No Jobs.....Houses WORTHLESS!!!!!
June 10, 2009
– Comments (9)
As you know, in addition to the millions of workers who have been fired creating the 9.4% reported unemployment rate.......there are now many tens of millions of Americans on Welfare, working part time, or not counted as unemployed because they are small business people or independent contractors.
Whether you are unemployed, underemployed, or on welfare making less than $20,000 per year.....there is not much house you can afford after living expenses....if any.
Since there are relatively few jobs in Detroit....and many on welfare.....homes routinely sell for less than $10,000......but many say that is simply Detroit...........
Not so fast.....it is now becoming a trend in practically every city in America.....it is just some are further along than others......
In parts of CALIFORNIA.......homes are now selling at 1980s pricing!!!!!!
In parts of Southern California, the housing crash has upended a basic tenet of the American dream: that home values always increase over the long term.
Properties in several areas are selling for less than they did 20 years ago, and that's not even counting the effects of inflation.
But he never imagined his neighborhood would drop off the charts. In April, a slightly larger home two doors away sold for $66,500. That's just over half the $130,000 it went for new in 1992. In 2005, that house sold for $330,000.
http://www.latimes.com/business/la-fi-cheaphomes10-2009jun10,0,4802553.story?page=1
Ask yourself, what happens to a local government that has budgeted for a tax revenue stream on a population of homes at $300k plus range and now they are only worth $100K!!!!!!!!!!
What kind of budget cuts and wage cuts do you think rests for government workers ahead????
Welcome to monetary inflation and wage deflation.........Zombulation my friends....Zombulation.
RSS Headlines
Fool UK