Except that now the credit requirements are so strict that even well qualified buyers are having trouble finding loans. Something tells me the lending profile of the average home buyer today is just a wee bit different than the people who bought homes in 2005 that are now being foreclosed on.
Except that now the credit requirements are so strict that even well qualified buyers are having trouble finding loans. Something tells me the lending profile of the average home buyer today is just a wee bit different than the people who bought homes in 2005 that are now being foreclosed on.
A person with good credit and income to support a normal mortgage(ie documented income and payments not more than 30% of income) will have no problem getting a loan. If you could get this kind of loan before this meltdown, you cna still get one today.
But if you needed 0 down and 100 finance, good luck with that.
StageLeft
No Lifer
- Sep 29, 2000
- 70,150
- 5
- 0
We've heard that with the stock market several times, too. Your own link says median prices are down 41.5% and I've no doubt they will continue to go down even if the chunk of it is already taken out.
We can bump this thread in 3-6 months of course, but unemployment absolutely will be higher then than it is now, absolutely no doubt in my mind whatsoever about that.
will be interesting to see if MA is right behind them, gotta love the liberal spending states going bankrupt, totally awesome.
The buyers are out and inventory is falling at this point. I highly doubt houses are going to fall much more in value. Home affordability is currently at all time high.
[/quote]
by all means. I would generally agree employment numbers will be worse than they are now in 6 months. However you also need to realize that employment is a lagging indicator as it is one of the last things to imporve.
But I am fairly certain that the housing market will be better in 6 months, than it is now.
No thanks.
The type of life changed and it won't revert back to your 1950s vision. California will always be one of the most desirable places in the world to live. If you can't find a way to cut it, go to Arkansas.
IF California was the most desirable place to live, it would not be losing population. California could possibly lose house seats after the next census.
EXman
Lifer
- Jul 12, 2001
- 20,079
- 15
- 81
lol I'd have to take Red's side on this. Many see CA overcrowded with Thugs, Felons, pushers, ill-legals, regulation, and leaches making it less desirable and a lot more expensive to live in.
And Red is not one to be Ra Ra your leave it to beaver 1950's but I would.
I did not claim that California was the most desirable place to live. However, I believe that the population is still growing, not declining. It passed 38 million residents in December.
You can still be a desirable place to live yet still be losing population. I imagine that many European nations, Japan, etc. are desirable places to live (at least based on their standard of living) yet they are declining in population.
In California, many people who claim it is too overcrowded mean that it has too many minorities, especially after the Tech Boom. It will not revert to a 1950s white utopia. Sorry.
California is not losing population, it may lose a house seat after the next census because its population is growing more slowly than the national average. Property values in CA, even after any housing correction will remain among the highest in the nation, and for a good reason. A lot of people want to live here.
Yes people want to live there, but people do appear to finding places better to live than California.
I don't know about that with the pollution, raising taxes, lack of jobs, crime, traffic, and earthquakes its going to do a good job of making California a lot less desirable to people. Mexico has very nice weather as well... and look how that is going for them.
You seem to be equating LA county with the rest of California. LA is a polluted, traffic ridden, soulless hell hole. The rest of the coastal areas are amazing, the best place I have ever lived. San Diego has among the lowest crime rates of any major city in the country. San Francisco's crime is slightly higher than the national average, but nothing major.
The actual bad parts of California aren't the coastal liberal cities so much as the inland empire. Barstow, Bakersfield, etc... etc. Those places are fucking god awful. Then again, those aren't the places people want to move to when they move to California.
More are moving out of California than in
By David Pierson
December 18, 2008
For a fourth year in a row, residents moving to other states outnumber arrivals from other states, a trend that underscores the sour economy.
They said, "Go west," but many Californians are going north and east.
For the fourth year in a row, more residents left the Golden State than moved here from other states, according to a report released Wednesday by the California Department of Finance.
The outflow -- last seen during the economic and social struggles of the 1990s -- started when it became too expensive for most people to buy homes in the state, and has kept going throughout the bust with the loss of so many jobs.
The trend underscores the state's sour economy as layoffs continue, the fiscal strain on government grows and home values continue to decline.
Though more births and rising international immigration helped boost California's population a modest 1.16% last year, the state continued its steady stream of domestic out-migration -- the movement to other states of people who live here.
During the last fiscal year, 135,173 more people moved out of California than moved in from other states. Though just a drop in the bucket for a state of 38 million people, the trend remains significant because such declines usually occur when working Californians decide better opportunities lie elsewhere.
"I just gave up," said Grace Bryant, a former Glendora resident who fled to Texas after 18 months without consistent employment as a residential appraiser. "California is too much of a struggle."
Like Bryant, many of those who left California went to Texas, according to truck rental company U-Haul International Inc.; other popular states were Nevada, Arizona and Washington.
The company said that, as of late November, 0.5% more rentals were hired this year to leave the state than to move into it -- 0.2 percentage points higher than last year's figure.
Before writing the state's obituary, however, critics might note that a study released Wednesday by the Pew Research Center bolsters the notion of California's high desirability, showing that most native Californians prefer to remain in the state.
Though California is often depicted as a bastion for the rootless, 69% of native residents 18 and over still live here -- showing stability exceeded only by Texas, North Carolina and Georgia.
Still, the departure for other states of so many residents is serious enough to concern policymakers, who worry about the drubbing that California is taking in the recession.
The current spate of domestic out-migration began in 2005 after six years of continual domestic growth. The trend coincided with the developing housing bubble, which peaked in 2007 when median home values in Southern California reached $505,000.
"This was the epicenter of the housing meltdown," said John Husing of Economics & Politics Inc., a regional economic research firm. "People started leaving California because of housing prices -- particularly younger couples that just couldn't afford to buy a house."
But then the bubble burst and Californians were faced with a new crisis -- joblessness.
By David Pierson
December 18, 2008
For a fourth year in a row, residents moving to other states outnumber arrivals from other states, a trend that underscores the sour economy.
They said, "Go west," but many Californians are going north and east.
For the fourth year in a row, more residents left the Golden State than moved here from other states, according to a report released Wednesday by the California Department of Finance.
The outflow -- last seen during the economic and social struggles of the 1990s -- started when it became too expensive for most people to buy homes in the state, and has kept going throughout the bust with the loss of so many jobs.
The trend underscores the state's sour economy as layoffs continue, the fiscal strain on government grows and home values continue to decline.
Though more births and rising international immigration helped boost California's population a modest 1.16% last year, the state continued its steady stream of domestic out-migration -- the movement to other states of people who live here.
During the last fiscal year, 135,173 more people moved out of California than moved in from other states. Though just a drop in the bucket for a state of 38 million people, the trend remains significant because such declines usually occur when working Californians decide better opportunities lie elsewhere.
"I just gave up," said Grace Bryant, a former Glendora resident who fled to Texas after 18 months without consistent employment as a residential appraiser. "California is too much of a struggle."
Like Bryant, many of those who left California went to Texas, according to truck rental company U-Haul International Inc.; other popular states were Nevada, Arizona and Washington.
The company said that, as of late November, 0.5% more rentals were hired this year to leave the state than to move into it -- 0.2 percentage points higher than last year's figure.
Before writing the state's obituary, however, critics might note that a study released Wednesday by the Pew Research Center bolsters the notion of California's high desirability, showing that most native Californians prefer to remain in the state.
Though California is often depicted as a bastion for the rootless, 69% of native residents 18 and over still live here -- showing stability exceeded only by Texas, North Carolina and Georgia.
Still, the departure for other states of so many residents is serious enough to concern policymakers, who worry about the drubbing that California is taking in the recession.
The current spate of domestic out-migration began in 2005 after six years of continual domestic growth. The trend coincided with the developing housing bubble, which peaked in 2007 when median home values in Southern California reached $505,000.
"This was the epicenter of the housing meltdown," said John Husing of Economics & Politics Inc., a regional economic research firm. "People started leaving California because of housing prices -- particularly younger couples that just couldn't afford to buy a house."
But then the bubble burst and Californians were faced with a new crisis -- joblessness.
since Ca is earthquake territory, i have a feeling the state is very vulnerable to an earthquake
right now.
on the other hand, if there were an earthquake, once the riots stopped, would it end up creating
jobs ? the state would be belly up financially, and the US gov. would have to step in to finance
infrastructure repair.
i have worked in R&D about 95% of the time, but i have always liked manufacturing environments.
i didn't like to see Calif. factories shut down & sent offshore. i think pick & place factories are
totally cool. i got a chance to tour the Convergent Technologies factory in the mid '80's, one
of the first surface mount tech. factories in Calif., besides Solectron. ConvTech made an early
laptop.
i also got a chance to work as a design engineer at Wiltron/Anritsu and Litton Electron Devices, both
in Silicon Valley & both vertically integrated, when i worked there. Wiltron designs & manufactures
microwave equipment; i was there when they developed the K-connector and vector network
analyzer. Litton made radar tubes and radar systems, everything from making their own magnets
to assembling the metallized ceramic structures that became vacuum tubes.
so when people talk about "localizing manufacturing" i remind them, it's re-localizing, not so long
ago WE ACTUALLY MADE STUFF. you could not have a degree and work in manufacturing and make
$20 an hour - enough to buy real estate in Silicon Valley when $40K a year would buy a house near
your job. the other thing about it was - (almost) EVERYBODY MADE MONEY.
i think part of California's unemployment is related to the dis-assembling of the manufacturing
industries. i guess one of the final steps there was the shut-down of Clark Foam in Irvine (or
thereabouts) CA a few years ago. they made most of the surfboard blanks (like 1.5 million
polyurethane foam blanks a year); one of the main reasons they shut down was because Clark
was tired of hassles related to TDI, where the I stands for Iso-cyanate, one of the primary components
of surfboard foam.
maybe under President Obama California manufacturers will have a chance to play around with
more organic material choices (including hemp fiber based) and some of that manufacturing will
be re-patriated.
wow, i went from talking about earthquakes to talking about surfboards & hemp fiber. i must be a Californian !
right now.
on the other hand, if there were an earthquake, once the riots stopped, would it end up creating
jobs ? the state would be belly up financially, and the US gov. would have to step in to finance
infrastructure repair.
i have worked in R&D about 95% of the time, but i have always liked manufacturing environments.
i didn't like to see Calif. factories shut down & sent offshore. i think pick & place factories are
totally cool. i got a chance to tour the Convergent Technologies factory in the mid '80's, one
of the first surface mount tech. factories in Calif., besides Solectron. ConvTech made an early
laptop.
i also got a chance to work as a design engineer at Wiltron/Anritsu and Litton Electron Devices, both
in Silicon Valley & both vertically integrated, when i worked there. Wiltron designs & manufactures
microwave equipment; i was there when they developed the K-connector and vector network
analyzer. Litton made radar tubes and radar systems, everything from making their own magnets
to assembling the metallized ceramic structures that became vacuum tubes.
so when people talk about "localizing manufacturing" i remind them, it's re-localizing, not so long
ago WE ACTUALLY MADE STUFF. you could not have a degree and work in manufacturing and make
$20 an hour - enough to buy real estate in Silicon Valley when $40K a year would buy a house near
your job. the other thing about it was - (almost) EVERYBODY MADE MONEY.
i think part of California's unemployment is related to the dis-assembling of the manufacturing
industries. i guess one of the final steps there was the shut-down of Clark Foam in Irvine (or
thereabouts) CA a few years ago. they made most of the surfboard blanks (like 1.5 million
polyurethane foam blanks a year); one of the main reasons they shut down was because Clark
was tired of hassles related to TDI, where the I stands for Iso-cyanate, one of the primary components
of surfboard foam.
maybe under President Obama California manufacturers will have a chance to play around with
more organic material choices (including hemp fiber based) and some of that manufacturing will
be re-patriated.
wow, i went from talking about earthquakes to talking about surfboards & hemp fiber. i must be a Californian !
Red Dawn
Elite Member
- Jun 4, 2001
- 57,529
- 3
- 0
What you think the problem is Indians and Asians? Hell they keep to themselves for the most part and the ones that don't seem to have assimilated well. As far as Hispanics, California always had a lot of Hispanics, especially Mexicans. It's the illegals, especially those from Central America that are a problem but the overcrowding had a lot to do with all the Yuppie Scum that moved to NorCal to work in Silicon Valley driving up housing costs, over crowding the freeways and general fucking up the quality of life. It'd be like a bunch of ATOTers moving into your neighborhood.
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