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

To: Lizzie Tudor who wrote (43854)	10/30/2005 1:17:25 PM
From: Whitebeard	Read Replies (2) \| Respond to of 306849

You'll never convince anyone that went through the 70's. If it hadn't been for prop. 13, I would have lost my house. I spent 16 years in that neighborhood before I finally had the money to "move up." By the time I left there were only three homeowners still in their original homes. I knew the area intimately from walking the dog and jogging. OTOH, it may be different in other more stable neighborhoods in Calif., but LA is all about turnover. And yes, the current situation is ridiculous. The average price in my old neighborhood is now 700, 800K. Ten years ago it was 400, 500K. But for most of the 70's, real estate was flat. It died in the late 70's, early 80's when int. rates were 10 and 12%. It didn't start to take off until the late 80's, then got killed by the riots and earthquake. Prices went down 30, 40% in some badly hit areas and people all around me lost their homes, which they had bought at what then seemed inflated prices. There have been three crashes in LA real estate in my lifetime.