And just came back from bay area.. Where in Santa Clara, a “deal” in the better part (better meaning ok, not the best like Cupertino)… is now $529/sq ft for a 40+year dump…
Makes SD look like a bargain…..
Middle class with no assets/low assets sure seems to getting clobbered with this economic “recovery”, which I think is pretty turning out to be what appears to be a wealth redistribution, which is the opposite of what I think our politicians intended (or claimed it would be about)…..
Afterall, I believe asset accumulation isn’t really happening at the lower echelon of middle class and below….It’s kinda hard to get a low interest/fixed rate lown and leverage up the ying yang if you were leveled during Real estate crash 1.0…..
I suppose though, that people haven’t come to the realization (yet)…Or at least are slowly beginning to realize it.
I’ve been trying to tell Piggs all this stuff on and off since 2008 and was accused of being a rallying bull and/or NAR Lackey by some.
Indecision breeds not having. A few Piggs have decided not to buy, even though they needed houses for their families and were qualified to buy when pricing was much lower than now. This was all due to chronic indecision leading to self-inflicted “buyer fatigue.”
Thanks for your realistic and eye-opening post, flu.
