The Housing Bubble

But I’ll tell you who hasn’t aged well: Grace Slick.

She was hideous at 25.

Nor has Kathleen Turner.

“Runkle!”

That would work only if other states do the same.

In other words, we need more government to pay for all of the additional government. Where have I heard that? Hope you all enjoy mad max.

Bluestar you are one of my favorite posters. Love that you point out some of this idiocy.

Gay men were endangering the area!

*eye roll*

cruising gay men

How do cruising gay men endanger the public? Gay men having anonymous sex in parks is what male sexuality in its essence - without the influence of women - looks like.

I have walked through parks with this kind of scene, and as a woman, never once felt threatened in the least.

Predators hang out in the parks preying on cruising gay men. The “public safety” concern is for those folks who use the area, not because of them.

And wetlands have a way of becoming wetlands again. I think they just dozed over the cover, not uprooted it.

“I have walked through parks with this kind of scene, and as a woman, never once felt threatened in the least.”

I think they may leave behind used condoms, fecal matter and other misc body excretions. I think they need to take it to a motel or housing unit where nobody will care about their private business…except perhaps the cleaning lady.

so those white folks are shackin up and keeping the debts separate, that means a lot less work for wedding workers

No pot. No window. Can’t afford an adult diaper. Maybe they can wear their parents used diapers?

No pot. No window. Can’t afford an adult diaper.
There’s always the street.

“Kid I work with is almost 30 and is still sitting on 60K of debt…shouldn’t he be courting a girl and settling down? hell…he can’t afford to.”

Little known fact - if you default on the student debt, SLME (and state higher education authorities) will often sell it to a collector who will then allow it to be settled at a significant discount. I know people who have negotiated 40-50% off. The key is getting everything in writing & paying all at once.

Why would they do this? Because legally it can take years (decades) to college judgments, place liens, get garnishment orders, follow the person each time they move. States don’t usually allow a high % of wages to be garnished. And there are lawyer fees, court fees, overhead costs.

** This is not legal advice, but you might want to let your co-worker know this is a possibility **

Look for more of this (searching but not finding a good pun on “jingle mail”) as this decade goes on. Fully expect some sort of HAMP program for student loan debtors, if not outright repayment boycott. After all, they can’t attach your brain, and if enough people choose simply not to work in the above-board economy in order to avoid onorous loan payments, the nation’s tax base will crumble.

There is certainly a moral precedint for a jubilee, but it would likely benefit the same gene pool that benefited from the mortgage debacle. Once again, those who paid by the rules will get skewered.

+1

“There’s always the street.”

Only in San Francisco.

Glad to know how serious they take the jobs situation

That jobs council is the one that is led by Jeffrey Immelt of “outsource and not pay tax” GE.

The less often they meet, the better.

“The less often they meet, the better.”

Spoken like a true kool-aid drinker.

And taking care of a person with severe dementia in a regular house is a full time job.
Really, caring for the severely demented is more like 2 to 3 full time jobs, a 24×7x365 responsibility. Individual caregivers need to sleep, rest, eat, wash, change clothes, stuff like that, or else their health will collapse. That is why institutions were created with round-the-clock staffing, organized on shifts.

And taking care of a person with severe dementia in a regular house is a full time job.

Exactly, it’s far worse than caring for a toddler. FAR WORSE. It’s really shocking to see what has happened to my in laws, who are basically kept prisoner in the home.

In the old days, before modern medicine, grandma and grandpa typically died before reaching this stage. And if they did, they were locked up in nasty, dirty institutions.

if they did, they were locked up in nasty, dirty institutions.
Then those inmates tended to die in very short order also. Especially in hot weather.
Even physicians tend to lack awareness of how sensitive the elderly are to hot weather.

It’s really shocking to see what has happened to my in laws
It’s only shocking for those lacking experience with this. Medical personnel should be entirely aware of these long-term problems, but then who cares to ask their opinion?

Even physicians tend to lack awareness of how sensitive the elderly are to hot weather.

Yet they all love to live in Florida and Arizona. What could possibly go wrong?

The staff at the memory care center have the patience of a Saint. I doubt I could do their job.

Yet they all love to live in Florida and Arizona.
That only happened after A/C became widely used. Pray that the grid never goes down there.

Heat & the elderly — I forgot to mention. A great many of the casualties of Katrina in New Orleans were elderly people suddenly exposed to lack of A/C for days. They did not die of wind or flooding damage, but from the lack of A/C when they were not promptly evacuated.
My sister has been living in Albuquerque for 15 years. She turns 71 in 2 months. She is about to move back to OH. ABQ’s heat, glare and wildfires going on for weeks at a time combined with the culturally ingrained incompetence there, finally got too much for her. She has A/C in her home and her car, but it is finally too much for her.

Determining the best or worse places to live for retirement is pretty subjected but Forbes and Money magazine considers Albuquerque one of the best places:
http://www.cabq.gov/mayor/news/forbes-albuquerque-in-top-5-cities-to-retire

My mother loves to visit but there is no way I can get her to move from Burlington, Vermont. Of course, Burlington is a city that oftens makes the best list for small cities, along with the liberal circuit cities of Missoula, Sante Fe, Flagstaff etc.

I love the history of the area and I can go to places such as the Luna Mansion and eat a meal which is superior to ones I have had at places at the Hotel Del Coronado and pay less than half the price.

But living elderly constantly complain that cold weather causes joint pain. I think when you get old, the temp in general is your enemy. That’s why Florida originally got so popular for the winter.

That worked until socialists and huge tax and spend governments took over, IIRC.

That worked until the industrial revolution, IIRC.

The FAMILY will take care of their own instead of trying to ship them off for the government to care of…
Another complicating factor was an increasing lifespan. Quite a few of my mother’s contemporaries survived childhood, to regularly appear in census records and family photos into their mid-twenties. These doomed youths often living with in-laws and cousins, most likely providing child and elder care. They died before they could have children, but after helping other children survive.

Another complicating factor was an increasing lifespan.

Indeed. Both of my parents died in their 70’s, before they lost their marbles. I was hard to see my mother consumed by emphysema, but she was lucid enough to decide on her own that she didn’t want to live 24/7 on a ventilator and went into hospice instead, and died a week later.

Hope I die before I get old
Talking ’bout my generation.

Prescience?

“The FAMILY will take care of their own instead of trying to ship them off for the government to care of…”

That worked until the industrial revolution, IIRC.

It probably worked OK until the 1970s. It was generally the women of the family who take care of those needed the care. Once the era of the housewife came to an end in the ’70s, those women no longer had the time to provide the care.

“The FAMILY will take care of their own instead of trying to ship them off for the government to care of…””

It NEVER worked in the history of mankind. The older and more infirm, the more likely they were die very quickly.

Those who could take of them did. But since most of mankind has alwsy been the 99%’s, that didn’t work either no matter how much you cared.

It has truly only been in the last few decades that ANY kind of safety and oversight and at least halfway well run instituions have been available to the masses.

i grew up in an area of them or finished basements, MIL apartments…this is what was expected of you.
A cousin of mine’s family actually took on the responsibility of caring for a maiden lady, now age 92. This elder had cared for her uncle full-time until he died age 105. She inherited his farm, which became worth a great deal as the area gentrified and became a retirement haven for the very well-off. She sold off portions of her land to pay her expenses, and in her old age formed an agreement to give my cousin what was left in return for lifetime care. My cousin built a special wing on the house she provided, to care for her when that ultimately became necessary. He dropped dead at age 58. I would not be surprised if she outlives some of his children. I am sorry I actually told them that, their faces dropped.
I’ve done some French Canadian genealogy & found several instances of agreements like this dating back to the 1700’s, for elders who had no surviving descendants, but who had assets.

You can’t take care of a person with severe dementia in a two family home or a mother-in-law apartment. That is for fully functioning relatives who need help with the shopping and/or being taken to doctors appointments and maybe some help with cooking and cleaning. Once it goes beyond that (help with bathing, toileting, wandering, eating, etc.) you can’t have them in a separate space.

you can’t have them in a separate space.
You can with round-the-clock help, that is the basic problem I meant.

tresho,

My comment was in reaction to dj’s absurd suggestion that you put relatives with severe dementia into the other half of a two family house or a mother-in-law apartment. Not a reaction to you.

no polly I never said severe dementia…..just old age….and why do we keep these people alive anyway?

I know you dont kill the cash cow….but when is enough.. enough?

Pneumonia was often an old and decrepit patient’s last illness

It’s what did my father in after his stroke.

It’s what did my father in after his stroke.
Also happened to my uncle when he was 92. He was living fully independently up to his stroke. His stroke was not that severe either. The complicating factor was that he also had a severe swallowing disorder, he needed to sit bolt upright & swallow very carefully otherwise food would get stuck in his throat. This worked OK until his stroke, then he could no longer keep from inhaling his food. He lasted 2 1/2 weeks before pneumonia (probably from inhaling food) killed him.
That is what I meant by the ‘house of cards’ analogy.

THEY MIGHT RUN OUT OF MONEY.
The amount cited is chump change for a couple of elders who need dementia care, each for 10 years. $1.5 million would be a safer endowment in that scenario.

They probably would have had the 1.5 mill had they lived in the Bay Area (from selling the house they bought when they were still cheap) instead of flyover. Plus being from the pension generation, they didn’t save all that much. But still, they have more than probably 90% of their contemporaries and we are facing the possibility of having to eventually move them to someplace cheaper.

they have more than probably 90% of their contemporaries and we are facing the possibility of having to eventually move them to someplace cheaper.
Yup. I pity those less well off who are up against dementia &/or other severe disabilities.

Colo, is that 140k per year in retirement income ?or are you saying they have/had 640K in cash assets? hard to believe they would run out of money w/ 140k in income as well as savings.

One person can easily blow through $100k (or more) per year on long-term care. Multiply that by 2. It isn’t hard to believe at all.

It’s income. He was an executive before the days of the “crazy money”

black sheep who’s home watching TV and eating potato chips all day anyway baby-sit Mom for $8 an hour.
You left out the part about the sheep’s chain-smoking all day while his emphysematous mother suffocates. Been there, seen that.

Never again will I criticize anyone who makes the decision to ship Mom or Dad off to the ‘home’.
Only an ignorant person would criticize that decision under the circumstances you have just described. Most people have no idea and no empathy for what family caregivers can go up against.
– Then there are those who foolishly promise their elders they will never send them to a nursing home. This is worse than promising a pension.

Tresho, my own sister and I made that promise, at least to each other. “No nursing homes!” we said. Yet here we are. People say things like that when they don’t know what the reality will be some day.

CeeCee that patient is a CASH COW…they die you dont have a job…and multiply that by tens, maybe hundreds of thousands a year and lots of people will lose their jobs

so keeping them alive at all costs is a jobs program, I wish they would legalize gay marriage that would be a good jobs program for dj’s……

CeeCee,
I pray I will find a personal assistant as thoughtful and articulate as you are if the time comes for me to take one on. (I’d like to think that I’d check out before it comes to that, but one never knows….)

Good on you, girl, you actually give me hope.

dio i keep asking when is enough… enough?

We should all be so lucky as to have a child like you, Dio.
Hugs.

“It sure is good that Medicare is taking care of all this.”

Sounds to me like you and your brother are pulling down the lion’s share of the work. What does Medicare provide in this situation?

What does Medicare provide in this situation?
Walker(s), all those medications, surgery & rehab fees.

I don’t know, I see a lot of men at the “memory care center”.

Usually the woman takes care of the man for a substantial amount of the time that he needs assistance or even until he dies

That’s kind of what happened. My FIL was affected first (Alzheimer’s). His wife looked after him for a few years, but eventually wasn’t able to continue as she came down with Dementia. He went to the memory care center first two years ago and she just joined him two months ago. Her memory is so messed up that she insists that she’s only “visiting”.

Her memory is so messed up that she insists that she’s only “visiting”.
That may actually be a blessing. It’s harder to suffer when you can’t remember HOW LONG you’ve been suffering. Think about the logic of that.
IMO, families and friends of the demented often suffer more seeing the wreckage of a once vibrant personality as they mourn a loss that is so painful to them. The demented may know they’ve lost something, but that feeling of loss is constantly renewed, seems like it just happened to them.

Go ahead, dj. Why don’t you start a 501(c)(4) organization to lobby the government to make assisted suicide legal in all the states? I can even point you in the direction of the right forms you need to file, state and ferderal. The organization won’t have to pay taxes, but contributions won’t be deductible either.

Start raising the money now. It will cost you a few hundred bucks to get started.

So what if people don’t choose death for themselves? What then? Bravado is easy when you’re not staring death in the face.

Also don’t use a gun. Suicide is supported by many on the left until you use a gun and then it becomes a bad thing.

Hunter S. Thompson was an inspiration to the left and he used a gun. I didn’t hear any outrage from the left about that suicide.

“No More Games. No More Bombs. No More Walking. No More Fun. No More Swimming. 67. That is 17 years past 50. 17 more than I needed or wanted. Boring. I am always bitchy. No Fun — for anybody. 67. You are getting Greedy. Act your old age. Relax — This won’t hurt”

Suicide by gun is messy, and so disturbing for family members who have to deal with the aftermath.

Yeah, if you’re going to do that, go out in the forest or a field somewhere where nobody will have to clean it up.

Haha, Hunter S. was smart. How awful to have had that plan all along, but suddenly lose the ability to carry it out.

it’s been predicted for years And accurately predicted as it is turning out. But, the public don’t do math.

Hey rental pimp. You’re parents are going to be in a box in the ground soon. It’s the same place the other 70 million boomers are going soon.

Smarten up.

This.

If cheap places had jobs, they wouldn’t be cheap.

That’s why rents are not falling in places with jobs.

The Bad News: As Suspected, Rental Rates Have Increased Dramatically Over the Past Year

The bottom line: the average rental apartment listing price (in SF) has doubled year over year (Q1 2011 vs. Q1 2012) in some neighborhoods; increased dramatically in most.

The bottom line?

The bottom line is you’re posting junk because it fits into your fantasy narrative.

Nice try though.

Better buy a house before they all get snapped up.

Perfect sqaud:

Mr. President, Chicago’s Gun Victims Need You Now

http://www.realclearpolitics.com/articles/2013/01/18/mr_president_chicagos_gun_victims_need_you_now.html

Do forget trayvon was transitioning from a cute kid to a gangsta thug, ( all his middle finger gang signs pix are off FB)….and it was that thug that confronted zimmerman….

65% less, to be exact.

Considering how massively inflated prices of existing housing is, you’re fairly accurate JoeSmith.

correct condos suck

“Quality of life” ……how quaint.

“….sitting in front of a computer, playing in the yard, or sitting in the couch.”

You forgot “eating rice and beans, and not owning a cellphone”

Seems like a reasonable tradeoff to save 500-600 dollars a month on rent and still be within easy driving distance, or even a bike ride, from where the fun is.

How much time do you really spend clubbing? That’s why you want to live downtown, right?

Or worse…move into Old West Austin.
I used to live here –>
http://tinyurl.com/a9e896r
2 miles from downtown… but $22K for taxes for a 2688sf 3-2 (nice place, but). I sold this in the mid-1990s…taxes then were $6K.

‘Is it cheaper if you factor in condo fees, transaction costs (fees, taxes), property insurance, property taxes, maintenance, etc?’

Of course its not. Renting is a fraction of the cost of buying…… so long as you’re using honest math.

I prefer to let him draw the conclusion. If he decides to buy and he plans on living there 30 yrs plus and doesn’t mind what happens to the building during that time… *shrug*… that’s his decision.

I just lack sympathy when people can’t unload their place (at their desired price) or bemoan the changes in a condo over time. Ummm… this is predictable. The smart people are the ones who build the condo and then sell it. And they’re long gone by that time, what do they care if the place becomes less desirable/worn out or if people can’t sell used units at inflated prices??!

‘The smart people are the ones who build the condo and then sell it.’

Now we’re getting somewhere.This is a nugget of truth.

The profit in housing is made when it is built and sold to the end user/buyer. The losses begin accruing for the buyer from that day forward.

Actually, it is. A similar unit to the one I’m renting sold for $270k recently.
Grab a chula for and try it.
20%
3.5% interest
6k Taxes
250 in HOA fees (includes common insurance, maintenance of common areas, security guards, etc)
$600 home insurance/ year

$1770 a month!!!!

Less than $1900

You guys like to make statements with little to no foundation when it comes to numbers

And you misrepresent the truth about housing in Austin with your unverifiable hypotheticals.

You have to include the down payment in the costs. That isn’t free money.

You also have to allow for a rise in HOA fees. As buildings age, things need replacement.

How much do parking spots go for? How much is it for a 2nd spot?

Don’t forget fees to record the deed, etc. And RE fees. On the purchase and the sale.

If you don’t plan to live there long-term, I’d rethink this. But if you do, go for it. I personally don’t look at saving a hundred bucks (or whatever) a month as a strong reason; there are other ways to save an amount like that which don’t involve HOAs, condo restrictions, maintenance, etc.

I note that you didn’t account anything for maintenance in your analysis.

Buy if you want, but if you lose your job next yr and the best job you’re offered is in San Fran or Boston or whatever… have fun with your condo that you bought to save some piddling amount of chump change (TM).

“$1770 a month!!!!

Less than $1900″

=============

RAL, I need you to weigh in. Is it OK for me to call this chump change?

( Also note - He didn’t factor in ANYTHING for maintenance/special assessments for condo-wide repairs, he hasn’t explained the parking situation, and I don’t think he’s factored in closing costs, so I doubt he’d save that much anyway, if he were capable of the full analysis)

By the way…. I just picked a 2nd OEM alternator for the DirtyMax. $90. Your Honda? $700.

I don’t keep a car long enough for it to require alternator replacement.

On the domestics is a $90 alternator reliable? Last domestic I had was a Mustang and the Autozone alternators for it were not reliable, but the OEM ones weren’t that expensive.

Buy if you want, but if you lose your job next yr and the best job you’re offered is in San Fran or Boston or whatever… have fun with your condo that you bought to save some piddling amount of chump change (TM).

On the other hand, if Austin is really as jumping as he says it is, he should be able to find another job.

Unless, of course, things change.

Carl…

They’re quite reliable, especially GM’s but like everything else, alternators get weak as they age. I bought another to add twin alternator set up on the DirtyMax. I just bought 2 new replacement batteries for it and notice the system voltage takes substantially longer to get up to operating range(which means weak alternator). As you been saying, proceed at your own risk with non-OEM parts. Some are ok but there is too much risk of getting stranded by screwing around with non-OEM alternators even though it’s a 15 minute job to replace it.

“On the other hand, if Austin is really as jumping as he says it is, he should be able to find another job”

But would it be the *best* job?

Best meaning not only best salary, but best potential, best work environment, best benefits, best management, etc.

There are a lot of jobs. No one is saying he couldn’t get a job.

Some are ok but there is too much risk of getting stranded by screwing around with non-OEM alternators even though it’s a 15 minute job to replace it.
I’ve been stranded when an OEM alternator failed. Felt no better than if I had been stranded with a non-OEM. You pay your money and makes your choice. If OEM costs 3X a non OEM, it might make sense to buy 2 of the cheaper ones & carry the extra with your spare tire. Changing a spare tire takes about 15 minutes too. Of course some vehicles take much longer to service.
My new Elantra came with no spare tire of any kind. It’s the newest fad to save weight and increase mileage. The day after I bought the Elantra I bought a full-size spare tire. Couple of weeks ago it was parked in my driveway & got a flat during a snow storm. 15 min changeout & I was on my way. I could have called Elantra’s road service for free but didn’t want to wait the 1-2 hours it would have taken.

Also keep in mind, maybe he does get a job but it’s on the other side of Austin. Or on the outskirts. Or another area of Texas.

I don’t know that much about IT but it does seem like contracts and projects come and go. I would expect staffing and company needs to be routinely in flux.

There are a lot of jobs. No one is saying he couldn’t get a job.

Well, since he seems to love Austin so much, I guess that’s the price he has to pay.

To be fair, Tampa already kind of is a hell hole.

Keep in mind, there are also some very nice places in FL that are liberal and not hell holes. Not everything is partisan, Banana! Many of the nicest places to live are are quite liberal. If I had to guess, I’d say it was a majority.

I know.

I kinda luv Camden, Newark, Stockton, Cleveland, Detroit, Philly, etc.

Don’t forget Washington, DC and Chicago!

And Baltimore!

“To be fair, Tampa already kind of is a hell hole.”

Indeed it is. DON’T. MOVE. HERE.

I kinda luv Camden, Newark, Stockton, Cleveland, Detroit, Philly, etc.

————

Ridiculous cherry picking.

Look at the most desirable places to live in the U.S. and tell me how many of them voted for Mittens?

As I’ve said many times, I’ve voted for more GOP than I have for Dems (although I favor independents). And Obama was the only Dem I voted for in ‘16.

Partisanship and voting don’t dictate whether an area is nice or not. It’s just interesting that most upscale areas voted for Obama.

Comment by palmetto
2013-01-18 09:42:51
And Baltimore!
————

And New York!

LOL, any city has terrible and great areas. Baltimore has awesome areas–Fells Point, Canton, Harbor East, Locust Point, Roland Park, Homeland, Roger’s Forge, Federal Hill… much nicer than 99.9% of flyover.

Of course cities are segregated. I wrote yesterday that my neighborhood is 95%+ white and asian. Lots of Johns Hopkins people. But if you go a mile, you’re in areas that are mostly ignored and less than 25% white.

If you have a good education and want a good job, B’more is a good place to be. Best hospital in the US, tons of gov jobs (your social security checks come from Bmore), etc. Now, if you want to retire and have low cost of living, obviously B’more isn’t anywhere near the top of the list.

1) Murder map of DC: http://www.burgersub.org/totals/washingtondctotal.htm

2) Murder map of Baltimore: http://data.baltimoresun.com/homicides/

Take a look at a 2012 election map

-Douglas County Kansas was the only county in Kansas that Obama won in. Lawrence is where Kansas University is (aka Mission Hills/South Johnson County Community College).

What’s interesting is how many die hard Republicans work for the government in Topeka, screw up the rest of the state by under-funding everything, but live in high-tax Lawrence/Douglas County.

There was a reason why the first section of the Kansas Turnpike to be widened to six lanes is the 15 mile stretch between Topeka and Lawrence…….and strangely enough, it’s the cheapest (per mile) toll on the whole turnpike.

Good call on the muder maps of DC and Baltimore. I think I’ve posted these before to point out that the homicides are clustered in very well known areas. A majority are between Lombard Street on the south and Pulaski Highway/Orleans Street on the North. The other groupings are very predictible as well. The average person living in, say, Harbor East or Little Italy has no idea where any of those places are, other than if they see them on the news. Those places might as well be in a different country.

I wish the map had timestamps… Vast majority of the killings are between 10pm and sunrise. I wonder why??

On my side of town, when you see murders south of Eastern Avenue (there are usually a few per yr), you’re talking about domestic/family disputes.

Allocation of police resources is very interesting. There are bike cops and cops who use segways in the nicer areas of town, to deter property crime and keep out undesirable elements. In other areas, police only show up in force to knock down doors and bust dealers. Perversely, it’s the latter activities that get federal money, even though they serve to continue the ridiculous “war on drugs” that keeps drug prices high and increases violence in the long run. Idiotic.

I just checked the murder map for 2012…

There were zero (0) homicides with guns in southeast baltimore, south of Eastern Avenue in 2012. This is the 21224 ZIP code, which has the highest pop of any Maryland ZIP code.

There was one (1) total homicide in that area in 2012, which was in December and involved a mother stabbing her 2 yr old baby. Sickening, obviously. I believe it had something to do with child protective services going to remove the child from the woman’s custody but I forget the exact story.

Looking at homicide is interesting… the analysis should really be on who is killing, who is being killed, and why.

Vast majority of the killings are between 10pm and sunrise.
I found that true from my readings. Only good thing that happens in that time frame is a baby being born.

Umm. I do the bulk of my school assignments within that window. At the risk of being obvious and boring, those are the traditional hours for writers and would-be scholars.

There’s something marvelously ascetic about toiling away through the hour of the wolf, imagining yourself in a garret and living on crumbs.

I don’t actually like it very much.

There are a number of texts that stipulate those late hours are very productive for programmers as well… Has to do with a lack of distractions and a tired mind required to focus as opposed to a hyperactive mind that may switch focus and context easily during the day.

Older people can move because they don’t need jobs. It’s not like we’re going to start seeing educated workers flocking to Floriduh anytime soon.

The equity vulturing can be good, surely. Sell a million dollar crap shack in Silicon Valley, buy a palatial house in FL for a fraction of the price. The thing is, the cultural shock doesn’t sink in until later. My parents sold their primary Howard County MD house and moved to Jensen Beach, FL for most of the year. The house is really nice, but the area is really tacky/trashy. The area is very white and also pretty old. A mix of red necks and people in “God’s waiting room”. When they’re down there, they don’t get a lot of visits from any of us kids.

The thing is, the cultural shock doesn’t sink in until later.

Yup, but if they have no pensions and just the equity in their Bay Area crap shack, they might have no other choice other than to grin and bear it.

“Sell a million dollar crap shack in Silicon Valley”.

They won’t be able to because by the time they’re ready to sell, they’ll be so far underwater that they can’t.

Remember. SF Bay area has not corrected yet.

“One day if I do go to heaven… I’ll look around and say, ‘It ain’t bad, but it ain’t San Francisco.’” Herb Caen.

SF Bay area has not corrected yet
And it won’t as long as people are willing to ‘pay any price, bear any burden’ to live there.

I’ve been following Bay Area RE pretty closely since about 2002.

Prices came down almost 30% in SF (in many, but not all, neighborhoods), which is not nearly as much as they went up during the bubble. The lowest point was in the Fall of 2011.

Now we are in another RE bubble here, and it’s anyone’s guess how this will end. This time around rents are rising insanely, which was not the case during the mania 2004-08.

Here the discussion is how the City is becoming “Manhattanized”, meaning everyone but the wealthy will be priced out. There seems to be more distress about the rising costs of rents and buying this time around than there was last time. In the last bubble there was mania and euphoria, nowadays more people are worrying about whether the city will lose its “soul” because of the high cost of living.

And yet, the young people keep moving here, in droves. It’s not for everyone, but here is something magnetic about SF.

” something magnetic about SF.”

Shit attracts flies.

Pimples,

You seem like one unhappy guy. Too much online glooming and dooming? Get outside and enjoy life a little. Find a hobby, spend a little money on something frivolous, get laid, whatever…
…but sheesh, quit spreading your misery around.

Still pretending to ignore me while hanging on my every post.

They won’t be able to because by the time they’re ready to sell, they’ll be so far underwater that they can’t.

I’d assume that some (definitely not all) Bay Area seniors have paid for houses that right now could fetch 1 million or more. And even if the prices drop, if they are paid for, they can sell them at the market price and move somewhere cheaper.

But some people won’t move, no matter what.

We have some friends in San Marcos, CA. They bought their shack for 80K back in the early 80’s. They have lucky ducky jobs. During the bubble they had realtors cold call on them, telling them that they could get them 500K for their decrepit (and I mean DECREPIT) house.

I advised them to take the money and run. At the time they could have bought a brand new house in our little burg for 150K. Since they had lucky ducky jobs they would be easy to replace.

So by dumping the dump:
1) They could have had a paid for, brand new house.
2) Had at least 300K leftover, in the bank
3) Could have found work locally. Nothing great, but no worse than what they left behind.

But they chose to stay put, since San Marcos was their “home”

“The liberal hellhole that is San Francisco”. Thanks, nannerz, I’m gonna enshrine that one.

“They plan on spending summers in the Mid-Atlantic.”

So in other words, they’re not moving to FL for jobs, they’re moving to snowbird and tax haven. Not really a great long term trend for FL housing prices. These people will be fine, after all they sold in CA to move there. However, with long term demographics being what they are, this will not end well for FL/FL homedebtors.

Very few people move to Florida for jobs, lol.

You call those Northern Californians standoffish. It could be that they came from some colder part of the country before moving to California. People from the great frozen north are less likely to spill their life stories to total strangers that they meet walking down the street.

They won’t stay in Florida for long. Mid-Atlantic winters are not bad enough to escape from. On the ~20 bad days, a retiree can stay inside. And the winter doesn’t drag on two months too long like it does up north.

I like the way that on poster on HBB tells me to “chase cheaper rent” while another poster on HBB tells me that I am a “less desireable element of a certain region” for chasing cheaper rent.

Yep.

AC unit spent? Cha-ching
New roof? Cha-ching
Property tax levy? Cha-ching

Stick with the stable, predictable and more affordable rents while housing prices continue to fall.

A basement in Queens, I believe.

With cats.

nope 2 family house great landlord and a view of Manhattan in winter when the leaves fall off the front trees….sun in the back bedroom in the morning sun in the front right now….but

the Bad part its gets freakin hot in the summer without at least 1 ac running 24/7 ….old house brick, plaster walls and a flat roof….

Nah I`m good, but thanks for trying.

threat of violent far-right movements in the United States
What type of movement would you say the Fast & Furious guys belonged to, the ones who were responsible for sending dozens of assault weapons into Mexico & with the inevitable drifting back in the USA? The weapons that have so far killed several hundred innocents.

The ATF is a toothless bureaucracy that has the same number of agents (2500) they did back in 1972. The gun running idea was recycled from a old CIA scheme. I can’t think of one good thing to say about the ATF.

Frightened Bluestar? Maybe even paranoid?

I’m sure he’s already planned for any and all contingencies. He may be a doper, but he’s no dope.

Besides, it’s a lot more fun to hound some tatooed Polynesian football player over a little bit of romantic drama.

I can’t answer all the what-ifs. The fed gov has incredible resources and leverage, the real question is whether it makes sense to take this thing to trial (resource allocation, publicity, prosecutorial discretion) vs getting a reasonable settlement. IIRC, Lance owns a handful of properties around the country. He also had 2 very public divorces, pays child support, etc. The sources of his money are also incredibly easy to identify; Nike et al were not paying him “under the table”. It certainly does not appear that he was arranging his life to make his assets hard to identify. I’d be shocked if he was aggressively preparing to be disgraced and taken to court.

Besides, it’s a lot more fun to hound some tatooed Polynesian football player over a little bit of romantic drama.

I just don’t understand the uproar over this.

Phone leaders, phony economy and we wonder why our athletes suck a$$.

Oh, I’m sure it was intentionally fraudulent. Just saying they planned their scam very well. I’m sure they consulted the finest attorneys to set it up just right.