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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Wharf Rat who wrote (43872)10/30/2005 6:00:53 PM
From: WhitebeardRead Replies (3) of 306849
 
Maybe it was cheaper in your area in the 70's than LA

I can still remember the #'s. They're burned in my head. $220 on the first, 78.05 on the second. It was a long reach when I got into it, just starting a family.

The 1943 house was in bad shape. the roof leaked. I patched it myself on the weekend with some buddies.

Property taxes went from 485 to 1600 in 5, 6 years, when Prop. 13 froze it. The rise in property taxes killed people. inflation was already eating into you on every level by '76, '77.

Work was hard to find, pay increases harder. If your gross was 700 a month you would have found it hard to own in LA in '75. You could have done it as a renter. Good houses could be had for 250, 300 a month in the SF Vallety.

You gotta remember the times. In '73 you could buy gas for 35, 40 cents a gallon. Then the gas crisis hit. Along with out of control increases in the property taxes, food, etc. Accelerating inflation was everywhere

The mood and the reality just got more negative. The 70's were lean times for the middle-class in LA. Mortgages continued to rise, hit 17, 18% in the early eighties.

It wasn't that people didn't want to buy houses. They couldn't qualify. Owning a house was beyond you because of the interest rates.

Since nobody could buy, nobody could sell without creative financing.

Housing died. Realtors left the business. Nobody talked about the housing market for next 15 years. It was all the stock market.
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