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

To: Skeeter Bug who wrote (203916)	5/23/2009 1:37:43 PM
From: kikogrey	Read Replies (3) \| Respond to of 306849

I know prop 13 bashing is popular but I share your sentiments entirely. i'm incredibly thankful that it protected me, a reasonable home buyer, from the sheer idiocy of the goons running the federal reserve and the folks who fell into their debt trap. you think it is fair that some folks would bid up homes well beyond their means to pay and the responsible home buyers should have their property tax tripled? oh, and then the irresponsible just walkk away - free and clear? Why I should have to pay more property tax just because a bunch of idiots paid bubble prices for their homes, not necessarily to live in, but because they intended to flip it or use their HELOC money to finance their lifestyle? When responsible people buy a home they budget for mortgage, repairs, insurance and taxes. When morons buy homes they budget for minimum payment and when they can HELOC or flip. Why should my husband and I be forced out of our home in retirement due to taxes? Certainly since the dollar is trash we won't have nearly what we thought we would anyway. We've never participated in this debt orgy and other than our mortgage have lived debt free so why should be need to finance it? And btw being frugal isn't something that has taken away from my enjoyment of life. When you look at how the rich and famous's kids have turned out (lots of drug addicts) living a lavish lifestyle isn't all it's cracked up to be. I would say California real estate prices haven't even begun to fall in some areas. A couple of weeks ago I looked at an open house in Los Angeles for $1.2 million (reduced to that.) Description: modest home on a busy street. Lot was not even so that backing out of your hilly driveway onto a busy street would be something I would never attempt. Climbing a cardiac set of steps to the front door is little improvement over a second level apartment. Then, after viewing the house, my daughter and I realized we couldn't find the kitchen. The real estate agent let us to it, I was aghast--it looked like an area of a dirty bus depot. Back yard non-existent save for a gross green pool. All for $1.2 mil! I've lived in California my whole life but my state is broken. My kids will have a hard time living here due to the still insane RE prices. There are no jobs. May I repeat, NO jobs for those getting started in life. I know so many young highly educated under and unemployed.