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Politics : Ask Michael Burke

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To: Mike M2 who wrote (44858)	1/28/1999 6:26:00 PM
From: Bonnie Bear	Read Replies (2) of 132070

Mike..the real estate is the killer here...houses here in silly valley have been going up with the stock market, 20% a year...$2000 a month rent for a two-bedroom apartment or small house is common..after taxes that's $4000 a month mortgage and it makes buying that $600,000 rancho cheaper than renting for the techies who live here.... as the rents go up the house prices go up. As far as I'm concerned, real estate inflation IS inflation. Period. Greenspan has wiped housing out of the inflation figures by saying that urban housing is in a bubble. Perhaps he's assuming that the internet will allow people to telecommute from rural areas, and urban housing will go down. I just don't see it happening. The worst problems are in SF bay area and NY/NJ....nothing new...

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