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Just driving around San Antonio you see new houses being built EVERYWHERE and prices going up ALMOST EVERYWHERE. You might think there are thousands of people moving to San Antonio each month, even though the job market is not growing fast here. Then you check the home builders web site and see lots of available houses that are finished or will be finished in a month or so. You didn't see this two years ago. Then you see the houses sold on the streets and rental signs in front of the house. This is happening in the low and middle priced homes (up to $200K). There will probably be some weeping by investors in other states when the rental market is saturated and prices start falling.
San Antonio is an anomaly. Army's IMCOM HQ moving there within the next year or two.
your prediction that you got from reading a washington post article? I was the one who predicted this. thus why I sold my house in fairfax county during the peak and got the hell out of dodge.
Nope I predicted it and sold my house in CA in 2007, Moved to TX with CA in my rear view mirror, never to look back. OOOOh OOOH take the money and run!
The working class is being priced out home and family? Thank you America.
The recent real estate boom just destroyed my beautiful little county and bankrupted many of the local businesses. Now for some reason there are many empty overpriced homes available here.
BTW. Who's in charge of pricing the local real estate?
People are demanding what they want, not what they can afford.
I bought two lower end houses over the past 2 decades or so, they were both under $100k.
I had to do work on them, replace windows, upgrade electric/plumbing, etc.
As far as Failure of the American Dream thread (in this formum) the above article indicates we are seeing the Death of the American Dream. The stats are not good news. We are witnessing a shift in wealth from middle & working class families, to the wealthy class.
It went into hyper drive under the Bush Administration. Not only did they work towards destroying the Middle Class, their greed had no limits, and billions and billions of dollars went missing to war profiteers.
And after they stole the United States Treasury they went home to count their billions in blood money and asked Bush/Obama for a government bailout.
Perhaps the greatest financial swindle in American history took place under Bush/Cheney.
Housing subsidies for familieis making $90K a year? That's ridiculous. Work two jobs, as I did for some time. Move farther out and get a cheaper house. Don't have children if you can't afford to support them without gov't help. I agree the situation is tough, but where there's a will there's a way. Free money infuriates me like none other...
I agree 100% Dont have children if you cant support them. That is why I never had any children.
As far as Failure of the American Dream thread (in this formum) the above article indicates we are seeing the Death of the American Dream. The stats are not good news. We are witnessing a shift in wealth from middle & working class families, to the wealthy class.
When you put this on the table with other recent data, we seem headed for trouble in home ownership (for starters) with other areas bound to follow. Per the Washington Post on 25 Aug: “In the past 5 years, housing prices in Fairfax County have grown 12 times as fast as household incomes. Today, the county's median family would have to spend 54% of its income to afford the county's median home; in 2000, the figure was 26%. The situation is so dire that Fairfax recently began offering housing subsidies to families earning $90,000 a year; soon, that figure may go as high as $110,000 a year.” The rest of the story is at The Housing Crisis Goes Suburban - washingtonpost.com
Most young folks are priced out and must move 25-50 miles further west of DC, or up to Baltimore, where home prices are lower and they can qualify for a mortgage - they then commute back into the city every day - this is known as "driving to qualify" relative to getting a mortgage. The same situation is at work in many other large, expensive metropolitan areas.
s/Mike
Hopefully this economic correction over the last 2 years and the next 3-4 years will at least help to even out the playing field. I believe it is clearly visible in the housing market correction.
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