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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: BeachBum who wrote (77848)11/4/2000 1:44:55 PM
From: Warpfactor  Read Replies (3) of 95453
 
OT: "People don't want to admit it but things have never been better"

Obviously, Beach Bum, you do not live in California. I rake in $80K as an Engineer in Santa Clara, my wife works part-time pulling in $25K while taking care of our baby girl. A couple more years of 70%+ returns on my portfolio, and we should be able to come up with the $300K to comfortably afford the $500K 1600 sqft homes here, assuming prices do not further appreciate by then. Most people without my "investing prowess" (I use the term loosely) in a similar situation would have no hope of ever buying a home, assuming they didn't happen to own one already.
In a few years when our girl is ready to go to school, we'll shell out additional $$ to send her to a private school. Such is my confidence in the state of the public school system. I don't need to discuss the ineffectiveness of that venerable institution and the direction it has taken over the past eight years.
Those of us living in California are not better off. Even those homeowners with hundreds of thousands of dollars of equity feel trapped in their homes, unable to move up from their starters. As high as prices seemed back then, everything was more affordable in the early nineties.
Some say it's simple supply and demand causing this situation in northern CA, yet a drive around the Bay Area would display the thousands of square mile of open space off limits to development. Now we even have another "Open Space" local ballot initiative which if passed would not allow farmers/ranchers in the outer suburbs to sell their property to developers.

Warp
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