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To the OC Register:
How funny that you think that the O.C. home market would fall so quickly. Why doesn’t the media compare the fall of Orange County home prices to the rapid rise in values? I sincerely doubt that the fall is eclipsing the rise in home prices. Between the brokers, banks, and speculators – everyone was cashing in on the rapid increase.
Now that the market is crashing, all of a sudden everybody wants to sell and we (as responsible individuals) are stuck waiting for the media to report a demise in the home market so we can move up. Keep going! If the Fed keeps dropping the rate we (again as responsible individuals) will scoop up the foreclosures and make more money and trade homes. The property taxes alone make for an irresponsible investment.
Trust me, I understand that my house is a home – not an investment. But tell me one good thing about the current home purchase. Higher values have hurt every individual, business, and family. Nobody can get into this market. Higher values have made a market in which irresponsible people bought a house that they can’t afford. Who does this hurt? Our kids.
Our house went up 300%. How much did personal income jump? Not even half of that according to the income report. The Orange County McMansion syndrome needs to end. In the old days you could give your kids a $30k investment for a starter house. Not anymore. With that much money, they would be better off staying home and paying rent.
Maybe they should, and let the demise happen quickly – the only people profiting are mortgage companies and realtors. Whatever might be left of them. I am truly sick of reading the market report. The investors jumped out months ago and the loans are gone. The home market should have always been that you get what you can afford.
Who does it hurt now? The banks, the investors, the individual, or our all of us homeowners?
Sincerely dissenting,
The Cheapskate Millionaire
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