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  1. #1
    Atomic Punk
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    05.31.14 @ 08:17 PM
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    Default California Is Circling the Bowl

    Since 1990, California has lost a number of military bases, auto manufacturing plants, high-tech assembley plants, defense industry facilities and has allowed it's agriculter indstry ti shrink.

    It has banked it's budget on the Real Estate industry and new housing to fund it's fat and bloated budget. In the mid to late 1990s there was a tech-boom but that folded and then housing prices began to climb. Just as nobody was looking too close at what is now called the "Tech Bubble" back then, nobody in Sacramento was watching the housing market nor asking questions and as of today 1 in 8 Californians is in foreclosure. That has begun to hit Sacramento hard and it's only going to get worse:

    http://www.nbc11.com/news/14858065/detail.html

    See, this is what happens when, instead of bringing in new industry, generating new small business,you decide to hang your budgetary hat on property taxes.

    It's only going to get worse because somebody's going to uncover hanky-panky between organized crime and the price-fixing of high-end real estate.
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  2. #2
    Atomic Punk
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    this sort of thing will only spread beyond california. Real estate and the artificial wealth that has fueled it for the past several years is nothing but a house of cards that is beginning to tumble. (how's that for a cliche AND a pun...do I get combo bonus?)

    I'm a bit surprised it hasn't hit Houston hard but we do have the oil and related industries that keep people coming here so the market has only slowed rather than collapses. For years I've watched developers build huge subdvisions next to one another and then start offering insane incentives to entice individuals (alliteration anyone?) to get a dicey loan they can't afford. They've been giving away plasma TVs, furniture, upgrades of all kinds. The people then either get out of their rental house or put their house on the market and move into the new house they can't afford. They end up foreclosing, moving into an apartment and now there are TWO houses on the market. It's amazing...and all because the developers, the bankers, the investors, the builders and everyone else in the food chain has to continue to move paper. But this musical chairs game ends and the one left standing is always the consumer. (had to close it up with another metaphor...)

  3. #3
    Good Enough pal1800's Avatar
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    06.02.16 @ 09:13 AM
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    Quote Originally Posted by broken9500 View Post
    this sort of thing will only spread beyond california. Real estate and the artificial wealth that has fueled it for the past several years is nothing but a house of cards that is beginning to tumble. (how's that for a cliche AND a pun...do I get combo bonus?)

    I'm a bit surprised it hasn't hit Houston hard but we do have the oil and related industries that keep people coming here so the market has only slowed rather than collapses. For years I've watched developers build huge subdvisions next to one another and then start offering insane incentives to entice individuals (alliteration anyone?) to get a dicey loan they can't afford. They've been giving away plasma TVs, furniture, upgrades of all kinds. The people then either get out of their rental house or put their house on the market and move into the new house they can't afford. They end up foreclosing, moving into an apartment and now there are TWO houses on the market. It's amazing...and all because the developers, the bankers, the investors, the builders and everyone else in the food chain has to continue to move paper. But this musical chairs game ends and the one left standing is always the consumer. (had to close it up with another metaphor...)
    Can't disagree with that post. But as far as California is concerned specifically, they have many serious problems other than this and they are caused by the "pipe dream" logic employed by many people out there. I have friends and family out there and they are all amazed at the kind of political and social decisions being made. California is it's own WORST enemy.

  4. #4
    Emperor of VHLinks.com Brett's Avatar
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    12.13.17 @ 11:55 PM
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    Default

    Be nice if all the hatred of California actually kept people from coming here. Unfortunately, they keep moving here in droves.

    The housing market is a mess here, especially in So Cal where people are losing their houses right and left on those stupid interest-only loans.
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  5. #5
    Baluchitherium loveevhsince79's Avatar
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    You want to talk about a state circling the bowl, take a look at Ohio. Our foreclosure rate has tripled in the last few years due to the interest only loans or the 1-2-3 buy down mortgages. The last article I read we were 5th in the nation. We have lost huge amounts of our manufacturing jobs because they are exported overseas. We have whole city's like Youngstown which used to be a prosperous town because of the tire industry that is now decimated. Our state/local tax burden is one of the highest in the country (we're ranked 5th).

    What I would like to know is if our property taxes will be decreased? We all know that not only are houses not increasing in value, they are decreasing. Will we see a rush to lower the property tax burden during these hard times? And if they do, what is that going to mean for the schools? The way schools are funded here in Ohio is based almost entirely on property taxes which has been found to be unconstitutional THREE times but they still don't change it.

  6. #6
    Eruption Onirb's Avatar
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    Florida is also joing the mess also. People are loosing their houses left and right. I have a co-worker who lived on the streets for a few nights.

  7. #7
    Good Enough pal1800's Avatar
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    Quote Originally Posted by Brett View Post
    Be nice if all the hatred of California actually kept people from coming here. Unfortunately, they keep moving here in droves.

    The housing market is a mess here, especially in So Cal where people are losing their houses right and left on those stupid interest-only loans.
    Just in case you were refering to my post, I don't hate California at all. It is one of most beautiful places to live with great weather. I just see one bad political/social decision after another. Thats all. Actually, being from New Orleans, I can kinda relate except its the city and not the entire state suffering from bad judgement and impossibe goals.

    But I promise not to move there and add to the over population, I'll just visit.

  8. #8
    Sinner's Swing!
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    Quote Originally Posted by Brett View Post
    Be nice if all the hatred of California actually kept people from coming here. Unfortunately, they keep moving here in droves.

    The housing market is a mess here, especially in So Cal where people are losing their houses right and left on those stupid interest-only loans.
    I'm one of the few who actually left, and only because of a job too good to pass up. I miss it very much but am grateful to have left when I did.

    When I left in 2004, I had the feeling the peak of the housing market was getting near. 3 of my wife's cousins had bought houses between 98 and 2004 and were getting crazy equity, refinancing every 6 months because the values kept going up. Two of the cousins bought 2nd houses for investment, cashing out their equity in the 1st home and getting interest-only adjustable mortgages. Now they are both in foreclosure with the 2nd houses.

  9. #9
    Atomic Punk
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    I've seen a lot of data and a lot of anectdotal evidence that says people are leaving california in droves. The southwest states; NM, AZ, CO as well as Nevada have had huge increases as well Texas. Is it really that bad over there?

  10. #10
    Atomic Punk
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    05.31.14 @ 08:17 PM
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    Quote Originally Posted by broken9500 View Post
    I've seen a lot of data and a lot of anectdotal evidence that says people are leaving california in droves. The southwest states; NM, AZ, CO as well as Nevada have had huge increases as well Texas. Is it really that bad over there?

    Cost of living here plays a huge part of why people leave California.

    In Monterey County, you need to make $30,000 a year just to be considered working poor. Middle Income here for a household is $120,000+ a year.
    A studio apartment on the Peninsula is $1500 to $1700 a month and an apartment with two bedrooms runs around $2700+ a month.
    Gas as of tonight is $3.47 a gallon.

    We are losing professionals every day because they look at Texas, Nevada or Arizona, where the cost of living is so much more affordable and they throw up their hands and leave. Our water company lost it's best engineer to Las Vegas not because they offered more money but because he could move his family into a bigger/nicer house AND put money into the bank at the end of the month. My brother lives in San Antonio TX, his home is around $250,000, if this same house were in Carmel or Monterey it would be $1.4 million.

    The state has been out of control since 1979.
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  11. #11
    Sinner's Swing!
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    Quote Originally Posted by Axxman300 View Post
    Cost of living here plays a huge part of why people leave California.

    In Monterey County, you need to make $30,000 a year just to be considered working poor. Middle Income here for a household is $120,000+ a year.
    A studio apartment on the Peninsula is $1500 to $1700 a month and an apartment with two bedrooms runs around $2700+ a month.
    Gas as of tonight is $3.47 a gallon.

    We are losing professionals every day because they look at Texas, Nevada or Arizona, where the cost of living is so much more affordable and they throw up their hands and leave. Our water company lost it's best engineer to Las Vegas not because they offered more money but because he could move his family into a bigger/nicer house AND put money into the bank at the end of the month. My brother lives in San Antonio TX, his home is around $250,000, if this same house were in Carmel or Monterey it would be $1.4 million.

    The state has been out of control since 1979.

    The house I rented in Vallejo, CA was appraised in 2004 for $650,000. The house I bought near Cincinnati (same sq. ft, yard size, neighborhood standard) was $169,000. Utilities, gas, all cheaper. And I only commute 5 miles to work whereas I commuted 35 miles. The school district where I live has a budget surplus and small class sizes whereas the district in Vallejo was in the red $2 million and cutting services left and right. I miss California but not enough to regret my decision to get out.

  12. #12
    Atomic Punk
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    Here's today's LA Times, I'll call it "The Other Book of Exodus":

    http://www.latimes.com/news/local/la...la-home-center

    Why is it that guys named Roth always seem to be in denial and dance around the question?
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  13. #13
    Atomic Punk
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    Update for January 2008 - More Californians Bailing Out Of The State

    The number of Californians leaving the state will increase ten-fold in the next five years:

    http://news.yahoo.com/s/ap/20090112/...g_california_3

    The Governator's only plan in government works projects. Nothing about luring new industry or helping expand the industries already in the state.

    Worse, new (retarded) environmental laws will see more industries close their gates and move elsewhere.

    We are losing good people and soon all that will be left are the wealthy and non-skilled labor. No craftsmen, no engineers, no IT specialists and other people who know how to fix stuff and keep things working.

    Plus this year - for sure - we will have an earthquake of 7.5 or larger somewhere in the state. That's just my call based on watching the USGS site for six years.

    PLUS we are in the third year of a drought.

    Fun, fun, fun...
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  14. #14
    Gird your loins Daisy Hill's Avatar
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    12.13.17 @ 08:47 PM
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    Quote Originally Posted by loveevhsince79 View Post
    You want to talk about a state circling the bowl, take a look at Ohio. Our foreclosure rate has tripled in the last few years due to the interest only loans or the 1-2-3 buy down mortgages. The last article I read we were 5th in the nation. We have lost huge amounts of our manufacturing jobs because they are exported overseas. We have whole city's like Youngstown which used to be a prosperous town because of the tire industry that is now decimated. Our state/local tax burden is one of the highest in the country (we're ranked 5th).

    What I would like to know is if our property taxes will be decreased? We all know that not only are houses not increasing in value, they are decreasing. Will we see a rush to lower the property tax burden during these hard times? And if they do, what is that going to mean for the schools? The way schools are funded here in Ohio is based almost entirely on property taxes which has been found to be unconstitutional THREE times but they still don't change it.
    The same thing will happen to the schools here that is happening in Florida...tens of millions of dollars cut from budgets....well we'll always have the "lotto"

    Not only that, but this week Ohio Job and Family Services shook the unemployment compensation piggy band and found it empty...yep..Ohio unemployment taxes are now being paid via [Federal loans ..The loan was 500 Million bucks for just Jan and Feb...

  15. #15
    Atomic Punk Eddymon's Avatar
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    FUCK its 78 degrees on January 13th, much better than where I came from.
    I love California.
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