Comments on: Maybe now we can put some numbers to California’s potential drop in housing prices http://www.bloggernews.net/17409 High-quality English language analysis and editorial writing on the news. Mon, 13 Feb 2012 23:09:00 +0000 http://wordpress.org/?v=2.3.3 By: Golfproz http://www.bloggernews.net/17409#comment-35747 Golfproz Wed, 06 Jun 2007 04:29:06 +0000 http://www.bloggernews.net/17409#comment-35747 Some areas of the IE are already starting to see drops of 20~30% so I think you will see it tanking 50% (or more). Let's not forget that most of the homes out here have gone up 300% in the past 4 or 5 years. The house next door to me sold for 116K in 2001 and 406K last year. I still shake my head when I think of what people have been paying for homes in the IE. 600K for a house in Moreno Valley?? What were these folks thinking. Lets's see, you can rent a nice house for $1500 a month. The average family income is less than 60K and the Median house is 500K Tax rates on most of the new homes is 1.8% electric bills of $600+ in summer on those big new homes Add those numbers up and tell me how can possible end well? Golfproz Some areas of the IE are already starting to see drops of 20~30% so I think you will see it tanking 50% (or more). Let’s not forget that most of the homes out here have gone up 300% in the past 4 or 5 years. The house next door to me sold for 116K in 2001 and 406K last year. I still shake my head when I think of what people have been paying for homes in the IE. 600K for a house in Moreno Valley?? What were these folks thinking.

Lets’s see, you can rent a nice house for $1500 a month.
The average family income is less than 60K
and the Median house is 500K
Tax rates on most of the new homes is 1.8%
electric bills of $600+ in summer on those big new homes

Add those numbers up and tell me how can possible end well?

Golfproz

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