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I've heard more than enough about how we're destroying the lifestyle of natives in other states with our fiendish Californian attitudes. We're ready to own up to our mistake in relocating and head home to good old CA! |
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The point is where are you more likely to be financially better off? If it's a choice between a cheap home in Texas vs. a cheap home in the California desert ... I'll take the desert because I can make more money out here. And at least California desert homes did appreciate a lot more than Texas homes again, because there's more money here. |
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Whatever. |
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Yes, I agree! We moved to Texas almost 3 years ago to retire and we can't wait to move back to the coast of California or we are thinking of the NC and SC coast. Good luck to all of us! ![]() |
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Really? Would you be so kind as to explain? |
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I don't know and this has been a question asked on some of the other LA & California forums. Here's just a guess, I am no expert.
Before the run up, there were three types of people, those who could afford California, those who couldn't and those who were sort of marginal. When the cheap loans and wacky ARMs became popular in the late 1990s(?) those people who were marginal suddenly could afford California. (The assumption is that there were lots of people who wanted to move to California and couldn't afford to.) That's why California and other demandable places like the east coast rose so disporportionally to the rest of the country. Bottom line: California is and has pretty much always been very desireable (whether in reality or perception). Once it became affordable (by virtue of cheap money), more people tried to live there (increasing demand) and with an essentially fixed supply the prices went up. This is just a guess. After all, California didn't become two or three times more desirable in ten years. That is, available jobs didn't increase in that proportion, the weather was great then and now, etc. I guess the flip side of the coin is that if it was the cheap money/wacky loans that allowed the prices to rise so much in California, the demise of these financial practices might result in a greater reduction in prices in California than in middle America. After all, the Houstons, St. Louiss, Denvers, Atlantas, Cincinnatis, etc. didn't explode so maybe their homes won't go down as much? Or maybe that is wrong especially if those type towns had about the same percentage of wacky loans??? Everyone will get smacked about the same. Not sure. |
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Similarly, I'd debate the statement someone wrote: "If you are very wealthy, then California is the best place to live." |
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