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A big one was the GI Bill which provided attractive home buyer terms.
One such development recently had a celebration which I was part of...
Thousands of homes built with full blessing of local regulators... building supplies short so builder bought timber lands, mill, trucks, etc. to make it happen.
I see this on wikipedia, which includes a link to a lengthy document I'm not motivated to search to make the poster's claim.
Quote:
An important provision of the G.I. Bill was low interest, zero down payment home loans for servicemen, with more favorable terms for new construction compared to existing housing.[21] This encouraged millions of American families to move out of urban apartments and into suburban homes.[22]
the point, I thought, was needing to incentivize (paraphrasing) "builders and developers like we did after WWII for baby Boomers to build more affordable housing."
Here's a pic of a house I used to own in Cupertino (Silicon Valley), home to the largest fruit company in the world (Apple). It is 4 bed, 3.5 bath, about 3500 sq ft.
I was the original owner; it was built in the late 80s as a semi-custom for about $450K, plus another $120K afterwards in extensive landscaping, swimming pool, hot tub, etc etc.
I sold it in the early 90s for about $840K. That family lived there until December 2019 (just before the pandemic). Here's what they sold it for just over a year ago:
Yep... Just posted my godparents bought new Santa Clara home for 19k in 1959... loved living there and home was like stepping back in time... Formica and pink appliances... No upgrades but everything perfect.
Kids sold the place last year for 1.9m
Dad paid 1200 yearly taxes now imagine close to 22k?
That's a great price for that area. Was the house intentionally priced low to encourage a bidding war or have prices come down in the last decade? We considered that area back in 2010 but ended up in Kentlands. We moved out of the area a year later.
The last 90 days have been wild with every home sale a new high...
I checked in at the old neighborhood... remember when these 1922 three bedroom, one bath homes or 1000 square feet were selling in the 60 to 80k range... even a 100k as foreclosures in 2009.
The 2009 100k homes are now selling for 850k in East Oakland... it really does boggle the mind when 10 years ago it was all doom and gloom...
Only goes to show the cyclical nature of Bay Area Real Estate...
The last 90 days have been wild with every home sale a new high...
I checked in at the old neighborhood... remember when these 1922 three bedroom, one bath homes or 1000 square feet were selling in the 60 to 80k range... even a 100k as foreclosures in 2009.
The 2009 100k homes are now selling for 850k in East Oakland... it really does boggle the mind when 10 years ago it was all doom and gloom...
Only goes to show the cyclical nature of Bay Area Real Estate...
Wow... a 100k to 850k in 12 years...
I took out an equity loan in 2010 on the house I owned in San Francisco. The property was apprised at roughly $450,000. Sold it in 2019 for just under 1.7 million. Now, I'm very glad I sold. However, come 2024 I see the house listed on Zillow for say 2.5 million I won't be too surprised.
I took out an equity loan in 2010 on the house I owned in San Francisco. The property was apprised at roughly $450,000. Sold it in 2019 for 1.95 million. Now, I'm very glad I sold. However, come 2024 I see the house listed on Zillow for say 2.5 million I won't be too surprised.
The Bay Area is such a freakish housing market.
Yes... I've been through several cycles but 2009-12 was truly the bottom falling out for many fringe neighborhoods...
Not a block in my city escaped and conventional wisdom was dump the house and rent... I picked up a few former homeowners with one literally crossing the street.
They cut the monthly housing cost by 60% simply renting instead of owning on the same block... each day they walk out the front door they see their old house.
For many years they kicked themselves for ever buying.
Now 12 years later seeing what homes are going for is a hard pill to swallow.
A few I know did strategic defaults... they bought replacement homes in their neighborhood/school district for greatly reduced price and then walked on their first home... these are Doctors and Lawyers where as others simply walked out and now look back.
As a side note the Realtors I know had their best year ever in 2020... these are people for at least 20 years in and some more than 30...
Home prices are extremely impatient to reach $1 million USA median (which is the new $100,000), and get it done and over with. Get ready for hyperinlation...
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