Posted on 07/30/2013 5:46:17 PM PDT by Oldeconomybuyer
The chances of finding an affordable home in California are fading fast as prices and interest rates rise — slamming the door shut on many would-be buyers.
Just 44% of Golden State residents were able to afford the median-priced home at the end of the first quarter. The state's median home price, as tracked by the real estate group, was $428,510 in June, an eye-popping jump from $378,960 in March.
(Excerpt) Read more at latimes.com ...
We already solved this problem in the 80’s.
Looks like the leftists want to “solve” it again.
If there are no buyers, what is it worth again?
No jobs because everyone has to be equal.
There ARE buyers, because transactions are happening.
A lot of the purchases are by hedge funds.
A Calif hedge fund purchased my daughters home in March.
Investment banks bought thousands of houses in the cheaper districts and foreign buyers are still buying majority of expensive houses in many towns. A stage anerican workers are not major players in many places in California.
We lived in San Francisco where homes are very expensive. That's because the space is so limited: 49 square miles only. That is not a lot of land. So...prices keep going up and up and up.
Working overseas taught me a lot--about myself.
Your daughter's home will be worth a friggin' fortune before too long...that is, if she's living in an area where there are jobs that AREN'T being done by braceros or immigrants (legal or illegal).
Yes, I understand most of the purchases are by investment groups, paying cash. Glad she got to sell, because I suspect that door will shut before the end of the year.
Investers are afraid of the vastly inflated stock market, got burned on gold and are looking for a place to park value. This upturn is a very unhealthy, weak bubble.
Investment groups are not buying the houses to move in.
There are very few “real” buyers.
I bought a house in June. 3.25% intrest.
The house is a new build, semi-custom. We added some more features. Those features, plus having it built on a premium lot cost us an extra $40,000. Signed the contract in December 2013.
The exact house we bought, minus the custom features and on a standard lot is being built 6 blocks away. They are asking $50,000 more than what we paid for ours.
They’re buying houses to rent. They realize in the Baraqqi “new normal” that will be a much larger segment of the housing market. Starter homes in decent school districts (called vinyl villages here in Indiana referring to the siding material) are what they acquire.
Rope a dope....The banksters and lenders nearly ran out of suckers and dupes...
Like bowling pins....They’re lining them up again for the rug to be pulled out....
Bet the rent...
Good. Not everyone should own a home. Period.
A new round of suckers.....to be had...
Sounds like they are trying to get out of cash and into real property/assets...
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