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: Moominoid who wrote (36753)	8/2/2005 9:17:52 PM
From: Elroy Jetson	Read Replies (1) of 306849

The reported family incomes in places like Glendale and Pasadena are indeed lower than many "Rust Belt" communities like upstate New York. Both communities have a large number of retired people who are living in the $1.5 million or $3 million dollar homes they purchased for $18,000 when they were younger. A surprising number of home owners in these communities qualify for Medi-Cal, subsidized utilities and other government welfare programs. In part this is due to the artificially low returns on capital created by Alan Greenspan. A couple with $1 million in savings, previously earning $65,000 per year until recently survived on only $10,000 annual interest income. These communities also include younger people living in apartments earning entry level wages at Starbucks, and those new homeowners who qualified for their $1 million dollar mortgage with one of the newest liar loans. Yes, the average incomes in these communities with multi-million dollar homes is quite low. .

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