Waiting Hawk, great site. I watched the video a few days ago, when it was first linked. Very funny. I especially liked your closing, where David Lereah says, “If the economy keeps going strong we may actually see a drop in foreclosure rates in some of these areas”.
Thx PS,
I posted an extensive post on OC Registers blog about how more $7.00-$10.00 an hour jobs were not going to help this market. So the job growth is a joke unless they are adding tons of double paying jobs. They still have not posted it yet or I would’ve sent a link.
the big picture is that coastal California will lose tech jobs because young techies cannot afford any decent homes especially if prices stay high. That will have a devastating negative long term impact on California’s economy.
I’m not so sure about that. Young techies are the only people that might actually be *able* to buy a house these days! Also, young techies are often ok (or prefer) to live in a condo. Sure, they’ll get married, have kids, and want a house, but that’s no longer the same 25 year old techie earning 80-100K with money to burn.
Besides, once people with money can’t afford to buy houses, then nobody will be able to sell their houses at those inflated prices. Eventually, an equilibrium will be reached.
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