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

To: Moominoid who wrote (36758)	8/2/2005 10:20:02 PM
From: Elroy Jetson	Read Replies (2) \| Respond to of 306849

I suspect, based mostly on my own prejudices, that the level of unreported income is higher in Glendale, which has a significant number of recent immigrants of the Armenian, Middle Eastern and other cultures with low tax compliance. Mortgage brokers I know have related an eye-popping disparity between annual deposits to a family's bank account and the amount reported on their tax returns. The State of California has experienced a serious problem with welfare fraud among newly arrived Russians, Ukrainians and the ever popular Gypsie community sometimes from Romania and sometimes for other places. I'm sure there must be some explanation for this. Pasadena and upper Glendale tend to be of the retired college professor or retired Disney employee sort who might have the odd unreported income from Ebay, but nothing significant. As long as I'm in the mood to reveal my prejudices, its an interesting contrast to many Persian immigrants in the Westwood area, some who are often genuinely financially distressed, but loath to show it or admit to a lack of income. From my experience, carelessly dressed Persians have money but well dressed Persians may not have enough money for groceries. My sometimes business partner and his recently divorced wife live in Glendale. He owned many apartment buildings, some of which his ex-wife now owns. (To show how naive she is, she is quite excited about the prospect of being a Landlady) In any event, many of their neighbors in Glendale are retired couples who barely scrape by. You can often spot these home owners by the fact that their homes are perhaps ten years over-due for a paint job and they clearly don't have a gardener. .