RE: A Peek Into the California Real Estate Bubble
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Fuck me, you're talking astronomical numbers, even worse when I convert it into our local currency, its like multi-millionaire status a few times over lol. Cali is going for japanification, there was a time I remember hearing that one part of Japan was in a real estate bubble and this one piece of land with a palace on it was worth more than the entire state of california
I wonder how long this keeps going up surly theres only so many people with a salary in the ENTIRE world that would qualify for home finance at those prices, surly demand dries up and prices level off
Unless you guys do take more of the Japan play book and issue 100 year mortgages lol
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Where my husband lives a three bedroom house is going for 1.6 million, there is only one available.
We waited there for 8 years for the market to “slow down.” It didn’t.
When the bubble does finally happen, if we get put upside down, there are programs to short sell our homes to ourselves.
It’s really more a paperwork game than real money.
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Interesting will have to read up about that short selling deal, but thats also essentially defaulting on the debt, which could be a big problem for banks
So this side homes in the 1.8 mill range and up have actually started to lose value, especially ones in the higher ends so 2-4 million have been cut in half as demand dries up (most owned by foreigners) while the normal market so the 300k and down has still kept steady and rising since there's always a new sucker born every minute.
Japanification was back in the early 80s when they had generational mortgages (paid off by grand and great grand children) today japan is quite cheap.
Until recently I lived inside the Yamanote Line in Tokyo - that means deep downtown - If it was NYC it would be the center of Manhatten. My one bed loft was (and still is) about Y95k which is about $600-650 per month. Prices (of everything haven't gone up in Japan in over 20 years - even subway/train fares are the same.