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carlislematthew
ParticipantSo these people with boatloads of cash probably represent 1% of the population.
AND most of them already own a house and probably won’t want to buy another one once the prices start to drop and they get scared.
IMO, there are quite a lot of people out there with cash, waiting to buy. However, I think the number is small enough that it won’t have a big impact. Perhaps in some areas, it might – 800K+ homes (current pricing) near the coast perhaps. But those people with the cash just aren’t going to move into a starter home in Mira Mesa once they come down to 300-350K!
ParticipantCan you imagine how property values would increase in Pt. Loma, OB, Mission Hills, Banker’s Hill and downtown if we got rid of airport noise?
I dread to think about the prices increases that would occur. You’re right – leave the airport where it is – it’s holding down prices! 😉
ParticipantInsurance!
People don’t mind paying for it during the good times, and it’s one of the last things you’ll STOP paying for in the bad times.
ParticipantI was with you all the way until you said:
As a professional, I’ve watched fellow county employees who make half of what I make leverage themselves like you wouldn’t believe to buy that second or third condo.
..and then you lost me. Second or third condo? That’s just plain greed. They wanted to believe that this would be their future, their “get quick scheme” and they let the greed take over.
ParticipantHi speedingpullet! I’ve been in the states for about the same length of time as you! It’s always nice to have company from the “old country”, even in an anonymous forum such as this.
Bear in mind too that in the UK, rationing was still in effect for some things until 1957!
I’ve always used that exact reasoning for my explanation of why my mother’s cooking is quite bland. No seasoning, no salt! She grew up in a time when they just didn’t have access to these “luxuries”.
Reminds me a certain Monty Python sketch. 🙂
“Luxury!”
ParticipantPerhaps for some for whom medical expenses caused their debt, or unexpectedly caring for an elderl parent. But most families are trying to live a lifestyle they cannot afford.
I agree. I see far too many flashy new cars around, and I live in Mira Mesa…
I moved to here from England, another wealthy western country, and the rate of consumption in this country (even before the housing boom) was huge. I never saw so many people in restaurants during the week, I never saw so many TVs in people’s houses, and I never saw so many new cars. I mean, it’s not like I’m from Russia or anything, marvelling at these western people with their supermarkets. I’m from a country and an upbringing where we had money and were comfortable. However, they just don’t spend like they do in the states. Why? Not because they’re fabulous, intelligent people. It’s because of the restricted access to credit that we had – you just couldn’t borrow as much.
ParticipantThe official definition is 2 quarters of gdp decline.
I thought that was the definition that told you that you were now in a recession, not a number that told you how long you would be in the recession, which I believe is what the original question was regarding.
ParticipantI would advise against putting in an advertising/classified forum. If it becomes popular, then it may quickly bleed into the regular forums and then we’ll never get rid of it!
ParticipantWe have not discussed the impact of increasing interest rates on piggyback loans and HELOCs. The amount of those is possibly higher, and I wonder how many people will be able to make those payments once they double?
HELOCS are a little different – they are lines of CREDIT and hence more like a credit card, but with a lowish rate. The HELOC rates have been going up since Easy Al started raising rates. Mine did anyway! Before I dumped it for a HEL (Home Equity Loan) at a fixed rate.
HELOCs were tempting a couple of years back because they offered tons of money at 4% APR. That was better than most auto dealers could give you, and it was tax deductible! Once the rates started going up, it’s another story!
ParticipantPersonally, I would never use a CDMA phone because I like the convenience of moving my sim card to any handset I like.
Me too, but most people with GSM phones have locked phones and can’t use a SIM from another GSM provider anyway…
ParticipantWhat is not widely known though is that Qualcomm wins either way. They control thousands of key patents to all of these technologies, including WCDMA. I think they have 30% of the world wide patents for WCDMA…
Exactly. The amount of worldwide IP they own in wireless data is greater than their percent in wireless voice. Their worldwide market is growing.
ParticipantWho knows what Qualcomm’s plans really are? The current cell phone technology is used only in the US, and I wouldn’t be surprised if the US eventually adopts the European and Asian standard. Then what happens to CDMA? Their job openings have been posted for a long time – UT reported 500 openings as of last December. My friend, a VP at one of their divisions, had never even heard of a hiring problem, so who knows if these are just ongoing postings.
I’m no expert, but I’m learning and work for a company that deals with Qualcomm, Sprint, Cingular, etc on a daily basis.
What I can tell you is that traditionally Qualcomm has been limited *mostly* just to the US due to CDMA (vs GSM). So, you’re right there. However, the new wireless data standards are a place where Qualcomm is heavily investing and will doubtless make significant inroads as they have a lot of the worldwide Intellectual Property that EU is using right now. They’re not getting smaller in the US (in my experience) and they’re getting bigger in the rest of the world.
PS The US doesn’t just decide to adopt a wireless standard like GSM vs CDMA. In fact, we already *have* GSM over here and have had it for years. Cingular/T-Mobile are on GSM and Verizon/Sprint are on CDMA. They exist together in the same industry and Qualcomm makes a ton of money from it.
Participantand in the wireless sector everyone seems to be hiring.
Finding the people is the problem in the wireless industry! The company I just moved to is hiring like mad and struggling to find the people. In the tech field, I’m not sure that San Diego is any different in that regard. I just moved from Seattle and LA and it’s the same there too.
ParticipantI will vote for the realtor that changes his last name to Grandemaison.
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