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

To: kikogrey who wrote (203931)	5/23/2009 2:28:28 PM
From: Skeeter Bug	Respond to of 306849

>>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?<< you shouldn't. >>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.<< agreed. i have no problem limiting prop 13 to primary residences. i think that is reasonable reform. but that's not what the liberal goon squad want. they want more than 70% increases in revenues in 11 years. they want 150% increases in revenues every 11 years. if the past 11 years was tough, wait until they try and get their 150% over the next 11 years. their mantra is "no layoffs, more pensions, higher raises, colas, more benefits, etc... screw the private citizens - let them burn, not our problem." >>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.<< we are very much alike. my enjoyment from life typically doesn't come from dropping loads of cash or impressing others. >>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.)<< wait until rates hit 15%. anyone that can do the math knows what that will do to home prices. the banks want their piece, people, and the government will let them have it. bernenke can't keep spending trillions on bonds at generational highs forever... wait until we have to back all those losses. we could see 15% mortgage rates and 20+% higher taxes simultaneously. what will that do to home prices? before this is over, i think someone will be able to pay less than $100k for a decent house in san diego. it might take up to 10 years, but i think it is coming. >>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!<< greed based dreams are hard to give up. >>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.<< just don't buy stupid. prices will come down. waaaaaaaaaaay down. $200k is a LOT of money in the real, non greenspan/bernanke bubble world. it will buy a decent house once again. >>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.<< i have little hope for this metric. it will be tough. i recommend you sit down with some of your relatives and try to figure out a business plan that they can try and start. i'd focus on something that is labor intensive, not capital intensive. i expect employment to get worse.