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

To: Steve_C who wrote (205395)	5/31/2009 12:14:00 AM
From: Jim McMannis	Read Replies (1) \| Respond to of 306849

Ah, OK...but since this is the Real Estate board I was talking about tax breaks as they apply to real estate sales.

To: Steve_C who wrote (205395)	5/31/2009 12:15:23 PM
From: Skeeter Bug	Read Replies (1) \| Respond to of 306849

>>But that doesn't mean that prop 13 doesn't raise the price of housing, it only means that your argument is flawed.<< folks, Steve has come a loooooong way. while his personality is pretty much more grating that a cheese shredder, he now agrees with us - eliminating prop 13 will increase the cost of owning a home in CA, increase the marginal supply of homes for sale, and decrease the marginal price of homes in CA. you agree with this after your little econ 101 education on this board, right> okay, so with prices down over 50% from the high in nominal terms, Steve seems to be taking issue that housing won't fall 67% in some areas. he doesn't seem to understand that reducing demand for housing (increased unemployment, increased taxes) and increasing the cost of home ownership through increasing interest rates will also pressure home prices on the margin - they will drop even more. with unemployment going up, taxes going up and interest rates going up, prices will drop more. he seems to have an issue with the 67% number. so, Steve, what is the bottom if it is above 67%, and why will rising unemployment, rising taxes and rising interest rates not cause a deeper drop? we won't even go into alt-a and variable/interest only loan resets coming due that will drive even more home owners out of their homes. he probably didn't know that prime loan defaults now outnumber sub prime loan defaults. now he does. with all this education, i think i want Steve to fund 90% of my highest salary for a pension. <g> ok all, i'm done feeding the troll. he's going on ignore. he isn't serious material, nobody learns anything, he lack even a rudimentary level of insight and he's a waste of time. if he won't take action to end his ignorance, clearly he enjoys his bliss level too much. he gets to stew on CA citizens kicking his philosophy to the curb alone.