.
I bought during the window of opportunity. It wasn’t easy. In another blog, I referred to as like a comment the guys from Motley Crue made about getting a music contract in the 80s involving swimming through a pool of burning sewage to get to crawl through broken glass.
In the 2008-2010 window, inventory was sh*t, house quality for sale was sh*t, many deals needed vision and $50-$100+k rehab above the 30%+ down and financing to close on a place to remove it from borderline slumlord status. If it wasn’t slumlord ready, they’re were 30 people putting offers in. Yes, 30, as in that is a literal number our agent shared with us on a house on which she was the selling agent. It was common to go to a showing an wait in line to get in a house, and then see the entire kitchen counter covered in realtor cards.
