Mish's Global Economic Trend Analysis Message Board

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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: Tommaso who wrote (21935)	1/21/2005 2:43:08 PM
From: kikogrey	of 116555

I think they are proud to live in such wonderful expensive houses I guess I would be in that group but here's a different perspective. We bought our house in 1979 and since then several remodels and we end up owning free and clear a pretty expensive beautiful home in a great area in So. California. Our taxes are low and I feel like I never want to sell this home (cause I'd never afford this neighborhood again!). However, my point of view is somewhat different--I see my kids being screwed by these high home values. My oldest is newly wed and starter homes in her area (translation --outdated dumps) go for around $800,000. So what I'm seeing is lots of parents like me are sitting pretty on a paid for house only to see their kids (and grandkids) move out of state to afford a house. It's very hard to save up a downpayment from employment for houses in So. California so if the young kids don't win a lotto or get an inheritance they are SOL. I don't particularly see that as good. Yes, I feel good that I have a lot of equity in my home but I would rather that young people today could afford at least a starter home. My 24 y.o. daughter and I were having a conversation the other day about all the entitlement programs for the elderly, many of which I feel are not fair because some of the seniors have more money than they know what to do with but feel entitled to everything (many elderly I know feel that free health care and upteen zillion drugs are their God-given right).

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