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To: PGR88
I’m not sure how much of this to believe.

Technically its all true, but its a cherry picked group of facts that misleads the reader. Yes, there are many,many foreclosures in these towns, but they have nothing to do with agriculture. As real estate grew more expensive in the Bay area, people of modest means kept buying on the edges of the sprawling mega-city where prices were lower because of the long commute. Like many cities, this growth swallowed up whole small towns as bedroom communities. There was so much growth and prohibitively high prices that city people finally started driving east over the low hills into the central valley and buying up houses there cheaply, but with a long commute. This led to explosive growth in houses and house prices due to city people using their city salaries to drive up the real estate.

Then last summer the bubble burst, and gasoline shot up. The result is that the people on the central valley are the subprimest of the subprime, and were the first to go in California. Nobody in the farm communities who makes their money there can afford the houses at these prices, so the market is collapsing. Due to the foreclosures and price of gas, people are leaving and going back to rent in the Bay area or Sacramento.

These houses, including brand new subdivisions, are the newest ghost towns in America. These towns have way more housing than they ever could support on their own economies, and the people will not be coming back for years. These houses will deteriorate and be vandalized until they are unlivable before the people come back and create demand for more housing.

22 posted on 04/03/2008 6:04:59 PM PDT by Vince Ferrer
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To: Vince Ferrer

Actually the rotten globalists in our government built those houses to accommodate massive influx of foreign born, also lowering loan standards so these people could buy them. The government didn’t bank on citizens resisting their amnesty, and the Trans Texas corridor and all the other open border sovereignty stealing plans of theirs.

Don’t worry the US taxpayer has subsidized these developments and more taxpayer dollars will pay to bail out the big developers and transnational banking entities that put up the
‘subprime’ loans.


24 posted on 04/03/2008 6:26:58 PM PDT by hedgetrimmer (I'm a billionaire! Thanks WTO and the "free trade" system!--Hu Jintao top 10 worst dictators)
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