20-04-2005 15:15									#31
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quote: Originally posted by Kuciwalker

Mortgage lenders have been too willing to hand out money...if interest rates go up the housing market will collapse due to the number of repossessions...

	20-04-2005 15:26									#32
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quote: There are plenty of older people with the cash.

For now.

	20-04-2005 15:29									#33
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quote: Either that or you will spend your entire life as a renter never earning equity.

Nah, move out to the burbs and commute.

Eventually the prices will have to drop with respect to wages.

Unless, of course, what happens here is what happened to Whistler. The people who buy all the houses never live in them, while the people who actually work there have to commute in to work everyday, because they can't afford to live in Whistler.

	20-04-2005 15:30									#34
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quote: Originally posted by Ben Kenobi For now.

Later, there will be plenty of younger people with these oldbies' cash, or houses

	20-04-2005 15:35									#35
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quote: Traditionally, houses have sold for 100 times the monthly rental. Prices in L.A. are up to about 400 times the monthly rental.

Then the prices are well out of range then. At 800K, the house should be rented at 8000 a month, which is way too high.

You could probably do it for about 2000 a month, but that means our prices are about as high then as in LA.

	20-04-2005 15:38									#36
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It's crazy. The house I used to live in as a tenent had an interesting situation.

Even given a double income family, with no kids, they still need to rent out the basement suite at 1K/month just to make their payments.

And that's with the low interest rates.

	20-04-2005 19:01									#37
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quote: Originally posted by Dissident yeah well. Our housing prices have nearly tripled, but our wages haven't. we make less money than the rest of the country (except the south)

Unless the average salary there is only half of that in California (and I have a hard time believing that), I'd say you just used to have really cheap housing and are now entering normalcy. The average house price nationwide is around $270,000.

	20-04-2005 23:25									#38
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if you factor in illegal immigrants, I'm sure our salaries are half that of Southern California.

	20-04-2005 23:31									#39
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quote: Originally posted by Dissident if you factor in illegal immigrants, I'm sure our salaries are half that of Southern California.

I'm sure there are plenty of underpaid illegal immigrants in SoCal as well

	20-04-2005 23:31									#40
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quote: Originally posted by Spiffor I'm sure there are plenty of underpaid illegal immigrants in SoCal as well

But in SoCal we have other people too.

	21-04-2005 20:58									#41
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There is an opinion that the housing starts were so low because the weather was unusually cool for this time of year.

This might have some merit.

	21-04-2005 21:00									#42
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I'm suprised that housing starts didn't start to decline more sooner though.

	21-04-2005 21:16									#43
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I'll start getting sanguine about the economy when long term bond rates start going up more. I think a lot of people think that higher oil prices and interest rates are going to have a dampening effect and not even be very inflationary.

	21-04-2005 21:26									#44
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I figured you'd get more sanguine about the economy when you graduated and got a job. Getting a job appears to be Che's benchmark (and it's one that makes a lot of sense).

	21-04-2005 22:16									#45
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What's a start?

	21-04-2005 22:41									#46
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Apparently, ground breaking.

	23-04-2005 01:22									#47
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quote: Originally posted by pchang I figured you'd get more sanguine about the economy when you graduated and got a job. Getting a job appears to be Che's benchmark (and it's one that makes a lot of sense).

I still have another year to go. I'll start looking in about 9 months.