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Originally Posted by shannon94
I don't consider this a "bickerfest" at all. As a matter of fact I appreciate blogs like this, so that people can discuss their points of view. First I will address the "bankruptcy" issue. As an Attorney you know that the bk laws changed last year. If people in this country, especially those in the banking industry felt that the prospect for rising incomes was good, this legislation would have never have been inacted, let alone discussed. On the income side the reason we will see falling incomes is due to outsourcing, downsizing, and M&A activity. This will concentrate higher income jobs in the hands of a few and water down the middle class. It's been said that the top industries in this country will be entertainment, healthcare and travel. I think you can draw your own conclusions from this scenario. On top of all of this, while it's difficult to prove that financial markets are manipulated, it is not unreasonable to think that we are being given a rosier picture than that which actually exists.
While not all realtors are "dishonest" they certainly have a vested interest. I know exactly what's going on in Cali......that's why I left beautiful San Diego. As I've said before.....people who make 40k a year should not be buying 500k+ homes. but they are because they are being told they qualify with , I will say again, creative financing. It has also been said that 70% of Americans are basically one paycheck from the street. Hmmm.
I use to think "to each his own". I never use to think that it would affect me directly or the plight of our country. But I do now for good reason. I don't mean to come off like I think people are stupid, but I do get a little emotional because I hate to see what's happening to people just trying to live and have a home. "Buy now! or you'll never get another chance!" LOL Hogwash! Peace!!
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You've raised some good points. I think my perspective is a little narrower - I don't worry about trusting my realtor because I'm capable of figuring out the truth myself. But probably lots of people get led the wrong way ... I live in an area where homes still are appreciating with no foreclosures. But people who make $40K a year buying $500K homes?? -of course that can't fly. And, of course, lawyers are somewhat impervious to the economy - litigation is alive and well and salaries are solid.
I don't know what to think of your position overall. On the one hand, our economy has some solid fundamentals and, in the past, Americans have deflected "doomsday" predictions about the economy. Some people think we are simply living in a new paradigm with the way prices are, i.e. cars used to cost $5K but now they are $20K and that's just the way it is and we're never going back. But on the other hand, if wages can't keep up, and too many people have those lower wages, then prices must come down. I'm honestly confused by the fact that the housing market in Fresno is down 20%, but prices went up 8% from one year ago. The news called it a "conundrum" the other day and even the experts are reserving judgment. I think these next few years will be very interesting. Honestly, one of the reasons we are moving is because it feels like Cal has spiraled out of control. We can afford it, but only by both working at stressful jobs that we don't like. Moving to another area that is nicer, and has much cheaper housing, seems like the ticket. More money in the bank, more money to enjoy life, bigger retirement fund etc. - just seems more responsible and relaxing than staying here. We'll see ...
One final note - you write that you "don't mean to come off like I think people are stupid." I believe that you have strong opinions and, frankly, I personally find most of them well considered and researched. But for fun I reviewed some of your posts. You might want to do the same, just for a little "come to Jesus" meeting with yourself. LOL It's just my opinion, but comments like "you've got to be mentally challenged to buy in Cali," "finally, someone with a brain," "that's the silliest thing I've ever heard," "moo" about overweight people in Texas, "ever heard of a housing bubble?," correcting someone's spelling (especially when yours is not perfect) -- may not be the most effective way to make your point. I realize some of these quotes are out of context, but not entirely and you meant it as it's quoted. Unless you are making millions, or the Federal Reserve has you on speeddial, you might want to take it down a notch. Just my opinion .... At the end of the day, we're all just people limited by our own experiences trying to guess the future! And who knows what that will bring?
Connie
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07-21-2006, 05:33 PM
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