President Barack Obama Message Board

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Politics : President Barack Obama

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To: tejek who wrote (100816)	9/5/2011 4:07:38 PM
From: John Vosilla	Read Replies (1) of 149317

I agree with most of your rebutal. But this time even in SoCal you had a massive hit in the fast growing inland empire where prices bottomed by early 2009 while the coastal diverse economy and high end held up much better. So yeah maybe in a couple of years just like Florida we will have had most all the shadow inventory cleared out and ready for a new cycle inland. Not so sure about the coast though. I am prepared for this to drag another five plus years as the other places catch up to us as the worst case.. In the NY area I am seeing and hearing of the enormous pressures of families, some related to me, up there in the big expensive 'boom' cities .. Too many in our age range and a bit younger bought into their dream home at very high prices, two new SUV's in the driveway and a decade plus of debt slavery. Now even they are way upside down like the ground zero markets as prices finally fell back to 2002 levels at best only it took them 2-3 years longer to get there so in essence with a weak job market even there and pressure in the public sector on job cuts, plus RE taxes are so high they are squeezed on all angles.. I also watch home prices and boy have they fallen from the subprime minority hoods in NJ like Patterson and Plainview to high end McManions in the exhurb to gritty blue collar commutable to Manhattan three family homes in Queens and Brooklyn the past couple of years. You saw these many homes as such low prices only in the rust belt or ground zero sunbelt markets in 2008.. realtor.com Newer McMansions under $300k up here was unheard of.. realtor.com This incredible almost new home on three acres was easily over $600k..look at how high the RE taxes are now zillow.com{scid=hdp-site-map-bubble-address}

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