I have one word about this headline, "DUH!!!!!!!!!!!!!"Those that live here in the land of glittering dreams that make under $100k know that. To quote a famous gray and white beast of the order of Lagomorpha, "What a moroon!"
Here is the article (a little late, I know): California’s Housing Remains Nation’s Least Affordable
This one made me laugh; what a load of dung! This guy is towing the corporate line…"let's try not to cause panic by telling a complete falsehood and see if we can turn this thing around through marketing to sheep". Ridiculous!
He states, “…affordability has not increased despite a housing downturn that has lasted over a year is ample proof that prices aren’t likely to drop significantly…” Oh boy, where do I start? You can’t imply that because affordability has not increased that prices are not going to drop; all that it means is that the prices are still too high and the correction isn’t anywhere near finished. Hello! Don't be a simpleton.
While this guy is coolly finishing his imported scotch, he can sit back with his panicked investors and embattled financial advisor buddies and try to figure out a way to shoehorn the last person making $15 per hour into a $300k stucco enslavement camp. But guess what, the party is over and someone is going to have to pay the tab and I think he is a little too concerned with self-interest to be honest about the situation.
Again, the pain and the length of suffering will be dependent on allowing market forces to correct itself. The government should have nothing to do with this and will only extend the time that the bandages need to continue to be changed and who is infected with this plague.
Here is a chart of “affordability” in Sacramento County approaching and circling the runway now:
Notice the “affordability” getting oh so much closer each and every day. Sorry Robert, you may have to settle for domestic scotch next year if you are still employed. Even while the inventory is dropping, so is the price per square foot. Hmm...I guess supply and demand does work.
