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August 31, 2007 at 1:38 PM in reply to: cannot wait anymore, buying a condo now instead of a house at 4S Ranch, and wait to buy a bigger house later? #82839
LostCat
ParticipantSo maybe fear is driving the prices down vs true value? It so difficult to understand in this market. I wonder what the median income for that area is? If you buy a house for $520 and put 20% down, you’re talking about a $410K and probably around $3,000 a month, no HOA and no Melaroos. So a family pulling in about $120,000 a year is taking in, likely around $6k-7K a month. Plus they don’t have to drive to far to employment areas (10-miles to downtown). Hmm
Problem is, not much is available east of College Ave. Only one or two homes up for sale.
August 30, 2007 at 1:43 PM in reply to: Why is Texas dirt cheap compared to California for real estate? #82607ParticipantI think Alex_angel should move to Texas or just join the UFC. Better yet, just come down to the City Boxing. We’d love to give you a free intro class.
ParticipantHe is right. That’s the messed up thing. Can’t wait until I can’t afford or home or to rent. It’s going to suck. Good thing REI is having a sale on tents. I’ll start a squatters colony on Cowles Mountain. anyone want to come and wait it out with me?
ParticipantThe spigot will be tightened very tight over the next couple of years. Creditors will increase Credit Card rates to back fill their losses in the housing market, making it even more impossible for credit whores to pay down their debt.
I spoke to an older neighbor yesterday and she was explaining to me how much things have changed. When she and her husband bought their house in 1955, they put 50% down and paid it off in 10-years. They never used credit cards. People who drove fancy cars were rich. They owned their cars and were not making payments every month. She said, it’s obvious, those that look rich today are really only up to their eyebrows in credit debt and will never be able to retire.
It made me think, ouch!! America has built a pyramid scheme on credit. Now that the one cash cow, the house, is maxed out. All the other lambs are going to come calling. In other words, if you owe, you are going to owe even more over the next few years. If you cannot make your payments now, just wait. This pyramid scheme is collapsing.
A statement from a friend of mine that manages one of the Westfield Shopping Centers here in SD told me last night over the phone that he has never seen such a significant drop in retail sales at a shopping center than what he has seen in the last two month at his.
So yes, the siphon is slowly being cut. If you were a surfer waiting for a wave, and the wave being the housing and economy crash, the wave would just being reaching visibility on the horizon. Just before the point where you start to paddle towards the wave so that you are in a position where it won’t crash. So I would think that in the next 6 months, the wave will be starting to stand up and if you don’t know how to surf (you don’t have real cash savings, under you mattress), you’re going to end up like Eddy. You did it and didn’t make it home to talk about it.
ParticipantThe spigot will be tightened very tight over the next couple of years. Creditors will increase Credit Card rates to back fill their losses in the housing market, making it even more impossible for credit whores to pay down their debt.
I spoke to an older neighbor yesterday and she was explaining to me how much things have changed. When she and her husband bought their house in 1955, they put 50% down and paid it off in 10-years. They never used credit cards. People who drove fancy cars were rich. They owned their cars and were not making payments every month. She said, it’s obvious, those that look rich today are really only up to their eyebrows in credit debt and will never be able to retire.
It made me think, ouch!! America has built a pyramid scheme on credit. Now that the one cash cow, the house, is maxed out. All the other lambs are going to come calling. In other words, if you owe, you are going to owe even more over the next few years. If you cannot make your payments now, just wait. This pyramid scheme is collapsing.
A statement from a friend of mine that manages one of the Westfield Shopping Centers here in SD told me last night over the phone that he has never seen such a significant drop in retail sales at a shopping center than what he has seen in the last two month at his.
So yes, the siphon is slowly being cut. If you were a surfer waiting for a wave, and the wave being the housing and economy crash, the wave would just being reaching visibility on the horizon. Just before the point where you start to paddle towards the wave so that you are in a position where it won’t crash. So I would think that in the next 6 months, the wave will be starting to stand up and if you don’t know how to surf (you don’t have real cash savings, under you mattress), you’re going to end up like Eddy. You did it and didn’t make it home to talk about it.
ParticipantThe spigot will be tightened very tight over the next couple of years. Creditors will increase Credit Card rates to back fill their losses in the housing market, making it even more impossible for credit whores to pay down their debt.
I spoke to an older neighbor yesterday and she was explaining to me how much things have changed. When she and her husband bought their house in 1955, they put 50% down and paid it off in 10-years. They never used credit cards. People who drove fancy cars were rich. They owned their cars and were not making payments every month. She said, it’s obvious, those that look rich today are really only up to their eyebrows in credit debt and will never be able to retire.
It made me think, ouch!! America has built a pyramid scheme on credit. Now that the one cash cow, the house, is maxed out. All the other lambs are going to come calling. In other words, if you owe, you are going to owe even more over the next few years. If you cannot make your payments now, just wait. This pyramid scheme is collapsing.
A statement from a friend of mine that manages one of the Westfield Shopping Centers here in SD told me last night over the phone that he has never seen such a significant drop in retail sales at a shopping center than what he has seen in the last two month at his.
So yes, the siphon is slowly being cut. If you were a surfer waiting for a wave, and the wave being the housing and economy crash, the wave would just being reaching visibility on the horizon. Just before the point where you start to paddle towards the wave so that you are in a position where it won’t crash. So I would think that in the next 6 months, the wave will be starting to stand up and if you don’t know how to surf (you don’t have real cash savings, under you mattress), you’re going to end up like Eddy. You did it and didn’t make it home to talk about it.
ParticipantSo where will the market be in 2017? Will it be strong and will houses be valued higher than today?
ParticipantSo where will the market be in 2017? Will it be strong and will houses be valued higher than today?
ParticipantSo where will the market be in 2017? Will it be strong and will houses be valued higher than today?
ParticipantI went to Costco last night and stood in line for about 10-mins before I could check out because it was so crowded. Then i went to a Saturn Dealer and didn’t see a soul. Then I went to Denny’s and everyone was eating, then I went to an open house and no one was around. when driving through the parking lot near a wal-mart, I saw a lot of crap in a lot of different shopping carts and everything in the carts said “made in China”, I say a short sale sign..
What could this mean?
ParticipantI went to Costco last night and stood in line for about 10-mins before I could check out because it was so crowded. Then i went to a Saturn Dealer and didn’t see a soul. Then I went to Denny’s and everyone was eating, then I went to an open house and no one was around. when driving through the parking lot near a wal-mart, I saw a lot of crap in a lot of different shopping carts and everything in the carts said “made in China”, I say a short sale sign..
What could this mean?
ParticipantI went to Costco last night and stood in line for about 10-mins before I could check out because it was so crowded. Then i went to a Saturn Dealer and didn’t see a soul. Then I went to Denny’s and everyone was eating, then I went to an open house and no one was around. when driving through the parking lot near a wal-mart, I saw a lot of crap in a lot of different shopping carts and everything in the carts said “made in China”, I say a short sale sign..
What could this mean?
ParticipantLostCat
By: STEVE LAWRENCE – Associated Press
SACRAMENTO — The income gap between the richest and poorest Californians is growing while the growth in middle-income jobs is slowing, according to a report released Wednesday by the California Budget Project.
The report, called A Generation of Widening Inequality, examined changes in California’s economy between 1979 and 2006.
It found that most of the state’s job growth during that period took place at the ends of the income scale. Nearly 28 percent of the new jobs went to the lowest fifth of wage earners while another 28 percent went to those in the top wage bracket.
In contrast, only 6 percent of new jobs were in the second fifth and 14 percent were in the third highest bracket.
The trend has increased in recent years, with more than two out of every three new jobs between 1999 and 2005 created at either the top or bottom of the pay scale. At the same time, the state lost jobs in the second highest wage bracket.
“A significant faction of California’s work force is falling behind,” said Jean Ross, executive director of the Sacramento-based nonpartisan group. “The rising tide has left some boats high and dry.”
Incomes of workers in the highest bracket jumped 18.4 percent between 1979 and 2006 while those in the middle saw their wages grow by only 1.3 percent. The state’s lowest-paid workers actually lost 7.2 percent in earnings when inflation was taken into account, the report said.
In 1979, the wealthiest hourly workers in California and the U.S. made 2.4 times as much as their poorest counterparts. By 2006 that gap had increased to 3.1 times in California compared to 2.7 times nationally, according to the report.
Ross said that “a lot of different factors,” including federal tax policies, a loss of manufacturing jobs and an increase of lower-paying service-sector jobs had contributed to the widening gap.
“It’s a very complex picture,” she said. “You can’t go out and say there’s one factor that’s responsible for what’s going on in the economy.”
The weak growth in middle-income jobs would make it harder for low-income workers to improve their lots, Ross said.
She said automatic increases in the minimum wage to keep up with inflation, an earned income tax credit for low-wage workers and improving the state’s schools and job training programs would help close the gap.
“The best way to attract high-wage jobs, good jobs, to California is by making sure that the education system turns out well-trained workers,” she said. “In the short term, people follow jobs. But in the long term, jobs tend to follow workers. Employers will go where they find a highly educated work force.”
She said education isn’t a sure cure. One of the “troubling trends” found by the study was that earnings of young college graduates did not keep pace with inflation between 2000 and 2006, Ross said.
Art Pulaski, executive secretary-treasurer of the California Labor Federation, said the report demonstrates the need for federal tax policies that reward companies that keep jobs in the U.S.
He also said corporations should rethink their policies and shift more of their wages to lower- and middle-income workers.
“The middle class is disappearing,” he said. “We’re losing out on wages and somebody else is gaining, and that somebody else is primarily the executives and businesses. The good jobs are being sent overseas, and more and more what we’re seeing is service sector jobs, which tend to be lower-wage jobs.”
Vince Sollitto, a spokesman for the California Chamber of Commerce, said the report’s findings demonstrate the value of enterprise zone programs that give businesses tax breaks for locating in distressed areas.
He said it also “reinforces the danger of imposing unique, California-only mandates on business.”
The report did find that the wage gap between men and women in California had narrowed. The typical woman made 87 cents for every dollar made by her male counterpart in 2006, compared to 63 cents for every dollar in 1979.
ParticipantLostCat
By: STEVE LAWRENCE – Associated Press
SACRAMENTO — The income gap between the richest and poorest Californians is growing while the growth in middle-income jobs is slowing, according to a report released Wednesday by the California Budget Project.
The report, called A Generation of Widening Inequality, examined changes in California’s economy between 1979 and 2006.
It found that most of the state’s job growth during that period took place at the ends of the income scale. Nearly 28 percent of the new jobs went to the lowest fifth of wage earners while another 28 percent went to those in the top wage bracket.
In contrast, only 6 percent of new jobs were in the second fifth and 14 percent were in the third highest bracket.
The trend has increased in recent years, with more than two out of every three new jobs between 1999 and 2005 created at either the top or bottom of the pay scale. At the same time, the state lost jobs in the second highest wage bracket.
“A significant faction of California’s work force is falling behind,” said Jean Ross, executive director of the Sacramento-based nonpartisan group. “The rising tide has left some boats high and dry.”
Incomes of workers in the highest bracket jumped 18.4 percent between 1979 and 2006 while those in the middle saw their wages grow by only 1.3 percent. The state’s lowest-paid workers actually lost 7.2 percent in earnings when inflation was taken into account, the report said.
In 1979, the wealthiest hourly workers in California and the U.S. made 2.4 times as much as their poorest counterparts. By 2006 that gap had increased to 3.1 times in California compared to 2.7 times nationally, according to the report.
Ross said that “a lot of different factors,” including federal tax policies, a loss of manufacturing jobs and an increase of lower-paying service-sector jobs had contributed to the widening gap.
“It’s a very complex picture,” she said. “You can’t go out and say there’s one factor that’s responsible for what’s going on in the economy.”
The weak growth in middle-income jobs would make it harder for low-income workers to improve their lots, Ross said.
She said automatic increases in the minimum wage to keep up with inflation, an earned income tax credit for low-wage workers and improving the state’s schools and job training programs would help close the gap.
“The best way to attract high-wage jobs, good jobs, to California is by making sure that the education system turns out well-trained workers,” she said. “In the short term, people follow jobs. But in the long term, jobs tend to follow workers. Employers will go where they find a highly educated work force.”
She said education isn’t a sure cure. One of the “troubling trends” found by the study was that earnings of young college graduates did not keep pace with inflation between 2000 and 2006, Ross said.
Art Pulaski, executive secretary-treasurer of the California Labor Federation, said the report demonstrates the need for federal tax policies that reward companies that keep jobs in the U.S.
He also said corporations should rethink their policies and shift more of their wages to lower- and middle-income workers.
“The middle class is disappearing,” he said. “We’re losing out on wages and somebody else is gaining, and that somebody else is primarily the executives and businesses. The good jobs are being sent overseas, and more and more what we’re seeing is service sector jobs, which tend to be lower-wage jobs.”
Vince Sollitto, a spokesman for the California Chamber of Commerce, said the report’s findings demonstrate the value of enterprise zone programs that give businesses tax breaks for locating in distressed areas.
He said it also “reinforces the danger of imposing unique, California-only mandates on business.”
The report did find that the wage gap between men and women in California had narrowed. The typical woman made 87 cents for every dollar made by her male counterpart in 2006, compared to 63 cents for every dollar in 1979.
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