“In spite of the biased coverage in the article, it shows an undeniable link between open borders and the worldwide mortgage fiasco.”
It’s about time people wake up to this. I live in CA, and I bought a house at the peak—had to so I could start procreating.
The value has dropped through the floor (we took out a fixed mortgage), but it’s clear, given our income, that there is no way gardeners could afford 500k houses! I was amazed.
They did..often times by renting out many rooms to other immigrants.
Joe immigrant moves in, cuts a few door ways in walls, including the garage, parks a few campers in the backyard, and is now open for business.
This happened all over the place in So cal. I saw it personally.
In any case, of course, we can afford to pay for our house, overvalued or not: it’s not easy: 3k a month housepayment + an additional property tax of 5400 a year + everything else.
I don’t care if my house ends up being worth half of what we paid, as long as the illegals GO HOME.
Mexico’s in contention for being one of the fattest nations now. Okay...if you have that much food to eat back home, go home and consume, please.
See Post 52.
You did not need to give in the the Bubble madness to start a family.
You could have rented my three bedroom rental house in a cul-de-sac in a nice neighborhood in San Diego for $1,600 per month and that includes the gardener and I pay the property taxes.
I bought that house in the 1980's for a sane price with conventional financing and it was completely paid off long ago. Thus, I can charge a realistic rent that the market can bear.
The price you bought at was inflated by people that were bidding up the price with Monopoly money.