California leads country in job growth. (San Diego, San Francisco: sales, high crime, vacation home)

[mysticaltyger]

Originally Posted by Tex?Il?

Funny way of showing love.

Not really. Love is NOT always a warm and fuzzy feeling that says "you can do no wrong". Love is about telling the truth, even when it's unpleasant.

[nullgeo]

No. This is love ...

[TVC15]

Originally Posted by Tex?Il?

He said, and I quote:

And California has the 3rd highest unemployment rate in the nation at 49th place.

And I again say so what dude

Unemployment Rates for States

CA is in 49th place out of the 50 states (51 if you count the District of Columbia) for being in the top 3 for unemployment.

49 CALIFORNIA 10.7
50 RHODE ISLAND 10.8
51 NEVADA 12.0

[Think4Yourself]

TVC, you didn't even bother to read the thread, did you? Because if you had you'd know that issue has been addressed multiple times.

[ZhugeLiang]

Originally Posted by Think4Yourself

O



an arm pit like Texas.

You don't get out much do you?

[oldtrader]

California had a big real estate boom, due to people speculating and thinking it was a path to getting rich. Prices did not go up due to natural costs, etc. They were forced up, by by those speculators causing artificial shortages, and people took advantage of it. When the speculation stopped, the oversupply that they caused, gave a surplus of homes and prices fell.

This is what happens anytime the natural market is upset. If everyone filled their cars up on a certain day, bought gas for their lawn mowers, etc., it would cause a local shortage and prices would jump as dealers would feel they had to raise their prices and take advantage of the shortage, as they were afraid that a shortage was going on and they had to get as much for their gas on hand as possible as there was no way of predicting how long the shortage would go on. The gas supply available to dealers, is based on normal buying habits in the area. It does not take into consideration, a rush on gas that would happen if everyone filled up their cars to the brim on one certain day. Of course the next day the wholesalers would run out of gas, and unable to refill the dealers immediately. There would be a big panic, and gas prices would jump.

This is exactly what happened when the building boom was on. People were buying faster than the builders could build in California bringing on an artificial shortage. This caused more people to speculate and buy homes. The second thing that happened to fuel the bubble, was Barney Frank got a bill through that was supposed to help poor people. The lenders had to make a certain percentage of loans to poor people and others that could not qualify to buy homes. It got up to 22% in steps before the bubble burst. That was the reason for the crazy loans such as no money down and no credit check, etc. These loans had small payments the poor people could meet. Problem was they had on an average a 5 year time limit, when they had to be refinanced under normal terms. When the 5 years were up, those poor people could not refinance or afford the new payments and this lead to the foreclosure problem and bank collapse. This increased the oversupply, and worsened the real estate collapse.

It will take years, for the real estate problems to solve themselves in much of California, which has always been the lead place for gold rush fever which the real estate bubble was.

This is another reason that California has the 49th highest unemployment rate in the country.

Places like South Dakota, Montana and other states that did not go crazy like California are not in bad shape today. The real estate prices are higher than they were before the collapse in California. The unemployment rate is low in those areas, and they are prospering. Where low paid jobs pay more than the minimum wage, just to get workers. Places where the cost of living is much, much lower. Taking the difference in average income being about 20% lower than the Silicon Valley as an example, with the cost of living being as little as half of what it is there in the SV, people in many areas of the country actually have a higher standard of living than in boom or bust California. Where an average family can afford to buy a home.

I was born and raised in Calfornia with families that go back to gold rush days to 1900 on both sides, who raised a family in Cupertino and other better class areas of the valley, but I bailed out when I wanted to really make money as it is so much easier to make and save in other parts of the nation.

It will take a long time for California to get back to what it was, and it may never happen. California lead the nation in new jobs, but lost more jobs in the same period, meaning the good news of leading in job growth is typical California hype meaning nothing.

[TVC15]

Originally Posted by Think4Yourself

TVC, you didn't even bother to read the thread, did you? Because if you had you'd know that issue has been addressed multiple times.

I don't care how many times it has been addressed...apparently it needed addressing once again.

Texas bashing has been addressed over and over and over in this forum with utter ignorance...but did that stop you?

Ridiculous that you must bash any state to make a point about CA.

[.highnlite]

CA is in 49th place out of the 50 states ... for being in the top 3 for unemployment.

An interesting sentence.

This is another reason that California has the 49th highest unemployment rate in the country.

Another interesting sentence.

It will take a long time for California to get back to what it was, and it may never happen

What was it? And what do real estate prices have to do with it?

[Fontucky]

Originally Posted by oldtrader

I was born and raised in Calfornia with families that go back to gold rush days to 1900...

Originally Posted by oldtrader

It will take a long time for California to get back to what it was, and it may never happen

They said the same thing about the country during the Depression. These are not special times.

[oldtrader]

The difference between today and the depression years (I lived in California through the depression), is that during the depression the whole country was in similar problems. Today, California has more than its share of serious problems. It really comes down to, are the people in California willing to take the austerity steps needed to solve the problem. That is the question. Willing to cut the tax rate for corporations, reduce regulatory agencies by combining them to maybe 5 or 6 instead of over 50 effecting businesses so businesses will be able to quickly make decisions to move into the state or enlarge their operation there instead of current about 2 years needed to go through all the hurdles. Make the state a business friendly state, to influence large employers to quit leaving the state and to go into business there. To cut the income tax rate on higher paid individuals and wealthy to slow or stop the exodus, taking their money and taking the taxes they would have paid with them. And this is just the start.