WatchBy Joe Schome.
To me, one of the most interesting aspects of the bubble is that its effects are felt differently in differnet areas. Not just on a nationwide level -- appreciation has been mostly flat in TX, while prices have tripled in many parts of CA -- but the bubble even affects different regions of the same state in a disparate way.
For example, while the median price in the SF Bay Area is higher than the LA median, I think that SF is nonetheless far, far more affordable than LA.
For example, you can get a 2BR condo in a decent school district like Walnut Creek (average SAT score 1140) for $200k. To get a 2BR condo in an LA school district with that kind of average SAT score, you'd have to spend at least $400k, and probably $600k.
The disparity in SFH prices isn't as pronounced, but there is a disparity there too. For example, as of this posting there are 32 SFH's for sale in the SF Bay Area's best public school district, Cupertino (average HS SAT score 1251). In San Marino, the LA area's best public school district (average HS SAT score 1231), there are 5. Now, Cupertino has roughly two and a half times as many listings as San Marnio and is about four times as populous, so it's not an apples-to-apples comparison, but the fact remains that Cupertino is cheaper. Also -- and this is really important -- SFH's are not the only type of housing for sale in Cupertino. There are 2BR condos in Cupertino starting at $545k. San Marino is zoned solely for single family homes, there is not a single condo in the entire community. The cheapest avaialble listing of any kind in San Marino is a 1,000 square foot 2BR house for $798k.
So viewed in this light, while the SF Bay Area may have a significantly higher median price than LA, it is actually far more afforadble. A middle class, college-educated family not might want to live in a 2BR condo in Walnut Creek, but they can afford to do so if they stretch just a little bit. In SoCal, by contrast, the situation is much worse for middle class families. While there are several $200k condos in Walnut Creek, a place with very good schools, there is not a single 2BR condo listed for less than $200k in Compton, SoCal's worst public school district. Thus, the folks in SoCal are getting squeezed by the bubble a lot more than folks in NorCal.
The bubble is even more intersting in places like NYC. There, a generic 2BR condo in a one of the nicer areas of NYC's Upper West Side will cost you $949k. We're talking about Jerry Seinfeld's apartment here, not a high-end place with a view of Central Park or the river. The upper-income suburbs of New York are dirt cheap by comparison. Private schools are a must. Mehdham, NJ has SFH's starting at $374k; Scarsdale, NY (a city with an average per capita family income in excess of $200k) SFH's start at $600k. Values are all over the map in the NYC area. Clearly, the bubble affects different regions differently.
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astrid's website
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Sheesh, get your news from the internet and cut out the commercial breaks. :)
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The news is all good! Haven't you heard? Inflation (ex food, energy, health care, education and housing) is under control!
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I just saw on Google News that they have arrested Jon Benet’s killer.
But what about Natalie Holloway?
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Randy H Says:
I think CNBC is reasonable during market hours.
One thing I'll give them is the reporters of the female persuasion are generally very attractive. I wonder if that had an effect when Bendover Ben blurted his opinion to Maria Bartiromo at that party a few months ago...
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Peter P Says:
"I just saw on Google News that they have arrested Jon Benet’s killer."
But what about Natalie Holloway?
Are you implying Natalie Holloway is Jon Benet's killer?
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One thing I’ll give them is the reporters of the female persuasion are generally very attractive.
What, you don't like Suzy Assaad?
http://tinyurl.com/pcd7a
(Glen-- I changed the link to a tinyurl because it was skewing the whole page-- SQT)
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Whoa... I think I crashed the site with that link!
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"I just saw on Google News that they have arrested Jon Benet’s killer."
Wow, that harkens back to lighter, more innocent days when this country thought it's biggest problem was angry gun toting suburban teens.
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Are you implying Natalie Holloway is Jon Benet’s killer?
Huh?
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I was just trying to find out if there is progress on the Aruba case.
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America's favorite news stories:
5. political sex scandal
4. celebrity crime
3. pretty white girl disappears (under age of consent)
2. live car chase
1. pretty white girl disappears (over age of consent)
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Yeah, we can all do with more HOT WHITE SLAVE ring exposes. Maybe Ken Starr could do an independent counsel report for HOT WHITE SLAVERY of 17 year old blonde girls.
Maybe it's time to watch Spartan again. Gotta get the girl.
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Peter P Says:
"Are you implying Natalie Holloway is Jon Benet’s killer?"
Huh?
Sorry, a bad attempt at humor.
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One thing I’ll give them is the reporters of the female persuasion are generally very attractive.
I wonder if that had an effect when Bendover Ben blurted his opinion to Maria Bartiromo at that party a few months ago…
That's putting it mildly. Many of them are prone to having that "Seinfeld's super attractive girlfriend Nicky episode" effect. I'd hate to run into any of them at a cocktail party whilst holding SEC 10b/14e information.
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CNN has had the JonBonet thing running all day. I suppose it makes a nice change from explosions in the Middle East.
Still, you have to wonder how much 'news'it is. Breathless reporters asking a different cell-phone broadcast talking head every hour what's going on, and they keep on saying 'we don't know at this time...'
And there's poor old Wolf Blitzer, standing there in night-time Jerusalem, doing links about it.
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Hey gang found and interesting site that compliments this site.
EconomyinCrisis.org
Check it out it covers alot of what is wrog with the national economy.
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Too bad Patsy didn't live to see this.. I think the Ramseys suffered the stress effects of the stigma. I think it killed Patsy sooner. Tragic
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Allah's website
Was at the bank today;had to take care of some business so I was sitting a (half hour or so) while in a cube by the window. Across the street from the bank I can see a realtors office;door held open by a stone, dark inside. The entire time I was there I didn't see one person enter or leave. I asked the banker, "They don't seem to be to busy over there, huh?". She tells me, "I haven't seen anyone enter or leave there the whole year". We both looked at each other and laughed.
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allah,
I love the anecdotes. Keep 'em coming!
BTW, if you haven't seen it yet, the DQ Bay Area numbers are out for July:
http://www.dqnews.com/RRBay0806.shtm
A choice portion of the press release:
Last month was the slowest July since 1996 when 7,682 homes were sold. The average July sales count since 1988 is 9,158.
"One of the questions being asked is how much future activity was drawn into the present in 2004 and 2005 when interest rates were at their lowest levels in decades. How much of today's demand has already been met? If the market is indeed going into a lull, expect low sales and flat prices through fall and on into next year," said Marshall Prentice, DataQuick president.
The median price paid for a Bay Area home was $627,000 last month. That was down 2.6 percent from June's record $644,000, and up 3.5 percent from $606,000 for July a year ago. Last month's year-over- year increase was the lowest since May 2003 when the $427,000 median was up 3.4 percent.
Has anyone else noticed that the new standard realtwhore line these days is, "the reason for low sales volume is that everyone who was 'supposed' to buy this year (and next) already bought in 2004-2005 because of low interest rates." That's just pure BS.
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Has anyone else noticed that the new standard realtwhore line these days is, “the reason for low sales volume is that everyone who was ’supposed’ to buy this year (and next) already bought in 2004-2005 because of low interest rates.” That’s just pure BS.
Did they hire Baghdad Bob?
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Here's an interesting Freudian Slip:
shit_hits_the_fan Says:
"I’ll add my 2 cents worth. I would assume the real reason why there are such cost diffrences in terms of housing between LA and SF is the kinds of people that lice in these areas."
_____
Yes, the kind of people who LICE in these areas.
You mean the kind of lice that people these areas, don't you?
Ha, ha!
Someone please tell me another Kiyosaki story, particularly the kind about his charlatanry. I'm in need of some merriment.
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surfer-x's website
Banned? Shit I don't care if Mr. Vincent has four fucking olives in his Martini.
Go for it, I say it's more of a salad at that point.
I think I need an intervention, thinking of making payments to loan company for house in Ventura. Cuter than shit Ca bungalow.
Help HARM. Perhaps Sunday Sept 3rd blog party?
Send money, guns and lawyers.
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Rick Reno,
Your is a pronoun, reflecting genitive form. You're is a contraction, comprised of a normally nominative case subject and verb.
Apparently good grammar was less emphasized in earlier generations.
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Troll,
lol. I've never even had a beard. I did use to kick bullies' asses when they fucked with me though. Bullies are pretty much always wimps; which you probably didn't realize about yourself growing up while thinking you were tough by taking the retarded kid's lunch money.
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you are from a different generation and for that I am sorry for you.
LMFAO.
Apparently you were concerned about yourselves. Or didn't you have children? I sure hope not.
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surfer-x's website
Randy H, any chance of being in $B during the labor day holidaze? If so Sire, I most humbly offer you the chance to get loaded at my pathetic rental.
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surfer-x
I'd be there if I could. Doubly so since the inlaws will be in town, lol. Thanks for the offer. I'll take you SoCalers up on it someday, you have my word.
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New Thread:
Generational Rivalry
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Reno,
Since your opinion does not matter to me or probably anyone who has worked their entire life
Funny, considering I was born poor in southern Indiana, grew up poor in Southern Ohio, and paid my own way through mega public university. But I surely couldn't have worked for anything in my life because I'm not a Boomer. Oh, and I lost two before having my son. So fuck you and your self righteousness.
(ok, calming down now. maybe i will come down to $B over Labor Day)
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SQT,
Yea, (s)he really pissed me off. Typical self-righteous crap. Make up some shit for credibility without even stopping for one moment to think about all the people (s)he might be offending who actually suffered losses, but don't use it to solicit pity when they're losing an argument.
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As I'll have the in-laws in town, I'll find the single malt whether in $B or MarinPrime. I'll plead my case to the spouse, but I doubt she'll allow me to abandon her to her parents. Maybe we'll both come, lol.
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Oh, c'mon guys, Rick reno is a troll and not even a very good one at that.
Though I guess it is kind of a slow night....
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Hey, someone mentioned that home prices are going down in Texas... I just read an article that said they were up 11%.
I know another couple that moved to North Carolina, Durham this time. North Carolina seems to be the spot for some reason. I didn't hate it when I was stationed at Ft. Bragg 20 years ago, but other than Chapel Hill and the UNC co-eds, I couldn't see a lot to recommend about it either.
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If you truly lost your son then you have my uncategorical sympathies. Many others have also suffered losses, and even though you have no sympathy for them, I still do for you.
Just a suggestion: Raising such personal issues in a blog is ill advised.
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astrid's website
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Rick Reno,
Are you here here to troll or get sympathy with random pieces of your sad life? Neither are really appropriate for this website, and those two goals are incompatible with each other.
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Rick Reno Says:
"...Your Damm right I worked my entire life in California 60Years...I am Ashamed of americas young people - as far as I am concerned they are all worthless.. Me ME ME and fuck anyone else that gets in my way..."
Comment: That's the hippy-ass, Boomers generation that conveniently morphed into the pot-smoking, Zep-listening "ME" generation of the '70s.
Many later became disco daddies when it was fashionable circa '78-'79.
They later degenerated into the leading edge "Yuppies" that sold out
their misguided 60's idealism for the almighty $$$, and did a lot of cocaine on their breaks working for IBM, Intel and HP, etc.
In other words, they jumped on every self-serving bandwagon & shameless pimped every trend that rolled down the Zeitgeist.
"I Played by the same rules that are in place now - the same rules that you will have to play by because there is more of us than you lazy bastards. Quit crying a complaining and earn it just like we did..."
Comment: There are no rules, only the choas of the post-modern Boomer
slash and burn political, social and economic mess that we were left to clean up after the party.
"(B)y the way I spent two years in south east asia in the 60’s I did not like it but I did my duty and I am proud of myself for doing it - what about you what have you done for America besides complain…"
Comment: US Army - Counterintelligence Specialist, Ft. Bragg NC, 1986-'89. US Army Reserve - Intelligence Analyst 1990-1992.
Etc., etc., etc...
You sound like an angry old bat that's got his share of the pie but that's losing his faculties...
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Different Sean's website
I had a Son he died of Crib Death in 1974 at 5 years old
They also think it could be the newborn baby 'forgetting' it is outside of the womb in sleep and stopping breathing -- so only a developmental problem in the first year of life... they've usually gotten over that hump after 5 years of practice, and usually outgrown the crib also...
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Also, Glen Ellen isn’t in Marin County.
Yea, I was so irritated that I didn't even bother to point that out. (S)he's either extremely confused after years of alcoholism or fabricating the entire tale.
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The old guy is a loon! If his story was fabricated how sick! I find old boomers pathetic anyway. And I'm 40 something I generally don't hang with my peer age group anyway. But hen again my my partner is 20+ yeras younger than I.
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The truth is, we can call whoever a troll. Tragedy happens every day, everywhere.