The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: Lizzie Tudor who wrote (12837)	8/21/2003 4:52:05 PM
From: GraceZ	Read Replies (5) of 306849

Your problem is that you bought the top of a pyramid and you haven't gotten your payout and now you are starting to resent the people who bought in at the beginning. Work to lower the overall spending. Over and over I've told you that collectively you are all are paying too much. If you concentrate on that you'll do far more good than trying to beat this dead horse of the elderly yeasting off the young. It was the newer buyers that drove up the prices in the first place. Someone sitting on their house for thirty years doesn't drive up prices (thus real estate taxes) , they are driven up by people buying at the margin. Had you said back in 2000, I won't pay these inflated prices that would have been one less million dollar tract home. I did. I moved from CA because I didn't want to spend 50% of my income for a house. I'm not sorry I did that and I'm far better off than my friends who stayed even though they have a ton of home equity (I have investments instead of an expensive house). They vote for every single program and new regulation because they can't make the connection between voting for that stuff and their ridiculously high cost of living. They want to do good and they assume they are doing it with someone elses's money, someone much richer than themselves. Prop 13 was an effort to do good. Ah, the law of unintended consequences at work again. BTW the year before Prop 13 was enacted I went to visit my sister in San Diego. She had just moved into a nicer, bigger house in her old neighborhood. She told me everyone was doing that because the way house prices were going up everyone had so much equity in their houses now that they could now use to buy a much nicer house! That and everyone was taking out second mortgages in order to buy vacation homes. None of this crap we talk about going on in CA is new.

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