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alstry (< 20)

The Great Escape....California



June 15, 2009 – Comments (4)

As California housing prices went wild in the middle of this decade, hundreds of thousands of residents scratched their heads and moved to places where homes were still affordable, state and federal statistics show. When prices started falling and unemployment started rising, many continued to leave California for healthier job markets.

The result was five consecutive years when California saw more residents going to other states than coming. Although many stayed closer to home – Nevada, Oregon, Arizona – the mid-South saw a large influx.

From 2004 through 2007, about 275,000 Californians left the Golden State for the old Dust Bowl states of Oklahoma and Texas, twice the number that left those two states for California, recent Internal Revenue Service figures show. In fact, the mid-South gained more residents from California during those four years than either Oregon, Nevada or Arizona. The trend continued into 2008.

For a state with a HUGE deficit....losing residents only depletes the flow of tax receipts further.  It is part of the problem that Michigan is facing right now leaving city after city wanting for residents and starving for the point where Michigan is now tearing down entire sections of towns and can't afford to keep roads paved.

You think California is immune from draconian measures when money runs what happens over the next few weeks......Prepare.

When a politician has to choose between taxing you and his job....guess what choice will be made????

4 Comments – Post Your Own

#1) On June 15, 2009 at 1:16 AM, checklist34 (98.77) wrote:

don't worry about california. 

I am from the upper midwest, the states where the norwegian population is higher than any ohters, states wher ethe population of norwegians approaches norway itself.

we grow hollywoods blonde girls, the dumbest of the most ambitious here move to cali to pursue hollywood glory. 

Cali has drawn, for decades, the most ambitious (or at minimum the most ambitious of the dumb) americans to be in movies, to be where its pretty, to be.  It has silicon valley...

It will eventually be ok.  It will probably just require a dumping of its trendy-liberalism, its trendy "oh, oh, oh, oh, lets pay more welfare, oh, we're so worldly, oh oh oh, we're so rich, oh oh oh, welfare lets pay it, oh oh oh" status to make it.

Thats right, cali will have to ditch its hyper-mega welfare crown to live.  But you know what?  when the evils of a soclialistic society become apparent, I bet they will.

They are, after all, perhaps dragging only Manhattan, the most ambitious and greedy and optimistic people in the US.

Cali will be fine.  It may take a political correction to get them there.

and oh, lordy, won't that be funny.  If cali stops being "OH OH OH, oh oh oh, we're sooooooooo liberal, OMG, we're like SOOOOOOO liberal, welfare everybody, welfare everywhere, yah yah yah, liberal, welfare, liberal, yeah, yeah, liberal, yeah, welfare, yah!!!!!!!!!!!!!!!!!!!!!"

that will make millions upon millions of other americans smile.  And it will make cali, again, the greatest part of the country.

that is all

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#2) On June 15, 2009 at 1:31 AM, elboxeo (< 20) wrote:

dont worry alsty... we got ANOTHER "California imposes 90-day moratorium on foreclosures" SET OF RESOURCES that will help califorina get though this.


i wish i wouldve bought a house in 2007 and by now i probally wouldve gotten like 6 months free rent on all these moratoriums as well as probally another 6 months of free rent in the normal forclusre process...


i guess i will sell my srs in the next week or so, hibernate and then rebuy srs in early sept.. when all these modifications that are being done get destroyed as people keep losing their jobs...



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#3) On June 15, 2009 at 1:37 AM, alstry (< 20) wrote:

When California commercial buildings are selling BELOW construction cost....the land beneath it is worth LESS than zero for development purposes....

From CalculatedRisk:

Maguire Properties Inc ... sold a newly developed office building in Irvine, Calif., for about $160 million, a price representing an estimated 40% discount to its construction cost.
Emmes Group of Cos. ... purchased the 19-story building, which was completed in 2007 and is about 60% leased. ...

The building ... was originally slated to be anchored by [subprime lender] New Century Financial Corp. ... The building is roughly estimated to have cost about $500 a square foot, according to Michael Knott, a senior adviser with Green Street Advisors in Newport Beach, Calif. Emmes's price was about $300 a square foot.
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#4) On June 15, 2009 at 1:38 AM, checklist34 (98.77) wrote:

like, nobody in cali needs a job because they're like, so, welfare, like sooooo rich, like everybody gets welfare in cali, like nobody needs ajob there, dude.



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