This just in; Lots of cheap dirt will keep Inland Empire prices from dropping

[FormerOwner]

Why didn’t I think of this. The ability to endlessly built tract homes in the desert will support prices forever. The more homes the builders build, the higher the prices will go. Jobs – who needs them – everyone can live off of home equity loans. Transportation – who needs it – everyone will stay home 24×7 and stare at their big screens. Culture – who needs it when you’ve got an ATV and a lifted Chevy.

LMAO! This is hilarious:

http://iemortgageblog.com/2006/10/29/los-angeles–a-bubble-proof-market.aspx

[calidesigner]

Thanks for posting that. Indeed, there’s nothing like good comedy to spruce up my Tuesday morning!

The absolute best part is, take a look at the very CNN article that the author refers to, and look at the right side of the page, under the list “Where NOT to buy”, and guess what, the glorious Inland Empire (which is where I live, by the way), is listed smack dab at number 5!! Even thought the author confidently states “the Inland Empire and Los Angeles, are in my opinion going to be just fine”. The author should have read the source he was referring to.

So while Los Angeles, New York City etc. may be good LONG-TERM investments, the article says nothing about short or medium term investments. Point is that most if not all of these markets are already correcting downwards, and will continue to do so. I’m sure over 57 years (the time frame that the article is based on, 1949-2006), all properties will be generally worth more than they are now….that’s not-bubble proof in my opinion, that’s simply stating that housing CAN be (not necessarily is), a good LONG term investment. But during the previous and upcoming 57 years or so, all these markets will inflate and deflate a number of times, that is what history has proven to us, and that is what we are currently experiencing, the deflation of the bubble. LA and New York are no exceptions.

calidesigner

[Cow_tipping]

That is the dumbest thing I have heard.
We have lots of land, and building houses will create jobs, so there will always be jobs and hence housing will go up.
Yea, stupid, lets see in the ideal scenario – what happens when the 300 illegals are done building the first 300 houses they have built, and even if they can afford to buy them and they have bought them … so 300 illegals built 300 houses and bought them all … alright, now where are your jobs … oh … these 300 have to keep building … that’s 300 more they are building now, who is going to buy them ???
Cool.
Cow_tipping.

[blahblahblah]

Cow_tipping, you obviously aren’t paying attention… The next 300 illegals will buy those homes. It’s a real estate perpetual motion machine!

[cr]

I thought I recently heard something on the news about Texas cracking down on landlords renting to illegals, and of course those objecting were claiming racism. Anyone else hear that? They should do that here.

As far as them building more homes, the heading was enough to know the article is just more propaganda by the same people who said real estate has hit bottom for the last 4 months in a row.

I say let them build more. It will just drive prices down more.

[little lady]

They passed a city ordinance in Escondido(I think), that prohibits renting to illegals. Every city should be looking at a similar plan, IMHO.

[Author]

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