Posted on 12/24/2004 6:43:51 AM PST by OESY
You have to ask? Any time something bad happens, Democrats are ALWAYS the hardest hit. It's like a law or something.
New York Times headline above the fold for the apocalypse:
"World Ends: Minorities Hit Hardest"
Only 19% earn enough to afford those prices so what do the rest of the people do? Rent? There is no way that homes in California would ever drop to a more affordable price again like say $150k for a 3 bedroom.
When the housing prices go down in Democrat states it will be W's fault. Clinton would have done better. That's another law or something. If the prices go down in Republican states it will serve them right. They should have voted for Kerry. It was in their best interest. Those red state voters were just to stupid to realize it. They watch too much Fox News.
Remember median doesn't mean average.
Well they sure did take a tumble in Southern California after the Northridge earthquake in 1994. Look for the same thing to happen with the next one too.
The prices of homes in our area has tripled in the past 3 to 4 years.
The rest of the people bought their houses a long time ago, when prices were much lower.
The mortgage would have to be $4000-$5000 a month. I don't see how anyone, other than those at the top of the economic ladder, could afford such as home.
Right. It means that a large number of people are living in homes with $300K+ "current market value", which they bought years ago for $150K. It also means that the high prices are only sustainable if not too many people try to cash out. If lots of people try to cash out on their paper gains, the bubble will burst.
This means that if you are retired and thinking of moving out of California or other high-price market, the time to do so is now
All this means is that the Kerry states mostly have densly populated urban areas, so there's greater pressure on land prices. A lot of those higer priced homes cost far more than comparable homes in less populated areas.
The NYT is really reaching, clearly exhibiting frustration and attempting to politicize everything. They see Bush behind every tree (no pun intended). I suppose they could find similar patterns in just about any kind of market if they look hard enough. What a piece of garbage that paper is.
What the article conveniently ignores is that when property taxes go up (disproportionately) in the blue states, then who's fault is it? Applying the NYT's logic, it would have to be the Dems' fault.
They are all professional victims.
Median house prices are climbing rapidly (2003 $133k, 2004$167k) in the Kansas City - low cost-of-living area. It's due to the constant increase in demand due to a constant increase in immigration and population increase. Red States have more babies and there's only so much real estate.
To the extent DemoRat states are undesirable places to live, home prices will indeed fall. For example, New York with layer upon layer of taxes and a huge welfare population in NYC, or Massachusetts where the people are so smart they keep re-electing fools and frauds such as Kerry, Kennedy, and Barney Frank! The future is in the so-called "red" states, aka Bush Land!
...what do the rest of the people do? Rent?
...or move back with the folks. I don't wish 'the investors' bad tidings, but one of my prayers for this Christmas is a home for those that need them, and payments that won't strap their budgets.
A home is a place to feel safe and warm at night, not an 'investment'. Those in power (including realtors) should stop boosting prices, if they really care about AFFORDABLE housing.
One question is, why does it cost so much to build a home? It isn't just raw materials - lumber, sheetrock, concrete. What is it?
You are not considering all those who currently own a highly appreciated home buying up.
Always remember, in California, 20+ million more residents will be living in the state in addition to the 35 million current residents over the next 20 years. These folks will probably like to live in something other than empty refrig boxes.
A lot of housing will convert into rentals, a lot more new housing will be constructed and the median price of homes will continue to rise. Buy now...it'll just cost more later.
Some families, who shall remain nameless (but moved north to Caliornia), stay together in one home. My neighbor (with 3 grown sons and their families)after several years of combined incomes, sold that home and, as I understand it, each bought their own home.
Actually pretty smart, if you can humble yourself for that long.
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