Santa Clara median SFH price = 1 million+

[buenos]

Originally Posted by mysticaltyger

This is all true, but real estate agents are not the root of our problem with rip off real estate prices.

The real problems are:

1. The area is built up.
2. There are tons of restrictions on building new housing (permitting, zoning, NIMBYs, etc.)
3. People want to live here and are willing to pay ridiculous prices.
4. Contrary to media hand wringing, banks, until recently, were too loose in their lending practices. They may be loosening up again, which would partially explain the insane prices.

That was housing bubble 1.0 in 2000-2007.
What we have now is driven by Wall street banksters.
http://dealbook.nytimes.com/2013/06/...t-buyers/?_r=0
Our homes and many things are commodities, toys for the super rich. I am glad they have not started this yet with basic food, water and other necessities.
1. and 2. are true, but should not cause this mess. 3. is not true, those who move here most of them are forced to rent. 4. definitely does not explain it.

[CTC]

Originally Posted by buenos

The housing prices make the otherwise would-be middleclass to become lower working class. In other places a 100k salary buys you a top 30% home, here it buys you a bottom 10% home. So it is not really middleclass anymore. And there is a generational divide, what I just said is true for my generation, not for the 45+ generation. In the 45+ generation there is middleclass on average income, they even got rich riding the bubble.

great points-when I lived in the BA about 11 years ago-fresh from college with a biotech degree, I was paying about 35% of my take home pay on rent (studio in Burlingame). I had very little left over for anything else-all of a sudden I was a lower middle class person as defined by ability to save (hardly anything) and have the chance to buy a house (nada). Even though I had a respectable degree and a good job, I was not getting ahead.

I bailed and now with my wife own 2 properties (one will be paid off within 2 years) and can actually save a good chunk of money every month-would not have happened if I stayed in the BA (too bad because we both like it and I was born in SF)

Now my sister who works at Groupon in SV is going through the same thing I went through 10 years ago-she will most likely leave too..

[sonarrat]

Originally Posted by buenos

That was housing bubble 1.0 in 2000-2007.
What we have now is driven by Wall street banksters.
http://dealbook.nytimes.com/2013/06/...t-buyers/?_r=0
Our homes and many things are commodities, toys for the super rich. I am glad they have not started this yet with basic food, water and other necessities.
1. and 2. are true, but should not cause this mess. 3. is not true, those who move here most of them are forced to rent. 4. definitely does not explain it.

One of the things about the "banksters" is that they are not buying properties with pools. If you are interested in a house with a pool then you can get it cheaper than comps, because the hedge funds aren't interested.

[buenos]

There are not many articles like this, only a few:
The Manipulation of the Housing Market Rise in Prices by the Banksters | John Hively's Blog: News and Analysis of the War Against the Middle Class
http://finance.yahoo.com/blogs/daily...131443918.html
Most people think it is a side effect of something like the weather, and think it is not done purposely...

[never-more]

Originally Posted by sonarrat

One of the things about the "banksters" is that they are not buying properties with pools. If you are interested in a house with a pool then you can get it cheaper than comps, because the hedge funds aren't interested.

Why are they not buying properties with pools? Lawsuit risk?

[sonarrat]

Originally Posted by never-more

Why are they not buying properties with pools? Lawsuit risk?

Maintenance costs and mosquitoes with West Nile.

[bigdumbgod]

Originally Posted by sonarrat

Maintenance costs and mosquitoes with West Nile.

Fill it up and turn it into a garden.