Home affordability drops in California


By tvgnus   Follow   Mon, 4 Mar 2013, 11:28am   948 views   17 comments
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http://www.centralvalleybusinesstimes.com/stories/001/?ID=22963

Sign that the states housing market is recovering •  Central Valley remains most affordable region Housing affordability is dropping in many areas of California and thats being seen as evidence that the states housing market recovery is continuing, according to a report from state Treasurer Bill Lockyer.

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  1. RentingForHalfTheCost


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    1   1:15pm Mon 4 Mar 2013   Share   Quote   Permalink   Like (4)   Dislike (1)  

    If you ain't going 5-to-1 leveraged on 40 year old wood and nails then your an idiot. ALL ABOARD!!! Next stop, the promise land, where growing older is all it takes to get wealthy.

  2. Facebooksux


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    2   4:23pm Mon 4 Mar 2013   Share   Quote   Permalink   Like (1)   Dislike (1)  

    RentingForHalfTheCost says

    If you ain't going 5-to-1 leveraged on 40 year old wood and nails then your an idiot. ALL ABOARD!!! Next stop, the promise land, where growing older is all it takes to get wealthy.

    Just PM E-Man, IWOG, RobertaAribas and SFAce for info.

  3. FunTime


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    3   6:35pm Mon 4 Mar 2013   Share   Quote   Permalink   Like (3)   Dislike  

    "Affordability drops" from completely unaffordable. I just don't understand the idea of buying a $350k house when making $66k a year. I lived a very fun life when I was making that much AND saved money. I rented a simple place to live.

  4. everything


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    4   8:32pm Mon 4 Mar 2013   Share   Quote   Permalink   Like   Dislike  

    It would only make sense, with such lower rates, the banks have to either do more loans, or have prices jacked to bring in the same cash flows they did before. I've said it umpteen times, it's the taxes and maintenance on these old shacks that make ownership unaffordable for me. And, even in my early 40's, I would not dare take on the kind of debt they ask, I know guys my age buying 150k homes, they'll be 70 before the loan is paid, I just don't get it anymore.

  5. E-man


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    5   10:15pm Mon 4 Mar 2013   Share   Quote   Permalink   Like   Dislike  

    RentingForHalfTheCost says

    Next stop, the promise land......

    You don't have to wait for the next stop. This is the stop. This is the promise land. This is the land of opportunity. Almost everyone in the world wants to live here. It's so true that people don't value what they have until they have lost it.

  6. E-man


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    6   10:22pm Mon 4 Mar 2013   Share   Quote   Permalink   Like   Dislike  

    everything says

    It would only make sense, with such lower rates, the banks have to either do more loans, or have prices jacked to bring in the same cash flows they did before. I've said it umpteen times, it's the taxes and maintenance on these old shacks that make ownership unaffordable for me. And, even in my early 40's, I would not dare take on the kind of debt they ask, I know guys my age buying 150k homes, they'll be 70 before the loan is paid, I just don't get it anymore.

    Debt can also be a tool. Just like real estate is about control and leverage. Don't be afraid of good debt. Learn to operate like a banker and make the spreads. It costs to be a saver and make 0.25% on your money.

  7. RentingForHalfTheCost


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    7   10:04am Tue 5 Mar 2013   Share   Quote   Permalink   Like (3)   Dislike  

    E-man says

    RentingForHalfTheCost says

    Next stop, the promise land......

    You don't have to wait for the next stop. This is the stop. This is the promise land. This is the land of opportunity. Almost everyone in the world wants to live here. It's so true that people don't value what they have until they have lost it.

    Yah, I'll be very miserable without my mortgage. The stress of trying to figure out what to spend my working cash would just drive me crazy. New car? Trip? Help a friend? Help a relative through college? Buy some new sneakers, some hats, burn the bills in the fire place. Ohh the stress of it all.

    Thank the Jupiter stars that we got the banks to remove all that stress from our lives.

    I'll stay on the bus for another trip around. ;)

  8. FunTime


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    8   10:12am Tue 5 Mar 2013   Share   Quote   Permalink   Like   Dislike  

    E-man says

    Learn to operate like a banker

    Exactly which means monitor your debt/net worth ratio very carefully! Give me the debt/net worth ratio of some bankers and I'll be very financially content!

  9. FunTime


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    9   10:16am Tue 5 Mar 2013   Share   Quote   Permalink   Like   Dislike  

    E-man says

    Don't be afraid of good debt.

    A strong fear of debt is probably one of the best ways to make the United States the place of freedom to which it aspires. All the people indebted to the very rich through mortgages, credit cards and an aspiration to luxury are not free.

  10. RentingForHalfTheCost


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    10   8:50am Wed 6 Mar 2013   Share   Quote   Permalink   Like (1)   Dislike  

    FunTime says

    E-man says

    Don't be afraid of good debt.

    A strong fear of debt is probably one of the best ways to make the United States the place of freedom to which it aspires. All the people indebted to the very rich through mortgages, credit cards and an aspiration to luxury are not free.

    Let the always competent bankers judge what the best debt/net worth balance should be. They have a much better track record than any simpleton like ourselves. Oh, they also have your best interests at heart. They want to make sure you have enough income to retire, to be able to help little joey pay for little league, and to send you on at least one beautiful trip every year. Such good people them bankers. I can only hope to be half as good as them.

  11. FunTime


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    11   10:16am Wed 6 Mar 2013   Share   Quote   Permalink   Like   Dislike  

    RentingForHalfTheCost says

    Let the always competent bankers judge what the best debt/net worth balance should be. They have a much better track record than any simpleton like ourselves.

    Evolution certainly bears out their superiority. All hail our violent overlords.

  12. Mick Russom


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    12   10:19am Wed 6 Mar 2013   Share   Quote   Permalink   Like (2)   Dislike  

    The train left the CA station anywhere near where there are jobs long ago. Its anti family, bankrupt, criminal-coddling, bad schools and broken. Its time to move out and remember the good weather. The quality of life here is astonishingly low. If you have kids, holy moly, get out now.

  13. Mick Russom


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    13   10:21am Wed 6 Mar 2013   Share   Quote   Permalink   Like (1)   Dislike  

    E-man says

    This is the promise land.

    Lol. What is increasingly becoming like a a rich suburb of Shanghai, this is promised land?

  14. Mick Russom


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    14   10:22am Wed 6 Mar 2013   Share   Quote   Permalink   Like (2)   Dislike  

    donjumpsuit says

    It's just sour grapes from those who weren't smart enough to buy 10 years ago

    What are your kids going to do? Kids kids? where are all the people serving food and give you a latte supposed to live with $5 gas?

    Sour grapes? Its like the playing Sim City and doing everything WRONG and somehow the city still survives so you do more WRONG stuff.

    SFBA, write off. Quality of life is low for most, and for the lucky ones, well, the sheeple look there have have "hope" and massive debt and wage slavery.

  15. rufita11


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    15   11:56am Wed 6 Mar 2013   Share   Quote   Permalink   Like   Dislike  

    Mick Russom says

    donjumpsuit says

    It's just sour grapes from those who weren't smart enough to buy 10 years ago

    What are your kids going to do? Kids kids? where are all the people serving food and give you a latte supposed to live with $5 gas?

    Sour grapes? Its like the playing Sim City and doing everything WRONG and somehow the city still survives so you do more WRONG stuff.

    SFBA, write off. Quality of life is low for most, and for the lucky ones, well, the sheeple look there have have "hope" and massive debt and wage slavery.

    In Sim City, my husband would put the people in the pool and remove the ladder so they couldn't get out.

  16. thomaswong.1986


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    16   1:25pm Wed 6 Mar 2013   Share   Quote   Permalink   Like   Dislike  

    the numbers below all mean that SFBA is still in bubble .... clearly the regional incomes are not there to support prices.

    At the other end of the scale is San Francisco, where just 22 percent of its residents could afford the median-priced home. The state’s other least-affordable counties are San Mateo (24 percent), Santa Barbara (27 percent), Marin (28 percent) and Contra Costa (31 percent).

  17. bmwman91


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    17   12:34am Thu 7 Mar 2013   Share   Quote   Permalink   Like (1)   Dislike  

    Mick Russom says

    E-man says

    This is the promise land.

    Lol. What is increasingly becoming like a a rich suburb of Shanghai, this is promised land?

    Danm right. I think that Americans in the SFBA are dangerously naive about what the SFBA will be like if wealthy Chinese expats really set a significant footprint down. Talk about an invasive species...the local natives wouldn't know what the hell hit them until it was way too late. These aren't the hard working folks that come here on work visas looking for a better opportunity for their family. A house in the SFBA is fashion accessory and an avenue for laundering ill-gotten money.

    As long as you have your mortgage, leased Lexus and BMW, the big Comcast package and 60" LED TV it's allllllll worth those hours you put in. Family time? Yeah, I tuck my kids into bed. OK hold on, it's almost time for my 10PM conference call. Gonna change the world with some SUPER slick contextually relevant marketing algos. Yeah, I work for a start-up...SUPER creative and smart. This IP is so rad, we don't even need to worry about how we'll make money. Angel investors are ALL about us.

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