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Dream on...it remains far and away the most desirable place in the US to live. People leave...because they have their nut and can no longer stand the heat in the kitchen. Others come and will continue to. NYC and So. Cal. The two top dogs for our time and likely many years after. And the hispanics will have a field day after two generations. You missed what happened in Miami?
I'm far from a California basher. I love the state, the people are great, the scenery is unmatchable. It's just a case of affordability. Thats absolutely all. You can add the high tax rates that are chasing business out of the state as well. Both of those issues are simply monetary. San Diego and the Bay Area are two of the most ambiant cities in the USA, and would be at the very top of most folks lists if money was no issue. Surely everyone should have seen this situation brweing for years.
I'm far from a California basher. I love the state, the people are great, the scenery is unmatchable. It's just a case of affordability. Thats absolutely all. You can add the high tax rates that are chasing business out of the state as well. Both of those issues are simply monetary. San Diego and the Bay Area are two of the most ambiant cities in the USA, and would be at the very top of most folks lists if money was no issue. Surely everyone should have seen this situation brweing for years.
But it has been this way for the entire 30 years since I first moved there. The mantra on moving from S. CA was always by the biggest and best house where ever you were going. Leverage all to hell. That was so you had a chance to move back to CA in a couple of years.
And it has held up just fine. Like the RE problems of the early 90s this one will fade and on it goes.
Thankfully MT doesn't show up on the stats where people are runing to!
I believe that people are moving to Montana, but not in droves like Oregon
and the others. maybe they are afraid of the unibomber's ghost or something.
But it has been this way for the entire 30 years since I first moved there. The mantra on moving from S. CA was always by the biggest and best house where ever you were going. Leverage all to hell. That was so you had a chance to move back to CA in a couple of years.
And it has held up just fine. Like the RE problems of the early 90s this one will fade and on it goes.
Just my opinion, but I think this one is far worse than the early 90's. That one was just generated by the defense industry and local economic problems. This one is nationally linked. Sure this one will fade on, but there will be some excruciating pain for quite some time before it "fades". Also, before the early 90's housing recession in Cal, people were not leaving the state in droves. Since then, they have for the last 14 years, with a short hiatus in the late 90's. They just said on CNBC that California, based on their state GDP, is officially in a recession, so it looks like it isn't holding up "just fine" at the moment. Add, the housing meltdown, and California will be struggling for some time just to tread water. The only question is, how many people will be left in the state when the problems "fade on"?
One last thing......are you not from Vegas? It seems like you flew the coop from Cali as well, yet you say you've been in Cali for 30 years, or is that Vegas for 30 years? Explain....
Location: Sitting on a bar stool. Guinness in hand.
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NJ suck
Quote:
Originally Posted by CouponJack
People are leaving NJ because property taxes are too high & young families still can't afford decent starter homes....middle class and elderly are getting squeezed...
Yup your right there. NJ suck in general. The reason why it doesn't fall completely off the map is because some of the state is located near Manhattan. Which is not insanely expensive.
Just my opinion, but I think this one is far worse than the early 90's. That one was just generated by the defense industry and local economic problems. This one is nationally linked. Sure this one will fade on, but there will be some excruciating pain for quite some time before it "fades". Also, before the early 90's housing recession in Cal, people were not leaving the state in droves. Since then, they have for the last 14 years, with a short hiatus in the late 90's. They just said on CNBC that California, based on their state GDP, is officially in a recession, so it looks like it isn't holding up "just fine" at the moment. Add, the housing meltdown, and California will be struggling for some time just to tread water. The only question is, how many people will be left in the state when the problems "fade on"?
One last thing......are you not from Vegas? It seems like you flew the coop from Cali as well, yet you say you've been in Cali for 30 years, or is that Vegas for 30 years? Explain....
I said I first moved to CA. thirty some years ago. Moved back east..then back to CA and to Vegas about 12 ago. Still have CA ties though I have not been there in a couple of years.
The exodus from CA has existed to one degree or another forever. Most easterners in fact always expected to go back east one day. I don't think you understand the depth of the late 80s early 90s problem in CA. This is a piece of cake in comparison. Even if it gets worse it will be a national thing where the earlier problem was relatively much stronger in CA.
Vegas will bottom sometime between now and 2009. I would expect similar in CA...but this is likely to be a local thing. Some places will recover much quicker than others. In Vegas and I think Phoenix the thing has no depth. Both places are winding up the spring of large latent demand. As long as the doom and gloom keeps the buyers on the sideline prices will continue to slowly drop lower. But it will take very little good news to send it the other way. Then the spring start to unwind...the news turns good and things pick up reasonably quickly. I can see no way before spring though we might have a stable price by then. And it could easily go on into next year. Things like Freddie Mac in trouble or crashing Countrywide and we are stuck for another quarter or two.
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NJ suck
