Article

2018-07-26 Economy

Southern California home sales crash, a warning sign to the nation

Archived material is restricted to Rantburg regulars and members. If you need access email fred.pruitt=at=gmail.com with your nick to be added to the members list. There is no charge to join Rantburg as a member.

Posted by Fred 2018-07-26 00:00|| || Front Page|| [3 views ] Top

#1 Here in SW Ohio the Chinese aren't buying so much housing.
Might be more problems for west coast banks than problems for the rest of us.

Posted by jvalentour 2018-07-26 00:54|| 2018-07-26 00:54|| Front Page Top

#2 Is there some mystical link between rising price and falling demand with supply unchanged?!?

Posted by Bright Pebbles 2018-07-26 05:32|| 2018-07-26 05:32|| Front Page Top

#3 Could be the result of the new limits on the deductability of SALT.

Posted by Flilet Omeremble3846 2018-07-26 07:28|| 2018-07-26 07:28|| Front Page Top

#4 Federal tax deduction of housing interest rates should be pegged to the average income of the American taxpayer. That will cool down speculative housing markets in the high end.

Posted by Procopius2k 2018-07-26 07:46|| 2018-07-26 07:46|| Front Page Top

#5 I prefer land title taxes (and cut income taxes) which act as selectively higher interest rates on land title speculation and thus prevent capital being used for anti-productive rent seeking.

Posted by Bright Pebbles 2018-07-26 09:18|| 2018-07-26 09:18|| Front Page Top

#6 It has more to do with the soaring property taxes. In some counties the taxes are higher than mortgage payments.

Posted by 49 Pan 2018-07-26 10:47|| 2018-07-26 10:47|| Front Page Top

#7 Many techies have moved from California to Austin. They have driven up housing prices in Austin. Many people who have lived in Austin for awhile don't much care for the invasion. Supply and demand laws still seems to apply in Austin.

Posted by JohnQC 2018-07-26 11:01|| 2018-07-26 11:01|| Front Page Top

#8 My guess is sellers finally found the price level at which buyers either will not or cannot buy. 49 Pan is also correct about the property taxes. Try paying $2000 or $3000 a month in property taxes on top of your mortgage. You might think you own your home but all you're really doing is paying rent to the government. The rent is extremely high and the landlord will evict you if you don't pay. I don't know what the numbers are but a lot of folks have had enough and they are leaving.

Posted by Abu Uluque 2018-07-26 12:59|| 2018-07-26 12:59|| Front Page Top

#9 Lack of inventory for sale. Daughter's a real estate agent

Posted by Frank G 2018-07-26 13:13|| 2018-07-26 13:13|| Front Page Top

#10 Who's buying, Frank? People moving into the State? From back east or down south?

Posted by Bobby 2018-07-26 14:40|| 2018-07-26 14:40|| Front Page Top

#11 Sales are down because people aren't selling. Prop 13 plus high cost of moving up

Posted by Frank G 2018-07-26 16:18|| 2018-07-26 16:18|| Front Page Top

23:59 Zenobia Floger6220
23:49 Angoluck Sheter3689
23:35 Cragum Spalet6493
23:16 gorb
23:15 gorb
23:10 gorb
23:06 gorb
23:05 gorb
23:03 gorb
23:01 gorb
22:53 gorb
22:49 gorb
22:24 Zhang Fei
22:06 KBK
21:55 Frank G
21:46 bbrewer126
21:41 bbrewer126
21:34 bbrewer126
21:29 ruprecht
21:25 ruprecht
21:24 Woodrow
21:23 ruprecht
19:14 Skidmark
19:06 Skidmark