Article

2018-07-26 Economy

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

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Posted by Fred 2018-07-26 00:00|| || Front Page|| [11125 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

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