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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Steve_C who wrote (205408)5/31/2009 2:45:16 AM
From: pheilman_Read Replies (1) of 306849
 
Speculative blow-off in California real estate? Nah, couldn't ever happen.

You don't have much local knowledge of the area if you think that Giovanna has any equity. Everyone pulled cash out, that's what paid for everything. Californians didn't earn much more than everyone else but we sure spent it.

I am thinking about the demand curves as a series of curves based on when the house was purchased, if 80% of the value is untaxed, then the owner would be quite happy with much higher values. Removing prop 13 collapses all those curves onto one, much lower, curve.
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