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Politics : Foreign Affairs Discussion Group
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To: Dennis O'Bell who wrote (183161)3/8/2006 5:37:53 PM
From: geode00  Read Replies (1) of 281500
 
California real estate, IMO, is being propped up by no equity loans for 750% of income.

That's nuts.

The last time this happened (before the 40% crash in SoCal) loans were going for some 300% of income.

This is going to hurt although people keep saying we're going for a soft landing.

I just don't see a soft landing in California. Not with loans like that being dealt out throughout the state. Plus, wages haven't come near to keeping pace with the rise in prices and that, eventually, has to match up.
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