From 2000-2004, LA County experienced annual average -22% domestic migration. Natural increase played a greater part in population growth in the coastal counties, whereas domestic migration was the main cause in the Inland Empire. Since 2000, Orange County experienced 14,000 net domestic outmigration. Domestic migrants to the Inland Empire came primarily from Los Angeles. Government Study
“Most of have these shaky loans can sell their homes”.
1) Why do we have record foreclosures? It is up 60% in California versus last year? Couldn’t these people sell?
2) Most people with “shaky loans” don’t even know they have them, think they’ll be able to pay the higher payments somehow, or don’t realize the market is going down and they will be upside down when it’s time to sell
3) House prices have fallen 5-10% already, so anyone who bought in the last 2 years, has a high probability of being upside down on their mortgage. The shaky loans have prepayment penalties, and I know several people who are not refinancing from their ARM into a fixed rate mortgage because they don’t want to pay the 3 months interest that is the penalty.
4) The term “population stampede” is erroneous reporting. Please show your sources for this claim.
5) Which economists have you spent “weeks talking to”?
