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PerryChase
Participantjg, i’m curious about who you think (Republicans or Democrats) are to blame for the economy going “in the toilet” as you put it? I’ll give you the benefit of the doubt and won’t put you on spot about Iraq ’til next year.
Republicans controlled the presidency and Congress up until recently. If their economic management skills are so good then why are we facing the prospects of the recession that you’re predicting? And why are they not preparing us to face that reality?
ParticipantDiego, yes, I realize that my house is depreciating. But if I sell and pay rent on a similar house, then my monthly housing costs would subtantially increase.
I’m not home that often because I spend time at a my girlfriend’s who has a really nice place. If my house were an investment, I would have cashed-out. But it’s home and I have elderly relatives who love to visit SD so they use my house as their vacation home in California. I’d hate to change that on them. Plus the house is just the way I like it. I also have a fairly low property tax basis that I’ll like to keep.
The only (big) problem is that I now find suburbia very oppressive (just my opinion) so aside from living there, I have little connection to the people around me. Who knows, maybe I’ll end up regretting not selling in 2005.
ParticipantFormerSanDiegan, I should proof what I type. I meant to say a decade after the trough before prices get back to the peak.
I believe that the last time around, the peak in SD was 1989. Prices droped 30% in some cases and rebounded and stagnated and didn’t get back to 1989 levels until 1997 (8 years).As far as inflation, I think that we’ll be facing a conumdrum where we need higher interest rates to keep foreigners invested in America, but consumer prices and wages may not rise because of excess capacity in Asia. Wage stagnation will act to hold housing prices down.
Participantsdrealtor, I would agree with your definition if we were talking about happiness/contentment/satisfaction. Wealth, on the other hand is a matter of dollars.
Since wealth is always relative to others, then I’d say that a wealthy person is one in the top 10% — in terms of net-worth, not earnings.
Participantcalidesigner, I remember the 1990s very well. How soon people forget. 1999 was like yesterday to me.
I feel this time around will be twice to three times as bad.
I’m betting that prices will drop to 2001-2002 prices (possibly 2000 prices) then we’ll have a decade of stagnation. I don’t necessarily advise that for everyone, but I’m planning to time the absolute bottom. I’m not planning to buy anything anytime soon. That’s easier for me to say because I already own a house and I’m fairly happy there. But I’d be happier in a better house/location.
I’m taking this opportunity to get to know the market.
ParticipantDo yourself a favor people: "zillow" the address you mail your rent check to every month. find a realtor who will help you find out what type of financing your landlord has on his/her primary AND rental properties…you'll find a lot of these folks are DEAD MAN WALKING.
That's pretty smart, lendingbubbleco. I'm going out and gettin’ a PO Box tomorrow, ha.ha. 🙂
ParticipantWar costs are hitting historic proportions
The price tag for the Iraq conflict and overall effort against terrorism is expected to surpass Vietnam’s next year.
By Joel Havemann, Times Staff Writer
January 14, 2007WASHINGTON — By the time the Vietnam war ended in 1975, it had become America’s longest war, shadowed the legacies of four presidents, killed 58,000 Americans along with many thousands more Vietnamese, and cost the U.S. more than $660 billion in today’s dollars.
By the time the bill for World War II passed the $600-billion mark, in mid-1943, the United States had driven German forces out of North Africa, devastated the Japanese fleet in the Battle of Midway, and launched the vast offensives that would liberate Europe and the South Pacific.
The Iraq war is far smaller and narrower than those conflicts, and it has not extended beyond the tenure of a single president. But its price tag is beginning to reach historic proportions, and the budgetary “burn rate” for Iraq may be greater than in some periods in past wars.
Participantjg, i’m writing my answer here not to clutter the stadium thread.
Bravo, Barbara Boxer! She did a great thing to raise the issue of who pays the price of war — certainly not the leaders who send soldiers to war. It’s important for the public to confront this issue. Thanks to Barbara Boxer, voters in Middle America, who voted for Bush, are now realizing they are being betrayed by the very person they voted for.
jg, do you think it’s “normal” for Condi Rice to stay single at her age? She has a hot bod for her age, huh? Maybe there’s more to it than you think.
As far as the Chargers are concerned, they can pay their own way; or somehow pass on the cost to their fans. Elderly retirees, or other members of the public who aren’t fans shouldn’t be asked to subsidize millionaires.
ParticipantYellow pages are effective in locating list of apartments ina given area. I called 30 apartments and find out availability, rent, deposit, size etc. I never needed an agent to find a rental.
I was talking about non apartment-complex rentals, like private condos being rented out by owners. Before tech those were harder to find.
ParticipantThink about the fraud discussed in other threads. I don’t think that the lenders will approve too many short sales below debt owed. That’ll invite fraud since the sellers can easily manipulate who the houses are sold to.
If short sales were too prevalent, then everyone will ask for one.
Participant“Que sera sera.” Daisy, I love your easy-going attitude as well as your realistic outlook. 🙂
ParticipantSD Realtor, with the flux in the market, many properties get list and withdrawn. It is possible, on to MLS, to go back and view when and how much a home was listed for? I guess, that the more often as seller lists, the more “desperate” he is.
ParticipantGood site I believe. It will draw fans from Orange County, Pendleton, Riverside, and San Bernadino. But what do I know? I’m indiffernt and don’t think that the public should subsidize the teams. They have enough money to build their own stadiums.
ParticipantI’m the one who said that. I guess I was off (or not). Below is what NAR says. It might be higher for California and the larger metropolitan areas. Interesting that Prop 13 doesn’t have much effect in discouraging people from selling/moving.
Look at zillow.com or sdlookup.com and you’ll see that the majority of properties had sales in a least 5-year intervals.
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http://www.cepro.com/news/editorial/14843.html
The National Association of REALTORS has found that people move once every seven years on average. When asked in the “Coldwell Banker 2006 Homeownership in America Survey” for reasons why they move, 48 percent of respondents indicated they moved because of their career, 45 percent cited a better community lifestyle and 27 percent cited a new relationship / marriage. Of note, women are more apt to move for a relationship than men, at 53 percent as opposed to 37 percent, respectively.——————–
http://www.press.uchicago.edu/Misc/Chicago/394786.html
Today, with advanced technological means at our disposal, we change our residence, on average, once every five years—more often than any other culture except nomadic tribes, although in line with our ancestors. In an average year, almost one out of five Americans moves. More than a third of these move to a different county. Roughly 3 percent of Americans move to a new state. That may not sound like much, but that’s in a single year, and over time these moves add up. Few Americans spend their lives in the same city or town, and almost none stay in the same house, street, or neighborhood. In a typical five-year period, only about half the population (53 percent) is living in the same place at the end as at the beginning. Another 2 percent of the population has moved here from abroad, leaving 45 percent who have moved within the United States. Of these internal migrants, almost half, 21 percent of the total, have stayed in the same metropolitan area: they’ve moved from Queens to Manhattan, or Manhattan to Westchester. But that still leaves 24 percent of the total who may have moved long distances—in just five years. At least 5 percent—one person in twenty—moved very long distances, since this is roughly the number who migrated from one of the four major regions (Northeast, North Central, South, and West) to another.This is a lot of movement. In a typical year, while 20 percent of Americans move, only 4 percent of Dutch citizens do. Rates are 4 percent in Germany, 8 percent in the United Kingdom, 10 percent in France and Japan. In a less developed country like Thailand, only 12 percent of the population move in a five-year period, barely a quarter of the rate in the United States. Only Canada and Australia, also popular destinations for international migration, have levels of internal migration close to those in the United States.
Not all Americans are equally likely to move. Regions of the United States, for example, vary somewhat: in the Northeast only 38 percent of the population move in those five years, but in the West, 57 percent do (the North Central figure is 45 percent, and for the South, 49 percent.) The restless still look west, as they have throughout American history. They may eye Oregon or Idaho instead of California—or after trying California—but they’re still ready to move around until they get it right.
Younger people are more likely to move than older ones. Nearly 40 percent of Americans age 20-24 move in a given year, as do more than 30 percent of those in their late twenties. For internal migration, as for international immigration, moving is associated with finding work. For those over 65, fewer than 6 percent move in any given year: many start new lives in Florida or Arizona and then stay put. Blacks and Latinos are a little more mobile than whites, largely because they are somewhat younger overall. Another big but unsurprising difference is between those who rent and those who own their homes: renters are more than three times as likely to move (one-third of them move in a given year). Men are only slightly more likely to move than women (perhaps because so many men and women move together).
The propensity to move is not affected much by family size or income. Young, unmarried people are not the only ones on the move: 18 percent of single-person households move in a given year, but so do 18 percent of households with seven or more people! Wealthier people are only slightly less likely to move in any year: 12 percent of those making over $100,000 a year move, compared to 17 percent of those making under $30,000. Nor does education matter much. (Education makes more of a difference for the kind of move, with college graduates going greater distances.) Everyone, it seems, is on the move. Like immigration, geographic mobility has been a constant in American history.
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