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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Paul Viapiano who wrote (10977)	6/3/2003 12:19:53 PM
From: Wyätt Gwyön	Read Replies (2) \| Respond to of 306849

The new buyer of a $2M home in CA pays over $25,000 in prop taxes the new buyer of such a home in TX pays 50K...as does the old owner. this is a way of benefitting the greedy and self-centered in CA. if you add up all the property tax collected from all the 2M homeowners in CA, the average payment will probably be around 5-10K, which is pathetic. no wonder the school systems suck. i just hope when the inevitable downfall comes, the rest of the country doesn't have to bail out California due to its irresponsible ways which benefit the rich, greedy, and self-centered. my prediction is that 20-30 years from now, when it costs more than $50 per barrel for the oil which is so necessary to keep the Los Angeles Basin from turning into the desert wasteland which is its natural state, people will marvel that California was once considered a desirable place to live. with gas costing $10 a gallon, who will be driving 2 hours to work in a 11 mpg Tahoe, living in a 625K starter home way out in the valley? (OTOH, since nobody will be able to afford to drive anymore, finally the LA traffic problem will be solved :) i predict it will be America's Brazil. i expect properties in Southern California will lose at least 80% of their value in real terms.