Why California Is Doomed

[danielwis]

[quote=patientrenter][quote=desmond]…everybody who bought in the last 2 or so years is 20-30% on the upside.[/quote]

Only because of govt money (i.e. money that will be taken from savers and future taxpayers) propping up home prices in CA. There’s nothing natural about it. If the govt decided to pay $1000 a ton for horse manure, then that’s what it would be ‘worth’.[/quote]

When California hits rock bottom, the future will be bright (duh…). Give it a few years yet, IMO. I would be surprised if recent real estate gains hold up over the next few years. I could be wrong.

[peterb]

Doomed seems a strong word. But the gap between the Haves and the Have Not’s is getting bigger every day. The last bastion of socialism, public unions, is starting to be attacked. State and local govts cannot meet their obligations. CA will start to resemble a 2nd world country in the not too distant future.

[peterb]

Doomed seems a strong word. But the gap between the Haves and the Have Not’s is getting bigger every day. The last bastion of socialism, public unions, is starting to be attacked. State and local govts cannot meet their obligations. CA will start to resemble a 2nd world country in the not too distant future.

[peterb]

Doomed seems a strong word. But the gap between the Haves and the Have Not’s is getting bigger every day. The last bastion of socialism, public unions, is starting to be attacked. State and local govts cannot meet their obligations. CA will start to resemble a 2nd world country in the not too distant future.

[peterb]

Doomed seems a strong word. But the gap between the Haves and the Have Not’s is getting bigger every day. The last bastion of socialism, public unions, is starting to be attacked. State and local govts cannot meet their obligations. CA will start to resemble a 2nd world country in the not too distant future.

[peterb]

Doomed seems a strong word. But the gap between the Haves and the Have Not’s is getting bigger every day. The last bastion of socialism, public unions, is starting to be attacked. State and local govts cannot meet their obligations. CA will start to resemble a 2nd world country in the not too distant future.

[CA renter]

[quote=Nor-LA-SD-guy]Denial is thinking your going to get that Ocean View McMansion for less than 400K (call me the king of Da Nile), but never having plan B, maybe move a little further inland ???

Just a thought…[/quote]

If a house was worth $400K BEFORE the bubble, and if the bubble has actually burst (it hasn’t – yet), then why shouldn’t a buyer expect to get it at pre-bubble/pre-2001 prices?

Do you really believe that our economy is better today than it was in 1999? I don’t.

I’d say the denial is on the sellers’ side. They seem to think that prices from the bubble period are normal “market” prices. They can’t seem to wrap their heads around the fact that housing prices only rose because of mortgages that could never be paid back.

Who’s in denial?

[CA renter]

[quote=Nor-LA-SD-guy]Denial is thinking your going to get that Ocean View McMansion for less than 400K (call me the king of Da Nile), but never having plan B, maybe move a little further inland ???

Just a thought…[/quote]

If a house was worth $400K BEFORE the bubble, and if the bubble has actually burst (it hasn’t – yet), then why shouldn’t a buyer expect to get it at pre-bubble/pre-2001 prices?

Do you really believe that our economy is better today than it was in 1999? I don’t.

I’d say the denial is on the sellers’ side. They seem to think that prices from the bubble period are normal “market” prices. They can’t seem to wrap their heads around the fact that housing prices only rose because of mortgages that could never be paid back.

Who’s in denial?

[CA renter]

[quote=Nor-LA-SD-guy]Denial is thinking your going to get that Ocean View McMansion for less than 400K (call me the king of Da Nile), but never having plan B, maybe move a little further inland ???

Just a thought…[/quote]

If a house was worth $400K BEFORE the bubble, and if the bubble has actually burst (it hasn’t – yet), then why shouldn’t a buyer expect to get it at pre-bubble/pre-2001 prices?

Do you really believe that our economy is better today than it was in 1999? I don’t.

I’d say the denial is on the sellers’ side. They seem to think that prices from the bubble period are normal “market” prices. They can’t seem to wrap their heads around the fact that housing prices only rose because of mortgages that could never be paid back.

Who’s in denial?

[CA renter]

[quote=Nor-LA-SD-guy]Denial is thinking your going to get that Ocean View McMansion for less than 400K (call me the king of Da Nile), but never having plan B, maybe move a little further inland ???

Just a thought…[/quote]

If a house was worth $400K BEFORE the bubble, and if the bubble has actually burst (it hasn’t – yet), then why shouldn’t a buyer expect to get it at pre-bubble/pre-2001 prices?

Do you really believe that our economy is better today than it was in 1999? I don’t.

I’d say the denial is on the sellers’ side. They seem to think that prices from the bubble period are normal “market” prices. They can’t seem to wrap their heads around the fact that housing prices only rose because of mortgages that could never be paid back.

Who’s in denial?

[CA renter]

[quote=Nor-LA-SD-guy]Denial is thinking your going to get that Ocean View McMansion for less than 400K (call me the king of Da Nile), but never having plan B, maybe move a little further inland ???

Just a thought…[/quote]

If a house was worth $400K BEFORE the bubble, and if the bubble has actually burst (it hasn’t – yet), then why shouldn’t a buyer expect to get it at pre-bubble/pre-2001 prices?

Do you really believe that our economy is better today than it was in 1999? I don’t.

I’d say the denial is on the sellers’ side. They seem to think that prices from the bubble period are normal “market” prices. They can’t seem to wrap their heads around the fact that housing prices only rose because of mortgages that could never be paid back.

Who’s in denial?

[blahblahblah]

If a house was worth $400K BEFORE the bubble, and if the bubble has actually burst (it hasn’t – yet), then why shouldn’t a buyer expect to get it at pre-bubble/pre-2001 prices?

Is the money worth the same as it used to be in 2000? Is the society the same? I’m not sure on either of those points…

[blahblahblah]

If a house was worth $400K BEFORE the bubble, and if the bubble has actually burst (it hasn’t – yet), then why shouldn’t a buyer expect to get it at pre-bubble/pre-2001 prices?

Is the money worth the same as it used to be in 2000? Is the society the same? I’m not sure on either of those points…

[blahblahblah]

If a house was worth $400K BEFORE the bubble, and if the bubble has actually burst (it hasn’t – yet), then why shouldn’t a buyer expect to get it at pre-bubble/pre-2001 prices?

Is the money worth the same as it used to be in 2000? Is the society the same? I’m not sure on either of those points…

[blahblahblah]

If a house was worth $400K BEFORE the bubble, and if the bubble has actually burst (it hasn’t – yet), then why shouldn’t a buyer expect to get it at pre-bubble/pre-2001 prices?

Is the money worth the same as it used to be in 2000? Is the society the same? I’m not sure on either of those points…

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