Report: California has nation's least affordable homes

San Francisco Business Times ^ | 1/7/05 | SF Business Times

[cyborg]

Homeownership is the American dream... could be the American nightmare too if you don't keep up with the mortgage payments *LOL*

[CaptainK]

Hey, we came in 12th, right after the last California listing. But LI gets the extra added bonus of kick ass taxes.

[cyborg]

Yep I agree about the kick ass part! LOL

[Mr. Jeeves]

These old bones are really hurting from the cold and wet.

It's funny - I'm only 40, but after getting pneumonia a couple years ago, I've lost all ability to deal with cold, wet weather. It never bothered me much before, but I can't stand it now. I'm moving to Las Vegas in a couple of years - in the winter 32 degrees and dry there feels much warmer than 45 degrees and damp in the San Francisco area. 110 degree summer days, on the other hand, don't bother me at all.

I suspect others feel the same way, and the trend for real estate prices in Southern California, Nevada and Arizona will continue on a steady upward course.

[Dashing Dasher]

Yes, I've had problems with the Commie Condo Club myself.

What kind of person runs around the neighborhood with a notepad jotting down things others do that annoy them!?

[ßuddaßudd]

Well well well, another idiot stands up to be counted. F U

[Uncle Hal]

I was in CA. real estate business for 40 plus years. Prices go up and prices go down but the new high is always higher than the previous high. At least that has been true since WW 2. The thing that is going to bring this price rise in real estate to a halt and probably cause prices to drop is the increase in interest rates. The cost of borrowing has been unbelievably low the last few years. I expect rates to rise dramatically later in the year. At least for a while prices will not be going up. Guaranteed. I have seen it happen over and over in the past.

[luckystarmom]

I have no idea. My husband did work about an hour away. He got a new job a year ago, and only works about 20 minutes away.

[farmfriend]

We bought at the end of 91. Houses weren't at their lowest yet but they were close. That was when Sacramento had 10,000 houses on the market. Our real estate lady had been in the business since 51 and she said that was the most she had ever seen. Anyway we got a good house at a great price. If we hadn't done it then we wouldn't have been able at all.

We also went with a variable interest rate, something everyone said we were nuts for doing. We started at 7% when fixed was at 8%. We are at 3.85 right now. Would have been lower but it can only move a point a year.

[Alia]

SSOOOoooooo true!

I cannot imagine how some are paying those outrageous mortgages and not chewing on the wallpaper for supper...

[Alia]

I'm not in real estate biz; but I've observed the CA RE markets for 30 years -- I perfectly concur with your assessment and analysis. It does rise even higher each time, after hitting a stall, maybe even a downward slope.